Code & Co. conducted Tech & Product Due Diligence for Main Capital Partners ahead of their Take-Private of SAP licensing specialist VOQUZ Labs AG
Main Capital Partners (“Main”) has announced 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. On March 28, 2025, shareholders of VOQUZ Labs AG, listed on the open market of the Munich Stock Exchange and the Vienna Stock Exchange, signed a share purchase agreement with Main for the sale of their 95.3% stake in the company.
Scope of Work
Code & Co. conducted Tech & Product Due Diligence for Main Capital Partners on the VOQUZ platform. This included an in-depth review of the architecture, infrastructure, technology stack, and security foundations across both SAP-integrated and cloud-native environments.
The review also covered the company’s product roadmap, AI-driven innovation plans, and transition strategy toward cloud-based automation and scalability.
Finally, Code & Co. evaluated the engineering organization, software development lifecycle, and team structure to support sustainable growth.
About VOQUZ Labs
VOQUZ Labs, headquartered in Berlin, is a German provider of software solutions for SAP license management, authorization, and compliance management. The company offers a specialized product portfolio — including samQ, setQ, visoryQ, and remQ — designed to optimize license costs and simplify SAP access control. With offices across Europe, North and South America, and Asia, VOQUZ Labs supports companies worldwide in making their SAP environments more efficient and compliant. https://www.voquz.com
About Main Capital Partners
www.main.nl
Main Capital Partners is a leading software investor managing private equity funds active in the Benelux, DACH, the Nordics, France and North America with approximately EUR 6.8 billion in Assets under Management. Main has over 20 years of experience in strengthening software companies and works closely with the management teams in its portfolio as a strategic partner to achieve profitable growth and larger outstanding software groups. Main has approximately 90 employees operating out of its offices in The Hague, Düsseldorf, Stockholm, Antwerp, Paris and an affiliated office in Boston. Main maintains an active portfolio of over 50 software companies. The underlying portfolio employs approximately 15,000 employees. Through its Main Social Institute, Main supports students with grants and scholarships to study IT and Computer Science at Technical Universities and Universities of Applied Sciences.