Main Capital Partners acquires SAP licensing specialist VOQUZ Labs AG

March 31, 2025, Munich – Main Capital Partners (“Main”) announces its investment in VOQUZ Labs AG (“VOQUZ”), a German provider of SAP license management and IT spend optimization software. The company serves private enterprises, with a comprehensive suite of specialized tools. The acquisition marks the seventh platform investment for Main’s latest fund, Main Foundation II, launched in April 2024.

On March 28, 2025, shareholders of VOQUZ Labs AG, listed on the open market of the Munich Stock Exchange and Vienna Stock Exchange (ISIN: DE000A3CSTW4) signed a share purchase agreement with Main for the sale of their 95.3% stake in the company. The transaction, which values VOQUZ Labs in the lower double-digit million range, is expected to close by the end of April 2025. Following completion, Main intends to initiate a squeeze-out of minority shareholders in accordance with applicable legal provisions.

VOQUZ Labs, headquartered in Berlin, employs approximately 40 staff and offers a highly specialized software portfolio including samQ, visoryQ, and remQ. These solutions enable enterprises to automate SAP license management, streamline access governance, and ensure compliance. A core strength of VOQUZ lies in its ability to optimize and automatically reassign SAP-licenses, delivering significant SAP cost savings and ensuring that customers remain continuously and optimally licensed.

In addition, VOQUZ plays a strategic role in supporting organizations with their S/4HANA migration and RISE with SAP journeys. The company provides tools to calculate tailored business case scenarios, helping customers determine the most efficient and cost-effective S/4HANA license setup — a critical factor in successful SAP transformation initiatives.

With a global customer base of over 230 organizations and active operations across Europe, the Americas, and Asia, VOQUZ has built a strong reputation as a trusted partner in the complex world of SAP licensing and IT financial governance. While the SAP ecosystem is undergoing a significant transformation driven by the global shift to S/4HANA and RISE with SAP, VOQUZ is well-positioned to support enterprise clients through this transition. As organizations face increasing complexity and cost pressure during their migration, VOQUZ’s solutions provide critical tools to ensure optimize licensing and build cost-efficient migration scenarios.

The existing VOQUZ management team will work closely with Main to accelerate both organic and inorganic growth initiatives. Main brings a strong track record in scaling B2B software companies. Together, the partnership will focus on strengthening VOQUZ’s leadership position in SAP optimization, expanding its international presence, and further developing its innovative product suite.

Note: The shares of VOQUZ Labs AG are not listed on a regulated market within the meaning of Section 1(1) of the German Securities Acquisition and Takeover Act (WpÜG). Therefore, Main is not required and does not intend to submit a takeover offer to the remaining shareholders.

Martin Kögel, CEO of VOQUZ, said, “We are proud and excited to announce our partnership with Main Capital Partners and are convinced that Main is the ideal partner, bringing unmatched expertise in the software buy-and-build market. This success wouldn’t be possible without the dedicated team we’ve built and the strong partners we’ve surrounded ourselves with. We’re looking forward to the next chapter.”

Sven van Berge, Managing Partner and Head of DACH at Main, concluded, “We have closely followed VOQUZ’s development and see strong capabilities in navigating the complexities of SAP license management, compliance, and IT cost control. With continued strong demand for IT cost transparency and control, we consider the business a great fit for our portfolio.”

Martin Kögel, CEO of VOQUZ, said, “We are proud and excited to announce our partnership with Main Capital Partners and are convinced that Main is the ideal partner, bringing unmatched expertise in the software buy-and-build market. This success wouldn’t be possible without the dedicated team we’ve built and the strong partners we’ve surrounded ourselves with. We’re looking forward to the next chapter.”

Sven van Berge, Managing Partner and Head of DACH at Main, concluded, “We have closely followed VOQUZ’s development and see strong capabilities in navigating the complexities of SAP license management, compliance, and IT cost control. With continued strong demand for IT cost transparency and control, we consider the business a great fit for our portfolio.”

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.