The purpose of this paper is to review the role of software within an ePortfolio (ePF) initiative for students of a five-semester master’s program for Business Education and Development. The didactical aim of the ePF initiative presented is to enhance students’ ability for (self-)reflection. An accompanying study of the implementation process allows for evaluating the impact of the ePF initiative as well as for the evaluation of its implementation. At six points of time students fill in questionnaires regarding their self-perception of their own competences and their rating of the side conditions of the implementation, leading to 1,925 questionnaires up to September 2018. Results show a positive impact on students’ self-perception of their own competences and the perceived importance of self-reflective learning. Regarding the ePF implementation, students generally value the ePF work, especially with regard to the support of their reflection process by an external coach. However, they criticize the time intensity of the reflection process, resulting in the need of a clear communication of the aims of portfolio work to uphold students’ motivation. Although the software only represents a side condition in the ePF initiative discussed, students have specifically criticized the software provided – leading to the conclusion that the software might act as hygiene factor on students’ motivation to reflect. From these findings arises the need for further research, which is subject to an interview study among the participants of the ePF initiative being currently in preparation.