Cegid, a European leader in cloud software for finance, HR, and retail, has entered a definitive agreement to merge with Shine, a fast-growing fintech unicorn providing digital business accounts, payments, e-invoicing, and payroll software to small businesses. The combination aims to create Europe’s first fully integrated, cloud-native, AI-driven financial hub for SMBs and accountants.
The merger will accelerate Cegid’s European expansion, extending its reach to over one million SMBs and 15,000 accountants across France, Germany (DACH), Spain, Portugal, the Netherlands, Denmark, and Belgium. Shine contributes more than 400,000 SMB customers, a scalable technology stack, and a strong brand presence, particularly in France.
Building a Unified Platform for SMBs and Accountants
The combined platform will integrate invoicing, accounting, payroll, business accounts and payments, tax, and reporting into a single solution. Key benefits for businesses and accountants include:
- AI-driven automation: Minimize administrative tasks while providing actionable financial insights.
- Seamless compliance: Support mandatory e-invoicing and digital reporting across Europe.
- Enhanced collaboration: Real-time interaction between SMBs and accounting professionals.
- Streamlined workflows: Modular, intuitive tools designed for SMBs of all sizes.
Rico Andersen and Martin Hegelund, co-founders of Shine, emphasized the strategic vision: “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.”
Strengthening Cegid’s Accountant-Centric Strategy
Accountants remain central to Cegid’s mission. The merger enhances tools for accountants, enabling more effective collaboration with clients and paving the way for value-added advisory services. Jean-Michel Aulas, founder of Cegid, stated: “This combination reinforces our alliance with accountants, ensuring they remain at the center of the relationship between small businesses and their advisors.”
Christian Lucas, Chairman of Cegid, noted that the merger represents a continuation of Cegid’s European growth journey: “Cegid’s cloud and AI leadership, together with Shine’s innovation-driven platform, creates a powerful solution to help millions of small businesses and accountants prepare for the next decade of digital transformation.”
A European Growth Engine
With Shine operating under Cegid’s Small Business division post-merger, the combined company will expand Cegid’s embedded finance capabilities across Europe while supporting SMBs in navigating compliance and administrative complexity. The merger follows strategic acquisitions including Primavera and Sevdesk, further positioning Cegid as a leading technology partner for small businesses and accounting professionals.
Bruno Vaffier, General Manager of Cegid, summarized the impact: “Together, we will offer entrepreneurs a combined platform that unites payment, accounting, and payroll – helping them focus on what matters most: building their business.”
The transaction is subject to customary financial and regulatory approvals. Once complete, the combined entity will serve as a European champion in SMB financial management, setting a new standard for integrated, AI-powered business platforms.
