Here are 1-2 brief analogies to describe Vtex:

1. Shopify for large, global businesses.

2. A cloud-based enterprise e-commerce platform, similar to Salesforce Commerce Cloud.

Vtex (symbol: VTEX) primarily sells its digital commerce platform and related services to other businesses, making it a business-to-business (B2B) company. It serves large enterprise brands and retailers across various industries.

Major customers include, but are not limited to, the following public companies:

• Coca-Cola (NYSE: KO)
• Walmart (NYSE: WMT)
• AB InBev (NYSE: BUD)
• L'Oréal (Euronext: OR)

• Amazon Web Services (subsidiary of Amazon) (AMZN)
• Google Cloud Platform (part of Alphabet) (GOOGL)

Mariano Gomide de Faria Co-Founder and Co-CEO

Mariano Gomide de Faria co-founded VTEX in 2000 with Geraldo Thomaz. A specialist in Digital Commerce, he oversees the company's global growth strategy. VTEX was bootstrapped for many years, financing itself with side businesses including e-commerce projects, before receiving investments from firms like Naspers Group, Riverwood Capital, Softbank, Constellation, and Gávea. He holds a Mechanical Engineering degree from UFRJ.

Geraldo Thomaz Co-Founder and Co-CEO

Geraldo Thomaz co-founded VTEX in 2000 with Mariano Gomide de Faria. He is a mechanical engineer and has been instrumental in overseeing VTEX's technological advancements and product development, ensuring the platform's continued innovation.

Ricardo Sodré Chief Financial Officer

Ricardo Sodré has served as VTEX's Chief Financial Officer since November 2022. Prior to this role, he was the Finance Executive Officer for VTEX from February 2021 to November 2022. Before joining VTEX, Mr. Sodré was a private equity investor at Advent International from 2009 to 2021, where he actively participated in more than 10 private equity investments, including CETIP, CCC Intelligent Solutions, and StoneCo. He also served as a board member at Prisma Medios de Pago S.A. and GTM Holdings. Mr. Sodré holds a degree in Mechanical-Aeronautical Engineering and an MBA from Harvard Business School.

Santiago Naranjo Alvarez Chief Revenue Officer

Santiago Naranjo Alvarez has been the Chief Revenue Officer at VTEX since June 2022. He holds a Bachelor of Science degree in financial engineering with a focus on marketing.

André Spolidoro Ferreira Chief Strategy Officer

André Spolidoro Ferreira became VTEX's Chief Strategy Officer in November 2022. He previously held the position of Chief Financial Officer at VTEX from January 2016 to November 2022. Before his tenure at VTEX, Mr. Spolidoro worked in asset management firms as an Equity Portfolio Manager from 1998 to 2015. He earned a B.S. degree in Mechanical Engineering and a graduate degree in finance and capital markets.

The accelerated adoption of embedded commerce within social media platforms and "super apps" presents a clear emerging threat. These platforms, such as TikTok Shop, Instagram Shopping, and various regional super apps (e.g., Mercado Libre, Rappi), are increasingly becoming primary sales channels. This trend shifts consumer behavior by enabling product discovery and purchasing directly within these apps, reducing the reliance of businesses on traditional direct-to-consumer (D2C) e-commerce websites and the platforms that power them.

This directly threatens Vtex's core business model, which focuses on providing a comprehensive platform for businesses to build, manage, and scale their own D2C online stores and marketplaces. If businesses allocate a growing proportion of their resources and strategic focus to selling through these third-party, embedded commerce channels, it could diminish the perceived value and necessity of investing heavily in dedicated D2C infrastructure like Vtex. This parallel universe of commerce, where the shopping journey begins and ends within a social or aggregated app, fundamentally alters the landscape by potentially bypassing the need for merchants to own and operate a complex storefront, thereby challenging the market for enterprise e-commerce platforms.

The addressable markets for VTEX's main products and services are as follows:

• Global E-commerce Platform Market: The global e-commerce platform market size was estimated at USD 9.40 billion in 2024 and is projected to reach USD 45.60 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 20.2% from 2025 to 2033. Another estimate values the global e-commerce platform market at USD 6.32 billion in 2024, with an expected growth to USD 18.5 billion by 2033, at a CAGR of 12.3% from 2025 to 2033.
• Latin America E-commerce Platform Market: This market generated a revenue of USD 193.1 million in 2024 and is anticipated to grow at a CAGR of 19.5% from 2025 to 2033, reaching an estimated revenue of USD 887.2 million by 2033.
• Global B2B Marketplace Market: Sales in the B2B marketplace segment increased from USD 24.6 billion in 2020 to USD 260 billion in 2023.

VTEX (NYSE: VTEX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives:

1. Geographical Expansion, particularly in North America and Europe: VTEX is prioritizing increasing its market share and acquiring new customer segments in North America and Europe. This expansion is considered crucial for growth, with these regions showing faster growth rates than the company's overall performance.
2. Product Innovation in B2B Solutions, Retail Media, and AI-powered Offerings: The company is heavily investing in research and development to enhance its platform with new modules and functionalities. B2B solutions are identified as a significant strategic growth driver, with a market opportunity comparable to the B2C sector. Retail media is also creating new high-margin revenue streams, supported by partnerships and AI-driven optimization. Furthermore, AI-powered solutions are being integrated to improve customer experiences, search capabilities, and operational efficiency, which contributes to both revenue growth and margin expansion.
3. Growth through New Customer Acquisition and Deeper Engagement with Existing Enterprise Clients: VTEX aims to attract new enterprise customers and expand its relationships with current clients by offering its composable commerce platform. This strategy allows businesses to customize and build flexible digital commerce experiences, securing larger contracts and increasing client lifetime value.
4. Leveraging its Composable Commerce Approach: VTEX's composable commerce strategy enables businesses to build highly customized and flexible digital commerce experiences by integrating various best-of-breed solutions. This approach offers greater agility, reduces reliance on monolithic platforms, and is a core element of the company's innovation and technology strategy for future growth.

Share Repurchases

• VTEX announced a share repurchase program in December 2024, authorizing the buyback of up to $30 million of its Class A common shares over the next year.
• As of September 30, 2025, VTEX had repurchased $37.8 million of shares year-to-date and subsequently canceled 1,817,461 Class A shares.
• On July 31, 2025, the board of directors authorized a new repurchase program of up to $40.0 million for Class A common shares.

Share Issuance

• VTEX completed its Initial Public Offering (IPO) on July 23, 2021, offering 16,726,702 Class A common shares at a public offering price of $19.00 per share.
• The net proceeds from the IPO were intended for general corporate purposes, including investments in software, product, and technology development, international expansion, and potential mergers, acquisitions, or investments in complementary businesses.

Inbound Investments

• VTEX has raised a total of $365 million in funding over three rounds.
• The company's latest funding was a Series D round on September 28, 2020, raising $225 million and valuing VTEX at $1.7 billion.
• Key investors in the Series D round included Tiger Global Management, Lone Pine Capital, Constellation, Endeavor, and SoftBank Latin America Fund.

Outbound Investments

• VTEX has completed a total of 7 acquisitions.
• In January 2025, VTEX acquired Newtail, a platform providing WhatsApp ordering solutions for grocery businesses, for an initial cash consideration of $3.694 million.
• In August 2024, VTEX acquired Weni, a company specializing in communication automation solutions and chatbots, for an initial cash consideration of $3.016 million.

Capital Expenditures

• Capital expenditures for the nine months ended September 30, 2025, were approximately $0.9 million, compared to $1.7 million for the same period in 2024.
• For 2025, VTEX expects capital expenditures as a percentage of total revenue to remain consistent with 2024 levels.
• Annual capital expenditures were approximately $1.83 million in 2025, $1.65 million in 2024, and $1.38 million in 2023.