[France] Cegid acquires Shine to build SMB ‘finance hub’

Cegid - the French accounting and payroll software provider - is set to acquire European fintech Shine, as it moves further into payments and prepares for mandatory e-invoicing reforms to come into force across the region, Crowdfund Insider reports.

The companies announced the signing of a definitive agreement to combine. Shine will sit within Cegid’s small business division after the close. Financial terms have yet to be disclosed, and the transaction is subject to customary regulatory and other approvals.

Shine was founded by entrepreneurs Rico Andersen and Martin Hegelund. It reportedly provides digital business accounts and payments, alongside invoicing, accounting and payroll tools to small firms and operates across France, Denmark, the Netherlands, and Germany. It is regulated in France as a payment institution.

Cegid said the deal would expand its reach in small businesses and accountancy firms by adding Shine’s more than 400,000 customers and its banking-style digital business accounts and payments tools.

Once combined, the group will serve more than one million SMBs and 15,000 accountants across markets including France, Germany, Spain, Portugal, the Netherlands, Denmark, and Belgium.

Instead of stitching together invoicing, payroll, tax, and banking from different providers, Cegid is pitching a single hub which blends accounting workflows with embedded finance. This strategy has reportedly gained momentum as software groups seek sticky, recurring revenue and greater daily usage.

Cegid said Shine’s technology stack would help it accelerate product rollout and strengthen its offer to accountants, who often act as gatekeepers for small business software purchasing.

Christian Lucas - chairman of Cegid and a managing partner at technology investor Silver Lake - said the combination would support the shift to e-invoicing across Europe.

Source: Crowdfund Insider

Cegid - the French accounting and payroll software provider - is set to acquire European fintech Shine, as it moves further into payments and prepares for mandatory e-invoicing reforms to come into force across the region, Crowdfund Insider reports.

The companies announced the signing of a definitive agreement to combine. Shine will sit within Cegid’s small business division after the close. Financial terms have yet to be disclosed, and the transaction is subject to customary regulatory and other approvals.

Shine was founded by entrepreneurs Rico Andersen and Martin Hegelund. It reportedly provides digital business accounts and payments, alongside invoicing, accounting and payroll tools to small firms and operates across France, Denmark, the Netherlands, and Germany. It is regulated in France as a payment institution.

Cegid said the deal would expand its reach in small businesses and accountancy firms by adding Shine’s more than 400,000 customers and its banking-style digital business accounts and payments tools.

Once combined, the group will serve more than one million SMBs and 15,000 accountants across markets including France, Germany, Spain, Portugal, the Netherlands, Denmark, and Belgium.

Instead of stitching together invoicing, payroll, tax, and banking from different providers, Cegid is pitching a single hub which blends accounting workflows with embedded finance. This strategy has reportedly gained momentum as software groups seek sticky, recurring revenue and greater daily usage.

Cegid said Shine’s technology stack would help it accelerate product rollout and strengthen its offer to accountants, who often act as gatekeepers for small business software purchasing.

Christian Lucas - chairman of Cegid and a managing partner at technology investor Silver Lake - said the combination would support the shift to e-invoicing across Europe.

Source: Crowdfund Insider