Cinnober, a leading supplier to exchanges and clearinghouses, continues to expand in Northern Sweden. Today, Jonas Engman, 35, becomes the new CEO of Cinnober North in Umeå. This change in management forms part of the company’s long-term strategy and means that Nils-Robert Persson, who has held the principal responsibility for establishing operations in Umeå, can now focus on his regular role as Chairman of the Board.
“It is a great and extremely exciting challenge to take over the reins,” says Jonas Engman, commenting on his new appointment. “Both when it comes to the operations and our objective of acting as a catalyst for building up a financial IT cluster in the region. I have worked here as a developer for five years and know both the company and the financial industry well — and I will benefit greatly from this in the future.”
The Umeå office currently employs some 50 people. Aggressive growth is a stated priority for the company and this will also entail strongly expanding the workforce over the next few years.
“I perceive considerable potential both for our own operations and for regional development in Umeå,” says Veronica Augustsson, CEO of Cinnober Financial Technology. It is important to attract and retain talented people and it is therefore particularly pleasing that Jonas, who knows the operations inside out, has chosen to advance within the company. With this, we are also creating better conditions to drive urgent ventures, such as cluster-building and our new trainee program.”
This year, Cinnober has been at the fore as one of the initiators in establishing a financial IT cluster in the region, with discussions ongoing with representatives of the business sector, the municipality and the local university. The company’s one-year trainee program, cinCube, forms part of this aggressive venture, with the first group of trainees having started the program in Umeå this September.
The parent company, Cinnober Financial Technology, was founded in 1998 and today has nearly 200 employees at its headquarters in Stockholm. In the spring of 2012, Cinnober acquired investment bank Nomura’s development company in Umeå and formed Cinnober North. The entire workforce of more than 30 technology specialists transferred to Cinnober in connection with the acquisition and the operations have continued to expand since then.
Among other benefits, the acquisition of the Umeå office has brought improved development capacity for Cinnober as a whole, and also strengthened its expertise in solutions aimed at investment banks and brokerages. The transaction is also a natural development in the company’s growth strategy, which aims to increase sales with a broadened product portfolio.
Today, Cinnober is a world-leading supplier of financial technology to marketplaces and clearinghouses. The client list consists of major global players with extreme demands on reliability and performance, including BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, the London Metal Exchange, LME Clear, MarkitSERV and the Stock Exchange of Thailand.