Upgrading from a prior version is pretty straight forward. Run the .msi and you'll be greeted by an installer which will provide the complete update process for you.
Click on next to start the setup.
Tick the box and click on Next to accept the EULA and continue with the setup.
Click Next to continue with the setup.
Provide the logon account for the Liquit Workspace Server Service.
Liquit will ask you take make a backup, make sure you create a backup before proceeding this step can not be undone!
Click install to start the installation of the update.
Once the installation process has completed, you'll be shown the summary screen, now that the Liquit Workspace server as been updated, you can access it on the virtual hostname you provided.