Cegid Closes Acquisition of Shine to Create Europe’s First Complete AI-Driven Platform for SMBs and Accountants

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Accelerates Cegid’s trajectory to become the leading European financial solutions hub integrating e-invoicing, accounting, digital finance, payment services and accounts, and HR solutions

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Transaction supported by new €1.1 billion debt financing facility secured from leading direct credit funds, underscoring Cegid’s strong business performance and unique leadership positioning in rapidly evolving software sector

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PARIS — Cegid, a European leader in cloud management solutions for professionals in the finance (treasury, tax, ERP), human resources (payroll, talent management), accountancy, retail and entrepreneurship sectors, today announced the completion of its acquisition of Shine. The transaction creates the first fully integrated, cloud-native and AI-driven financial hub for SMBs and accounting professionals in Europe. Shine – a fast-growing European fintech unicorn providing electronic invoicing, accounting, business accounts, and payroll software to small and medium-sized businesses across Europe – brings more than 400,000 SMB customers, a strong brand, and a scalable technology stack, expanding Cegid’s reach in key European markets. The consolidated group will serve more than one million SMBs and 15,000 accountants across France, Germany, Spain, Portugal, Denmark, the Netherlands and Belgium.

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Shine’s combination with Cegid and its full ecosystem represents the formation of Europe’s first 100% cloud-based financial platform, equipped with native AI and designed end-to-end for SMBs and accounting firms. Built on Cegid’s leadership in cloud and AI, this unique, fully compliant and connected platform brings together leading capabilities in e-invoicing, accounting, payment solutions, payment cards and associated business accounts, tax, HR, payroll and reporting. These capabilities position SMBs and accountants for Europe’s mandatory e-invoicing and digital reporting reforms while helping accounting firms reduce operational complexity and increase productivity to allow them to focus on what matters most: delivering higher value-added services to customers and growing their business.

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The new combined unit within Cegid dedicated to the SMB market and accounting firms, comprising 2,300 employees, will be led by Rico Adlor-Andersen, co-founder of Shine.

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“From the creation of Shine to its growth into a leading European unicorn, our mission has always been the same: to radically eliminate complexity for entrepreneurs. With Cegid, that mission takes on a whole new dimension. Today, we are bringing two category leaders together to create Europe’s first truly unified financial hub, serving millions of SMBs and their accountants. This is a decisive milestone in the achievement of our vision and the beginning of a new ambition at a European scale,” comments Rico Adlor-Andersen, co-founder of Shine.

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“The completion of this combination is a landmark moment for Cegid and for the millions of small businesses and accountants we serve across Europe. By uniting Cegid’s cloud and AI leadership with Shine’s innovative digital finance platform, we have created a truly unique offering, Europe’s first unified financial hub built to simplify the lives of entrepreneurs and empower the accounting profession. As mandatory e-invoicing and digital reporting reshape the European landscape, this platform positions our customers to turn regulatory change into a growth opportunity. Cegid is a business of exceptional quality, and that quality is what makes a transaction like this possible in an environment where financing markets for software companies have been sluggish. Silver Lake’s role is to back great companies with conviction and the resources to grow, and we are proud to do exactly that here in partnership with the Cegid and Shine teams as they continue building one of Europe’s defining technology companies,” comments Christian Lucas, Chairman of Cegid and Managing Partner at Silver Lake.

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“This acquisition complements our portfolio and reinforces our commitment to serving businesses of all sizes, enabling them to be more agile in their financial and HR management. For the SMB and accountant services market, the integration of Shine marks a decisive step in Cegid’s ambition to become Europe’s leading financial copilot for SMBs and accountants. Now more than ever, we are reaffirming our mission and our unwavering commitment—established over 40 years ago—to accountants and businesses. Cegid will help them take advantage of the huge opportunities offered by the digital transformation of the coming decade,” concludes Bruno Vaffier, Cegid General Manager.

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The transaction was financed through Cegid’s operating cash generation and a new €1.1 billion financing facility provided by leading direct credit funds, following an innovative two-step financing process with prior underwriting by Citibank, J.P. Morgan, RBC Capital Markets, and UBS. This represents one of the most significant software financings completed in the European market in recent months, executed via a structure that reflects both the strength of Cegid’s business fundamentals and the depth of its relationships across the global credit investor community.

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About Shine

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Founded by serial entrepreneurs Rico Adlor-Andersen and Martin Hegelund, Shine’s vision is to restore the joy of running a business, by ending wasted time on financial admin. Shine offers a ‘financial copilot’ by integrating its solutions into a single platform for invoicing, accounting, payroll, business accounts and payments, and financing. Shine is a leading European fintech unicorn, operating across France, Denmark, the Netherlands, and Germany, serving over 400,000 customers. Shine France is regulated as a payment institution by the Autorité de contrôle prudentiel et de résolution (ACPR) and was recognised as “Best Business Bank” by ESCDA in 2024, 2025, and 2026.

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About Cegid

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Cegid is a European leader in cloud management solutions for professionals in the Finance (treasury, tax, ERP), Human Resources (payroll, talent management), Accounting, Retail and entrepreneurship sectors. With a solid full-cloud business model, Cegid is committed to the long term with its customers and supports the digitalization of companies, from small businesses to large accounts, for a superior, distinctive and memorable experience in France and abroad. Cegid combines a forward-looking and pragmatic vision of the business, a strong capacity for innovation, mastery of new technologies such as artificial intelligence and a unique knowledge of regulations. In a rapidly changing world, Cegid opens up possibilities and reveals the full value of its customers’ businesses by providing useful and innovative solutions.