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Cinnober builds financial IT cluster in northern Sweden

Major investment in trainee program in Umeå

Cinnober is boldly investing in a financial IT cluster in northern Sweden, centered on the university town of Umeå. The company is also introducing a one-year trainee program this fall.

“We see great potential in terms of both our own operations and regional development here in Västerbotten,” says Cinnober's CEO Veronica Augustsson. “Our investment is part of a growing international trend – especially in the U.S. – where technology companies place a state-of-the-art business in a medium-sized city with the goal of creating a world-class technology cluster. We are now at the forefront of this type of technology venture here in Sweden. This region — including Umeå, Luleå and Vaasa in Finland – have demonstrated very good growth. Together these three cities have 60,000 students, which supports our ambitions of helping to create a financial IT cluster.”

“Furthermore, we come in contact with many young and talented people who we want to offer something very special. The goal is for the trainee program to be classified as the absolute top program in our industry in the near future.”

Cinnober is a world-leading supplier of financial technology to key markets and clearing houses. The client list consists of major global players with extreme demands on reliability and performance, including the Brazilian BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, the London Metal Exchange, LME Clear, MarkitSERV and the Stock Exchange of Thailand.

At Cinnober’s offices in Stockholm and Umeå there are 250 people, drawn from over 25 different nationalities. The organization is designed for large, business-critical projects that require specialist knowledge.

“We run an innovative and international business that we know appeals to young tech-savvy men and women,” continues Augustsson. “This trainee initiative is part of our efforts to further enhance our attractiveness and being able to engage the best talent. The goal is to cover the entire spectrum with full-fledged professional training, covering everything from technology and design to sales and international contacts.”

“Our business offers huge challenges and world-leading requirements on both performance and functionality, which we know appeals to really clever technical specialists. It might concern anything from low-latency processing to new hot areas such as the effects of big data and social media on the financial industry.”

The trainee program is a part of the Cinnober Academy. Admissions start in the summer and the first program starts in the fall. The company will have two admission periods a year and will offer post-program employment in a specialist or project management role.

“We have already experienced a remarkable interest in trainee posts”, says Christina Jacobson, HR Director at Cinnober. “The application deadline is June 17, so it's high time to apply for the first season.”