FPT Software Acquires Stake in First North Consulting
TORONTO, Jan. 31, 2024 /CNW/ - The First North Group is thrilled to announce that FPT Software, a global IT services provider headquartered in Vietnam, recently completed the acquisition of a minority ownership stake in First North Consulting and a comprehensive strategic partnership with First North and Securities Industry Data Exchange (SIDE). These strategic moves aim to enhance FPT Americas' scalability, expand services and deepen customer relationships in financial services, including capital markets, investment and wealth management.
FPT Software will further strengthen its financial services competencies in North America by leveraging First North's expertise across the three areas: Front Office and Wealth Management; Middle and Back Office Operations; and Capital Markets, Regulatory and Compliance Management. FPT Software can also deliver its services and solutions to market participants through First North Consulting's Technology and Industry Solutions pillar, while collaborating with SIDE to enhance operational efficiency. FPT Software's global customers will also be able to leverage SIDE's market infrastructure platform, which serves as a software-as-a-service (SaaS) for large financial institutions in North America.
First North will enhance its technology scale by leveraging FPT Software's tens of thousands of data and software engineers and advanced technology capabilities in digital modernization, big data, analytics, artificial intelligence, and business process optimization.
Learn more about joint capabilities and comprehensive technology solutions for Banking & Capital Markets here.
"Over the past decade, we have invested and entered M&A transactions with prominent technology and consulting companies worldwide to strengthen our technical capabilities, enhance our position in strategic markets, and expand our clientele. We are confident that with First North's outstanding reputation in the North American markets, its industry expertise, and local resources, we can enhance our offerings to accelerate growth and strengthen resilience for our customers globally," said Phuong Dang, Senior Executive Vice President of FPT Software and CEO of FPT Americas.
"For more than two decades, our customers, including at the board level, have entrusted First North with the development, validation, and implementation of their customers' strategic objectives, including business transformation, new product development, process reengineering, and regulatory compliance. Following interest from several global companies, First North has chosen FPT Software as our strategic partner. FPT Software's focus on the latest technology innovation, such as hyper-automation and their commitment to both Canadian and international markets will allow First North and SIDE to take on our customer's largest mandates," said John Packwood, Founder & CEO, First North Group.
FPT Software is a global technology and IT services provider headquartered in Vietnam, with $1 billion in revenue (2023) and over 30,000 employees in 30 countries. FPT Software has been expanding their technology delivery footprint in the Americas since 2008, and Canada in particular since 2017. This region is currently among FPT Software's largest overseas markets, with 14 offices across the United States, Canada, and Latin America, and nearshore facilities in Colombia, Costa Rica, and Mexico.
First North Consulting (First North TM ) is a Canadian professional services organization that provides business and technology consulting to Financial Services companies. First North is Canada's leader for highly specialized services that involve regulated activities such as Introducing/Carrying Broker arrangements, and enterprise level operational-data conversions.
Securities Industry Data Exchange (SIDE TM ) is a highly secure, scalable and auditable market infrastructure platform (SaaS) with 400+ financial institutions connected in production. SIDEx technology with enhanced support services automates business processes for asset managers, investment dealers and bank custodians to address their operational risks, while generating significant cost savings and a lower carbon footprint.
SOURCE First North Consulting
John Cucchiella, Partner, First North Consulting at [email protected]; Joao (John) Serpa, President & Chief Operating Officer, SIDE Securities Industry Data Exchange at [email protected]
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