FPT Software buys minority stake in First North Consulting

07 February 2024 Consulting.ca 2 min. read

FPT Software, a Vietnam-headquartered IT consulting firm, has acquired a minority stake in First North Consulting, a Toronto-based financial services sector consulting firm.

The move aims to expand FPT Americas’ scale, services, and customer relationships in the financial services market.

First North, meanwhile, will enhance its technology scale by leveraging FPT’s 30,000-person network of consultants in digital modernization, data and analytics, and business process optimization.

FPT and First North will together provide banking and capital markets clients with services in business consulting, data and analytics, custom applications, and AI.

“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 [us] to take on our customer's largest mandates," said John Packwood, founder and CEO of First North Group.

FPT Software buys minority stake in First North Consulting

Founded in 2008, First North provides business and technology consulting to financial services firms, including portfolio managers, pension funds, broker/dealers, global custodians, marketplace/clearinghouses, and industry regulators. The firm has offerings across strategy, business transformation and requirements, new products, and process optimization. First North has 16 employees listed on LinkedIn.

“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,” said Phuong Dang, senior EVP of FPT Software and CEO of FPT Americas. “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."

FPT provides a wide range of IT consulting services, from strategy and operations to product development and automation. The firm has offices in 30+ countries and annual revenue of US$1 billion.

The Hanoi-headquartered firm expanded into the Americas in 2008 and Canada in 2017. FPT has 14 offices in the Americas, including a Canadian location in Montreal.