French cloud management and AI solutions fintech Cegid has agreed to acquire accounting and administrative solutions platform Shine. The financial terms and timelines of the deal have not been disclosed.
Founded in 2012, Shine offers small business banking, accounting, payroll, and tax management services. Currently serving over 450,000 small businesses, and producing approximately €100 million in annual revenue, Shine was previously owned by Société Générale before being sold to Investcorp-backed Danish fintech Ageras last year.
Cegid says it aims to leverage Shine’s technology to create the “first fully integrated, cloud-native and AI-driven financial hub for SMBs and accounting professionals in Europe”. The unified platform will combine both companies’ capabilities in e-invoicing, tax, HR, accounting, digital business accounts, payments, and payroll services.
Shine, which Cegid claims brings a “strong brand” and a “highly scalable technology stack”, will help accelerate the French firm’s rollout of embedded finance solutions in new European markets. The combined entity will serve businesses in France, Germany, Denmark, Belgium, Spain, Portugal, and the Netherlands.
This acquisition, which is subject to regulatory approval, follows Cegid’s recent purchases of Spain’s Primavera in 2022 and Germany’s Sevdesk earlier this year.
Announcing the news on LinkedIn, Rico Anderson, Shine’s CEO and co-founder, states: “By combining Cegid’s Small Business and the Accountant unit with Shine, we are becoming a champion of +2,000 employees, serving more than one million businesses, with a network of 15,000 accountants – all working with one purpose and one direction: building the Eiffel Tower of Europe for accounting and banking services to small businesses and their accountants.”
Source: https://www.fintechfutures.com/
