With Vätterledens Invest as the majority owner, the dynamic technology company Qualisys finally achieved full potential for its unique innovations and technical expertise in motion capture.





Revenue MSEK


“A genuine owner with long-term interest was very important to us.”

In 2016, Vätterledens Invest became the majority owner of Qualisys AB. Since then, the technology company has embarked on a remarkable journey of growth. Founder Karl-Erik Morander and former CEO Fredrik Müller share how the change in ownership became a crucial element in realizing the commercial potential of the company’s innovations.

Based in Gothenburg, Qualisys is a leading developer and manufacturer of digital high-speed video cameras for motion measurement in various fields, such as medical technology, sports biomechanics, biomechanical research, and entertainment Their specialized area is called “motion capture,” which involves using advanced cameras to measure body movements with the highest precision.

Research leading to business
The foundation of what is now Qualisys began with ideas stemming from medical technology research at Chalmers University of Technology. Collaborating with Sahlgrenska University Hospital, they realized a need for new tools for advanced image analysis. Gradually, technical solutions were developed that proved to have numerous applications.

Growing capital needs
After facing some challenges in its early years during the 1990s, Qualisys was founded in 2001 and was profitable from day one The company experienced organic growth with its own resources for many years under the leadership of CEO Fredrik Müller and working Chairman of the Board Karl-Erik Morander.
“After the initial rounds, it was important for me to retain control. It had to take some time. At the same time, it was a delicate balance to manage the growing capital needs of the expanding company,” explains Karl-Erik Morander.

2016, the company had 37 employees and a turnover of 100 million Swedish kronor, but they themselves saw that the potential was greater.
“We decided to sell the company and initiated a process to find a new main owner with sufficient financial strength to manage continued growth,” Karl-Erik Morander explains.


“With hindsight, we couldn’t have imagined a better buyer for Qualisys”

Fredrik Müller, part-owner Qualisys

Negotiations with several buyers
After evaluating a few different buyers, the choice fell on Vätterledens Invest.
“What made the difference was that we established a straightforward and good connection. They were down-to-earth and easy to deal with. During a sales process, you meet many financial companies and venture capitalists, but we felt that being a part of a family-owned company would be good for Qualisys,” says Karl-Erik.
“With Vätterledens Invest, we felt good from the beginning.” “They have a strategic and long-term approach to business, which was important to us,” says Fredrik Müller.
During the company’s sale, both Karl-Erik and Fredrik decided to reinvest in Qualisys under the same terms as Vätterledens Invest and now hold a minority stake in the company.

New structure required adjustment
For the specialized engineering company, where many were accustomed to doing things their own way, adapting to the new owner’s reporting structure posed a bit of a challenge.
“Qualisys had to establish new routines, which initially felt unfamiliar to the organization. But since then, it has worked smoothly. Vätterledens Invest has set clear goals for finance and sales. The collaboration has been characterized by mutual respect and lack of prestige, and to a large extent, it has been hands-off. A great deal of trust has been placed in our understanding of business opportunities,” says Fredrik Müller.

All the pieces fell into place
The combination of a healthy corporate culture and a high level of technology and innovation has provided a strong foundation for Qualisys’ development. With Vätterledens Invest’s extensive experience in corporate governance, solid financial stability and structure, and a new market-focused leadership through the company’s CEO, Ingemar Pettersson, all the pieces fell into place.

The goal achieved
The hope for rapid growth that Fredrik and Karl-Erik had at the time of the company’s sale has been fulfilled. Today, Qualisys is a highly profitable company. In 2022, the revenue reached 230 million SEK with a profit of 60 million SEK. Both of them remain as shareholders and are active in the company, with Karl-Erik as a board member and Fredrik as a senior strategist.
“We are very satisfied with how things turned out. With hindsight, we couldn’t have imagined a better buyer,” says Fredrik Müller.

Read our cases