The aim of the investment is to build a leading platform for digital transformation, software modernisation, and applied AI in the DACH region through organic growth and targeted add-on acquisitions.

SQUER Solutions GmbH (“SQUER”), headquartered in Vienna with a second location in Munich, a specialised partner for sophisticated software modernisation and digital transformation, has gained a strong partner for its next growth phase in Sophora Unternehmerkapital (“Sophora”). Sophora is an independent, owner-managed investment company with a focus on medium-sized companies. The four founders Manuel Klein, Matthias Kreuzriegler, David Leitner, and Lukasz Juszczyk remain significantly invested and continue to lead the company. For Sophora, the transaction marks the starting point of a new thematic platform in digital transformation, software modernisation, and applied AI. The financial details of the transaction have not been disclosed, and closing is expected in the coming weeks.

Guided by its ambition to shape the future of engineering for enterprises, SQUER supports its clients across the entire technology stack: from system design and architecture through software and legacy modernisation, cloud infrastructure, and platform engineering to agile transformation as well as AI and data engineering. Characteristic of SQUER is an engineering-first approach: small, senior teams own their projects end-to-end and build partnerships that extend far beyond the individual engagement. Since beginning operations in 2019, SQUER has grown entirely under its own steam, serves blue-chip clients in sectors including banking, insurance, and public services, today employs more than 100 people from over ten nationalities, and has repeatedly been recognised as one of Austria’s best employers.

Together, the partners intend to extend SQUER’s offering with Managed AI Services as recurring revenue streams and to expand its presence in Germany and Switzerland, both organically and through targeted add-on acquisitions.

For Sophora, SQUER is the starting point of a long-term platform strategy. “Technology-driven services with genuine engineering depth are among the most attractive investment fields in the DACH region. As standardised development comes under growing pressure from AI, growth is concentrating precisely in the high-value, client-facing segment where SQUER is strongest. Together with the founders, we want to build from this a leading group for digital transformation, software modernisation, and applied AI in the German-speaking region, both organically and through targeted add-on acquisitions,” says Benjamin Hubner, Managing Partner of Sophora. Guntram Kieferle, Investment Partner at Sophora, describes the operational lever: “SQUER has built, under its own steam, a model with self-directed senior teams and long-standing client relationships. We will build on this substance together by supporting SQUER in its further growth, in suitable business combinations, and in expanding its presence across the DACH region.”

For the four founders, the decision was a deliberate choice in favour of a partnership. “We were looking for a partner who understands how we work, who joins us at the whiteboard from day one, and who strengthens us with capital and transaction experience. With Sophora, the competence, the references, and the chemistry were right, exactly the criteria by which we choose our own clients,” explain Matthias Kreuzriegler and Manuel Klein, co-founders of SQUER. Looking ahead, the two other co-founders, David Leitner and Lukasz Juszczyk, add: “Our strength has always been the combination of deep engineering and a culture in which experienced developers take on responsibility. On this foundation, we want to develop SQUER boldly and open up new fields.”

The Sophora team involved in the transaction comprised Benjamin Hubner, Guntram Kieferle, Niklas Ortlieb, and Jonathan Mrohs.

Sophora was advised by CMS (Legal, Corporate), Roland Berger (Commercial), Latham & Watkins (Tax Structuring), and BDO (Financial, Tax). The sellers were advised by Translink Corporate Finance Austria (M&A), PHH Rechtsanwält:innen GmbH (Legal), and TPA (Tax).

From left to right: Niklas Ortlieb (Sophora), Matthias Kreuzriegler (SQUER), Benjamin Hubner (Sophora), Lukasz Juszczyk (SQUER), Jonathan Mrohs (Sophora), David Leitner (SQUER), Guntram Kieferle (Sophora), Manuel Klein (SQUER)

About SQUER
SQUER Solutions GmbH, headquartered in Vienna with a second location in Munich, is a specialised partner for software modernisation and digital transformation. Since beginning operations in 2019, SQUER has supported corporations and medium-sized companies with system design and architecture, software and legacy modernisation, cloud and platform engineering, as well as AI and data engineering. Characteristic of the company is an engineering-first approach with small, senior teams that support their clients end-to-end. The company has grown entirely under its own steam since its founding, employs more than 100 people, and ranks among Austria’s leading technology employers (Best Workplaces in Austria 2025). www.squer.io.

About Sophora Unternehmerkapital
Sophora Unternehmerkapital, located in Berlin and Munich, is an independent and owner-managed investment company with a focus on medium-sized companies in Germany, Austria and Switzerland. Sophora consists of an interdisciplinary team of entrepreneurs with many years of experience in the investment business and as founders and Managing Directors of companies. As a value-creating partner of entrepreneurs and management teams of medium-sized companies, Sophora provides strategic and operational know-how as well as a comprehensive network of experts and flexible capital in order to jointly discover and develop potentials. Sophora is a signatory of the UN Principles for Responsible Investment (“PRI”) and the Women’s Empowerment Principles (“WEPs”).www.sophora.de/en.