Cegid, the leading European provider of cloud-based business management software for finance, accounting, HR, and retail, has reached a definitive agreement to acquire Shine, the fast-growing European fintech unicorn that offers digital business accounts, payments, e-invoicing, accounting, and payroll tools to small businesses across Europe.
This strategic acquisition will merge complementary capabilities to create Europe’s first fully integrated, cloud-native, and AI-driven financial hub tailored for small and medium-sized businesses and accounting professionals. The unified platform will consolidate e-invoicing, accounting, digital business accounts, and payments, tax, HR, payroll, and reporting into a single, one-stop solution.
By joining forces, Cegid and Shine will be able to provide services to more than one million SMBs and 15,000 accountants across key European regions that include France, DACH (Germany, Austria, Switzerland), Spain, Portugal, the Netherlands, Denmark, and Belgium. Shine brings with it over 400,000 SMB customers, a strong brand, and a deeply scalable technology stack that significantly enhances Cegid’s reach and value proposition.
The unified platform is designed with the aim of offering:
• A single interface covering invoicing, accounting, payroll, business accounts and payments, tax and reporting.
• Deep AI-driven automation cuts down on administrative burdens in order to deliver actionable insights.
• An intuitive modular user experience that fits the needs of all enterprises, from large ones to small. A compliant ecosystem supporting mandatory e-invoicing and digital reporting requirements across Europe.
• Seamless collaboration between the SMBs and their accountants, thereby creating operational efficiencies and driving more advisory.
This deal represents a significant step in Cegid’s long-term strategy to evolve into the preferred financial copilot for European SMBs and their accounting advisors. It follows earlier strategic acquisitions such as Primavera and Sevdesk and further strengthens Cegid’s capacity to support businesses throughout their lifecycle, from inception to expansion.
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With Shine’s expertise in digital business banking and financial services, Cegid anticipates reinforcing its presence in France and expediting the rollout of embedded finance solutions across additional European markets.
Rico Andersen and Martin Hegelund, Co-Founders of Shine, commented: “From founding Shine as a start-up to building it into a leading European unicorn, our mission has been driven by the ambition to radically remove complexity for businesses. Joining forces with Cegid allows us to uniquely bring that vision into a much broader community of millions of small businesses, and their accountants, across Europe. By combining the strongest SMB business accounts and payments platform with the most advanced accounting technology, we are creating Europe’s first truly unified financial hub, built to eliminate complexity for millions of businesses. Two category leaders. One unified platform. Europe’s new business finance powerhouse is here.”
Christian Lucas, Chairman of Cegid and Managing Partner at Silver Lake, added:
“This combination is a strong affirmation and natural continuation of Cegid’s European growth journey. For more than four decades, Cegid has stood alongside accountants as trusted partners to small businesses, and with Shine we are strengthening that bond for the next digital era. Cegid’s cloud and AI leadership together with Shine’s highly innovation-driven platform that integrates leading digital finance capabilities, creates a powerful platform that will help millions of small businesses and accountants prepare for and seize the enormous growth and value creation opportunities inherent in the next decade of digital transformation, particularly with the shift to e-invoicing across Europe. We are proud to continue supporting Cegid’s leadership team as it builds one of Europe’s flagship technology companies, and this combination represents a significant investment in Cegid’s long-term relationship with the accounting profession and its critical role in the success of millions of small businesses.”
Jean-Michel Aulas, Founder of Cegid, said:
“Founded over 40 years ago, Cegid has always supported the growth and success of small businesses and their accountants. This combination reinforces that alliance ensuring accountants remain at the centre of the relationship between small businesses and their advisors, by giving them a shared digital environment with real-time access to financial data, improved collaboration, and simplified compliance. This merger is about equipping accountants for the next generation of small businesses. With Shine, we are reaffirming Cegid’s long-term commitment to CPAs and to the future of the French accountancy ecosystem.”
Bruno Vaffier, General Manager of Cegid, added:
“This merger with Shine is a natural step in Cegid’s mission to simplify and accelerate the growth of our Small Business division. Together, we will offer entrepreneurs a combined platform that unites payment, accounting, and payroll helping them focus on what matters most: building their business.”
Gilbert Kamieniecky, Head of Investcorp Technology Partners and Chairman of Shine, said:
“Our investment in Shine is one that we are immensely proud of, as we saw the company grow from a start-up with only a few million in revenue into a European leader and unicorn. I am also grateful for the strong partnership and friendship with the two founders, Rico and Martin.”
The acquisition remains subject to customary financial and regulatory approvals. Once finalized, Shine will integrate into Cegid’s Small Business division and serve as a foundational pillar for its French and broader European growth strategy.