2023: A Retrospective from Vermiculus’ CEO

It has been a truly busy and exciting fourth year for Vermiculus!

As we approach the end of another transformative year, I wanted to take a moment to reflect on Vermiculus’ journey throughout 2023 and express my deepest gratitude to each member of our valued community.

The year 2023 was a turbulent and volatile one for the financial markets with a sudden bank collapse, geopolitical shocks, global inflation, and a tightening job market. The need for the world’s financial market infrastructure companies to quickly adapt and scale their business has never been this clear.

We have in 2023:

• Signed new deals such as a new top modern and future proof CSD system to B3, one of the world’s biggest FMIs as well as other new projects that will be announced soon.
• Deployed in record time MGEX’ new real-time clearing platform in just over a year of development. The new clearing platform is a cloud-native and microservices-based built upon our product VeriClear™.
• Managed to press down time for historical Value at Risk (VaR) calculations with 10 years’ worth of scenarios to just microseconds. The moment is here for our industry to experience how immediate insights in real time will enhance financial stability and resilience.
• Received USD 5.55 million funding from L4 Venture Builder, a fund initiated by our customer B3 to invest in technology-driven companies that promote development in Brazil. As a minority shareholder, L4 now holds a 10% stake. Although we have never sought external capital, as we have a strong cash position, we accepted this investment due to our existing client relationship with B3. A true indication of how we see our customers as our closest partners.
• Enjoyed working closely, agile, and transparent with our customers to bring true innovation. We have successfully delivered 40 releases for our customers. And as always, they were on time and of the highest quality.
• Invested heavily in our own people and company by holding inspiring internal events such as the Vermiculus Days, our annual two-days teambuilding and strategy conference, and CleVerHack, our own company hackathon where our colleagues unleash their great innovation skills and creativity.
• Welcomed many fantastic new colleagues and experienced a team members growth of more than 70%. It’s great to work together with so many experienced industry experts and talented new graduates under the same roof!
• Significantly expanded our university collaborations. This has given us the opportunity to identify talented people that are interested in being owners of the company they work for, having a healthy work-life balance, and are interested in building solutions for the most demanding customers with the latest technology.
• Achieved fantastic financial results. Our revenues have increased by more than 70% as we have onboarded new customers, and we have been cash flow positive throughout the entire year. Our end-year result is looking very sharp due to an efficient delivery model and an expert team that knows how and what to deliver.
• Embarked on the preparations for our new office, set to welcome us in spring. This space will have it all—serving as the hub for our continued growth, a meeting place for team members, customers, and new and old friends.

Coming up in 2024:

We are in exciting times. FMIs all over the world are transitioning their platforms to cloud native ones to be more efficient, scalable, and resilient. Another trend that we can see is that more FMIs are interested in the power of modularity. A microservices-based platform enables exchanges, clearinghouses, and CSDs to configure diverse applications to suit their unique needs. Our customers are also seeking teams that can deliver these complex projects to production on time, and at an agreed-upon price. Something we take pride in achieving.

Our company is geared up for another powerful year ahead with a lot of exciting things happening— including a robust pipeline of customers, new hand-picked team members, and thrilling announcements to make. Looking into next year, this sets us up for impressive growth and a chance to continue wowing our expanding customer group. Stay tuned for another strong chapter in Vermiculus' history.

Personally, I want to heartfully thank everyone who has helped us get to this point, both our talented team members, and our customers. I’m very excited for another year of building the most cutting-edge trading, clearing, and CSD solutions to financial markets around the world delivered by a winning team with unique domain experience.

Gott Nytt År from Stockholm

Taraneh