Pulsen

What Pulsen does

Pulsen is a family-owned Swedish corporate group founded in 1964 by Wigar Bartholdson, headquartered in Borås and operating as a holding company for roughly a dozen independent subsidiaries across IT, welfare technology, robotics, real estate, capital management, customer service, apparel, housing, and food services. Its core IT operations include Shibuya (managed IT infrastructure, cloud, cybersecurity, ISO 27001/9001/14001 certified), Pedab (IT infrastructure distribution for the European market), Helo (digital business studio), Indicate me (AI-driven customer conversation analytics platform with NLP, knowledge retrieval, and AI Buddy quality monitoring), Pulsen Omsorg (Combine welfare system used by 80+ Swedish municipalities with AI modules MIA and Resource Inspect), Rebl Industries (robots-as-a-service for warehouse automation deployed at H&M and IKEA), Pulsen Anbud (public procurement services), Releasy (outsourced customer service across Sweden, Norway, Finland, Spain), and Rey Systems (Genesys Cloud CX-based contact center offering). Non-IT subsidiaries include Grundéns (global waterproof fishing apparel, led from Seattle), Hjältevadshus (prefabricated homes with solar panels), Astern (KRAV-certified conference venue), Omami (Asian street food restaurants), Pulsen Fastigheter (80,000 sqm real estate including the Digital District development in Borås), and Pulsen Invest (capital management with ~SEK 1.2 billion market value).

Pulsen's revenue model combines subscription and managed services for IT and welfare (Combine, Shibuya managed IT, Indicate me, Releasy outsourced service, Rey Systems), performance-based pricing for robots-as-a-service (Rebl Industries), long-term municipal contracts (8-year Eskilstuna deal worth ~SEK 300M), public procurement facilitation (Pulsen Anbud's Kammarkollegiet framework agreements totaling ~SEK 2.2 billion for software solutions), real estate leasing (Pulsen Fastigheter), consumer transactions (Omami restaurants, Grundéns wholesale/retail, Hjältevadshus home sales), and capital returns (Pulsen Invest). Go-to-market is primarily enterprise field sales with direct relationships in Nordic enterprise and Swedish public sector, supplemented by channel partners (Pedab, SCAYLE for Helo) and direct-to-consumer for Omami and Grundéns.

The group reports revenue exceeded SEK 2.7 billion in 2017 (the latest disclosed consolidated figure); subsidiary-level metrics indicate continued scaling, with Releasy alone employing ~1,400 people across four countries. Group-level differentiation rests on nearly 60 years of continuous family ownership, top-ranked positioning in multiple Kammarkollegiet framework agreements, AI capability across multiple subsidiaries (NLP, speech-to-text, anomaly detection, robotics vision), and a diversified portfolio designed to balance long-term capital allocation with subsidiary-level agility under a Beyond Budgeting operating model.

Name

Pulsen

Legal name

Pulsen AB

Website

https://pulsen.se

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

Pulsen is a family-owned Swedish corporate group founded in 1964, operating roughly a dozen independent subsidiaries across IT services, welfare technology, robotics, real estate, customer service, apparel, housing, and food. Its core focus is AI-enabled IT and welfare solutions for Swedish municipalities and Nordic enterprises, anchored by Shibuya, Indicate me, Pulsen Omsorg, Rebl Industries, and Releasy.

Ownership category

akta.pro rank

Product category

IT Services and Software

NAICS

Computer Systems Design and Related Services (54151), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Cloud & Infrastructure Support (Servers, Storage, Virtualization) (BPAAACAE)

Keywords

• IT infrastructure services
• Digital welfare solutions
• Customer service outsourcing
• Warehouse robotics automation
• Public procurement services

Headquarters

HQ city

Borås

HQ country

Sweden

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. IT services and software subscriptions: Multiple subsidiaries generate recurring revenue from IT services. Shibuya provides managed IT operations and infrastructure services. Pulsen Omsorg generates subscription revenue from Combine, used by over 80 Swedish municipalities. Pedab generates revenue from distribution of IT infrastructure and software solutions.
2. Municipal social welfare system contracts: Pulsen Omsorg holds long-term contracts with Swedish municipalities for social services digitization. The agreement with Eskilstuna Municipality is valued at approximately 300 million SEK over 8 years.
3. Robots-as-a-service (performance-based): Rebl Industries offers robots as a service with a payment model based on the robots' performance/output. Clients pay for work performed rather than hardware, challenging traditional automation capital expenditure models.
4. Food and hospitality services: Omami operates street food restaurants in western Sweden. Revenue from direct restaurant sales to consumers. 75% owned by Pulsen Group.
5. Residential housing manufacturing and sales: Hjältevadshus builds and sells turnkey homes to families and professional buyers. Revenue from home sales with solarcells included as standard. 95% owned by Pulsen Group.
6. Fishing apparel wholesale and retail: Grundéns manufactures and sells waterproof garments for professional and recreational fishermen globally. Revenue from wholesale to distributors and direct sales. 42% owned by Pulsen Group.
7. Outsourced customer service: Releasy provides outsourced customer service solutions with AI and automation capabilities across mail, voice, and chatbot solutions. Also sells Genesys Cloud CX-based services through Rey Systems for inhouse customer service. 93% owned by Pulsen Group.
8. Real estate rental and property management: Pulsen Fastigheter owns and manages commercial and residential properties in Borås and Stockholm, approximately 80,000 square meters. Revenue from tenant rents and property management services.
9. Capital management and investment returns: Pulsen Invest manages surplus funds from operations, investing in growth-oriented private equity funds and direct investments in unlisted companies. Market value of 1,195 MKR. 100% owned by Pulsen Group.
10. Public procurement facilitation: Pulsen Anbud helps companies win public procurement contracts. Holds broad framework agreement coverage with Kammarkollegiet including software solutions (estimated 2.2 billion SEK), IT consulting, license supply, system development, and healthcare-education-social services.

Go-to-market motion3 records

Distribution channels9 records

Marketing channels7 records

Core offering

Pulsen Group is a family-owned Swedish corporate group that develops and operates a diversified portfolio of independent subsidiaries. Its core offerings include managed IT operations and cloud infrastructure (Shibuya), AI-driven customer conversation analytics (Indicate me), outsourced customer service (Releasy), digital welfare management systems for municipalities (Pulsen Omsorg/Combine), robotic automation as a service (Rebl Industries), IT distribution (Pedab), digital commerce studio services (Helo), and public procurement facilitation (Pulsen Anbud).

Product overview

Pulsen is a family-owned Swedish corporate group consisting of independent companies operating across IT services and other industries. The group's product portfolio centers on AI-powered market intelligence through Indicate me, which transforms customer conversations into actionable insights using knowledge retrieval and NLP capabilities. For customer service, Releasy offers outsourced solutions while Rey Systems provides Genesys Cloud CX-based platforms for inhouse operations. Pulsen Omsorg's Combine platform dominates Swedish social services with AI tools for documentation (MIA), fraud detection (Resource Inspect), and quality monitoring. Supporting services include Shibuya (IT infrastructure), Pedab (IT distribution), Helo (digital business studio), Rebl Industries (robot automation), Pulsen Anbud (public procurement), and Pulsen Fastigheter (real estate). Non-IT operations span Grundéns (fishing apparel), Hjältevadshus (prefabricated homes), Astern (conference/restaurant), and Omami (Asian street food).

Differentiator

Problem solved

Functional benefit

Brands

• Rey Systems: Contact center platform and services for inhouse customer service, launched by Releasy
• Combine
• Digital District
• WRKET
• Pulsentrappan

Products and services

• Indicate me AI-driven platform that transforms large volumes of customer conversations into actionable business-critical insights for marketing, sales, product, and customer service teams across organizations.
• Rey Systems Contact center platform offering powered by Genesys Cloud CX combined with technical services and consulting support for companies choosing inhouse customer service.
• Shibuya IT operations and infrastructure provider offering data center services, cloud solutions, IT support, security solutions, application management, and third-party maintenance from Sweden.
• Pulsen Omsorg (Combine) Digital welfare solutions platform used by over 80 Swedish municipalities for social services, including AI-powered tools for documentation, fraud detection, and care planning.
• Releasy Leading Nordic provider of outsourced customer service solutions with over 30 years of experience. Offers AI-powered mail, voice, and chatbot solutions with operations in Sweden, Norway, Finland, and Spain.
• Rebl Industries Robots-as-a-service provider making industrial automation accessible, faster, and more affordable than hiring temporary workers. AI-driven robots handle sorting, palletizing, and depalletizing tasks with performance-based pricing.
• Pedab IT infrastructure and software solutions distributor serving the European business market. Offers cybersecurity, backup, workplace-as-a-service, IT infrastructure development, and network infrastructure distribution.
• Helo Digital business studio providing business strategy, concept development, and digital product development for Nordic enterprises.
• Pulsen Anbud Public procurement services provider offering comprehensive coverage within public sector, helping companies submit correct and winning bids for public tenders.
• Pulsenna AI-powered market intelligence platform providing a structured digital environment to help users interpret complex market data.

Quantifiable outcome

• Customer satisfaction increased by 10% at PostNord after implementing Indicate me's AI tools
• +6 more outcomes

Named customers10 records

Segments8 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability9 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• Peak PrivacyminorStrategic or Co-development Partner · 17 June 2026Shibuya partnered with Peak Privacy to conduct a security review of the 75 most-used apps in Sweden across banking, healthcare, health, food, and education categories. The review found that 87% of apps send sensitive user data to external parties, with 95% of these transfers going to countries outside the EU.
• GenesyscoreTechnology or Integration · 15 May 2025Releasy and Rey Systems entered a strategic partnership with Genesys to offer the Genesys Cloud CX contact center platform combined with Releasy's 40 years of customer service expertise and technical solutions including AI analytics via Indicate me, bots, and translation services.
• The Intelligence CompanycoreTechnology or Integration · 17 February 2025Pulsen Omsorg partnered with The Intelligence Company to integrate AI-powered welfare fraud detection into the Combine system. The Intelligence Company's AI tool analyzes data points across care providers in real-time, scoring potential fraud indicators including irregular financial reports, ownership changes, and bankruptcy history. Available free to over 70 municipalities using Combine.
• SCAYLEminorStrategic or Co-development Partner · 8 January 2025Helo entered a strategic partnership with SCAYLE, a headless e-commerce platform, to provide combined digital commerce solutions for Nordic enterprises. SCAYLE provides the commerce backend (PIM, Shop Management, Checkout, OMS, omnichannel, marketplace) while Helo provides frontend implementation and customer experience design.
• Epical GroupminorOthers · 24 September 2024Epical Group acquired Pulsen Integration, signaling a strategic exit for Pulsen Group from the integration business.
• CraftminorChannel Partner/ Reseller/ Distributor · 2 September 2024Sport brand Craft selected Pulsen Fastigheter as the landlord for its new headquarters, renting over 2,400 sqm in the Pulsen area in Borås. This represents a commercial tenant relationship for the Digital District development.
• Kammarkollegiet (Swedish Legal, Financial and Administrative Services Agency)coreChannel Partner/ Reseller/ Distributor · 30 June 2024Shibuya secured two Kammarkollegiet framework agreements for IT operations (Större/Larger and Mindre/Smaller). Shibuya ranked highest among all suppliers in the larger IT operations agreement based on service scope and customer satisfaction. Pulsen Anbud also won Kammarkollegiet's IT consulting solutions framework agreement.
• Högskolan i Borås, Yrkeshögskolan i Borås, E-handelsstaden BoråsminorStrategic or Co-development Partner · 7 February 2023Pulsen Group co-founded Techarena Borås with Högskolan i Borås, Yrkeshögskolan i Borås, E-handelsstaden Borås, and other tech companies. Purpose is to strengthen cooperation between business and academia, with innovation sprints, hackathons, and talent pipeline development.
• KammarkollegietcoreChannel Partner/ Reseller/ Distributor · 26 October 2022Pulsen won Kammarkollegiet's framework agreement for Programvarulösningar (Software Solutions), the highest-ranked among seven suppliers, with estimated value of 2.2 billion SEK over 4 years.
• ID North / European ID SecuritycoreStrategic or Co-development Partner · 9 June 2022Pulsen Integration's IAM (Identity and Access Management) business merged with ID North, creating a combined entity with 65 employees. Pulsen Group became a co-owner in parent company European ID Security. The merger combined Pulsen's IAM expertise with ID North's market presence in cybersecurity, using technology partners including SailPoint, Okta, CyberArk, Micro Focus, Nexus, and Microsoft.
• Bjarne DarwallminorOthers · 23 February 2022Bjarne Darwall was recruited as new Chief Marketing & Communication Officer for Pulsen Group, joining from Forsman & Bodenfors where he was a PR strategist with clients including Volvo Cars, UBER, Sandvik, and Telia.
• Elitfotboll Dam (EFD)coreGTM or Marketing Partner · 18 February 2021Pulsen Group is National Sustainability Partner for Elitfotboll Dam (Women's Football Association) and Presenting Partner for Elitettan. Together they developed a sustainability platform called 'Mer än 90 minuter' (More than 90 minutes). Initiatives include Pulsentrappan (career planning app for elite female footballers) and 'Sveriges onödigaste stödlinje' (Sweden's most unnecessary support line) about match-fixing prevention.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Tietoevry: Nordic-headquartered IT services and software company with deep exposure to Swedish public sector, healthcare, and welfare — directly comparable to Pulsen Group's IT services, Kammarkollegiet-style framework agreements, and welfare IT positioning through Pulsen Omsorg/Combine.
• Atea: Leading Nordic IT infrastructure and services provider, distributing hardware, software, and managed services across the Nordics — most directly comparable to Shibuya and Pedab, both of which deliver Swedish IT operations and distribute infrastructure solutions to public and private sector clients.
• Visma: Nordic business software and BPO provider with strong public sector ERP and welfare software franchises — directly comparable to Pulsen Omsorg's Combine platform and Pulsen Anbud's role in Swedish government software procurement.
• CGI Group: Global IT services and consulting firm with extensive Nordic and Swedish public sector footprint, including welfare, healthcare, and government digitalization — directly comparable to Shibuya's IT operations and Pulsen Omsorg's welfare software business in Sweden.
• Genpact: Global professional services and BPO firm specializing in customer service operations, digital transformation, and AI-enabled service delivery — directly comparable to Releasy's outsourced customer service business across Sweden, Norway, Finland, and Spain.
• Locus Robotics: Provider of warehouse robotics as a service targeting retail and 3PL fulfillment operations — directly comparable to Rebl Industries' Robots-as-a-Service model for warehouse sorting, palletizing, and depalletizing tasks at H&M and IKEA.

Broad incumbents

• Capgemini: Global IT services, consulting, and digital transformation incumbent serving public sector and enterprise clients across Europe — comparable to Pulsen's enterprise IT services portfolio and Shibuya's infrastructure offerings, though at much larger scale.
• Cognizant: Global IT and business services incumbent with strong Nordic and European delivery footprint — overlapping with Pulsen's IT services, customer service (Releasy), and AI/data analytics (Indicate me) capabilities across enterprise and public sector clients.
• Symbotic: Large-scale warehouse automation and robotics-as-a-service provider with global retail and logistics deployments — comparable to Rebl Industries as a RaaS warehouse robotics peer, though operating at significantly greater scale and capital intensity.

Others

• Stena: Swedish family-owned diversified holding group spanning real estate, shipping, finance, and energy — comparable to Pulsen Group as a family-controlled Swedish conglomerate using long-duration capital allocation across unrelated operating businesses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pulsen-systems-ab
• Instagraminstagram.com/pulsengroup
• Xx.com/pulsen

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pulsen