Engagement — Platform Due Diligence
Code & Co. provides AI & Tech Due Diligence to Volpi Capital ahead of its investment in kgs, a leading provider of mission-critical, legally compliant archiving software for enterprises.
kgs, a leading provider of mission-critical, legally compliant archiving software, welcomes Volpi Capital as its new majority shareholder. GENUI and other existing shareholders will also remain invested and continue to support kgs' next phase of growth. The shared ambition is clear: to accelerate international expansion, with a particular focus on the U.S.; to invest in go-to-market capabilities, channel partnerships and commercial leadership; and to deepen the product's strategic position within the SAP ecosystem.
Scope of work
Code & Co. advised Volpi Capital on AI & Tech Due Diligence through an in-depth evaluation of the kgs platform, covering its compliance-driven, API-centric archiving solution, software architecture, and product strategy for cloud-based and AI-enabled capabilities.
The assessment further examined the underlying technology stack, cloud infrastructure, scalability, and cybersecurity practices, and concluded with a review of kgs's engineering organization, software development lifecycle, and key considerations for supporting continued product development and growth.
About kgs
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 375 customers across the DACH region and internationally. The company's software enables organizations to securely archive, manage, and retrieve documents within SAP and other ERP systems in full compliance with legal and regulatory requirements. With a strong focus on customer success and a highly recurring revenue model, kgs is expanding internationally, supporting its customers in navigating the transition to cloud-based ERP environments and reducing the compliance and data governance risks associated with this transformation. To learn more, visit https://www.kgs-software.com.
About Volpi Capital
Volpi Capital is a specialist pan-European lower mid-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. For more information, visit https://www.volpicapital.com.