KGS enters its next phase of growth with Volpi Capital as new majority shareholder

KGS Software GmbH

KGS is a leading provider of mission-critical, legally compliant archiving software for enterprises. Founded in 2000 and headquartered in Neu-Isenburg near Frankfurt, KGS serves more than 350 enterprise customers across the DACH region and internationally. The company’s software enables organizations to securely archive, manage and retrieve documents within SAP and other enterprise resource planning (ERP) systems in full compliance with legal and regulatory requirements. With a strong focus on customer success and a highly recurring revenue model, KGS serves enterprises across the DACH region and is expanding internationally. KGS is committed to supporting its customers in navigating the transition to cloud-based ERP environments and reducing the compliance and data governance risks associated with this transformation.

The Deal

Since GENUI’s investment in 2023, KGS Software has successfully transitioned from a traditional license-and-maintenance model to a fast-growing subscription software business while further strengthening its position as a leading provider of mission-critical archiving software. As the company enters its next phase of growth with a focus on international expansion, particularly in the United States, Lincoln International was retained to identify the right partner to support this strategy. Following a competitive process, Volpi Capital emerged as the ideal partner based on its software expertise and international scaling capabilities. Volpi Capital has acquired a majority stake in KGS Software, while GENUI, management and other existing shareholders have re-invested alongside Volpi Capital.

Our Perspective

Dr. Ashkan Kalantary, Managing Director in Lincoln International’s software team, commented, “We are delighted to have advised on the investment in KGS Software by Volpi Capital. KGS Software has built a highly differentiated position within the enterprise archiving ecosystem through its ultra-lean technology architecture, deep domain expertise and growing strategic relevance as enterprises increasingly look to leverage AI-driven workflows on top of secure, compliant and structured data environments. Volpi Capital’s experience of scaling mission-critical B2B software businesses internationally makes them an excellent partner for the company’s next chapter of growth. This transaction highlights Lincoln International’s continued momentum in the enterprise data management segment within the broader Office of the CFO ecosystem, particularly in SAP-related software, and our expertise in advising leading software companies.”

GENUI Partners

GENUI is a private investment firm based in Hamburg and Zurich. It was founded in 2014 by renowned entrepreneurs and experienced investment professionals who have been investing in companies for over two decades and supporting them on their growth paths. GENUI follows the approach of “Good Entrepreneurship,” combining attractive returns and positive impact. The more than 30 GENUI entrepreneurs (founders and owners of companies such as BioNTech, Fressnapf, Adecco, Cancom and others) are actively and personally involved in all stages of the investment process. The focus of GENUI is on investments in market leaders in health, environmental transformation and digitalization.

Volpi Capital

Volpi Capital is a specialist pan-European lower-middle market private equity firm seeking to partner with ambitious businesses that use technology to disrupt traditional B2B value chains. As a thematic investor, Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through investment in go-to-market capabilities, international expansion and consolidation. The firm, which was founded in 2016, closed its third fund (Volpi Capital Fund III) in 2024 with €428 million of commitments.

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