August 2025

The rise of artificial intelligence (AI) dominates conversations in boardrooms and investor forums. The technological advances are undeniable and the potential impact on various sectors is immense. For investors in the software sector, and vertical market software (VMS) in particular, this raises a crucial question: does AI pose an existential threat to the sustainable, “sticky” business models that characterize this sector, or is it instead a catalyst for a new phase of growth?

While a large number of international investors gathered in Stockholm March 17-18 for the Redeye Serial Acquirer conference, one of the most successful players in the field, Lifco (Stockholm: LIFCO-B), chose not to participate. Their focus is elsewhere. For Tresor Capital, however, CEO Per Waldemarson gladly made time.

Earlier this month, we traveled to Hamburg for Chapters Group’s annual Capital Markets Day and shareholder meeting. As Tresor Capital, we attach the utmost importance to closely monitoring the companies in our portfolio. We can confidently report that this day not only confirmed our conviction in your and our investment in Chapters Group, but significantly strengthened it.

At Tresor Capital, we have been following the Swedish market of family holding companies and serial acquirers with particular interest for many years. Names such as Lifco, Indutrade and Investor AB capture our imagination and are an important part of our investment strategy.

In the world of investing, much attention is paid to balance sheets, income statements and macroeconomic trends. Essential, no doubt. But one of the most critical factors for long-term success is often underemphasized: the quality and drivers of management.