Cegid, a European leader in cloud management solutions, has announced the completion of its acquisition of Shine, a fast-growing European fintech unicorn providing electronic invoicing, accounting, business accounts, and payroll software to small and medium-sized businesses across Europe.
The transaction creates what Cegid describes as Europe’s first fully integrated, cloud-native, and AI-driven financial hub for SMBs and accounting professionals. The deal was financed through Cegid’s operating cash generation and a new €1.1 billion financing facility provided by leading direct credit funds, following prior underwriting by Citibank, J.P. Morgan, RBC Capital Markets, and UBS — representing one of the most significant software financings completed in the European market in recent months.
Shine brings more than 400,000 SMB customers, a strong brand, and a scalable technology stack across France, Denmark, the Netherlands, and Germany. The consolidated group will serve more than one million SMBs and 15,000 accountants across France, Germany, Spain, Portugal, Denmark, the Netherlands, and Belgium. The combined platform brings together leading capabilities in e-invoicing, accounting, payment solutions, payment cards and associated business accounts, tax, HR, payroll, and reporting — a breadth of functionality designed to position SMBs and accountants for Europe’s mandatory e-invoicing and digital reporting reforms that are reshaping the regulatory landscape. 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.
Cegid was founded more than 40 years ago and generated annual revenue of €1,069 million as of December 31, 2025, with more than 5,000 employees selling solutions across 130 countries. The company is backed by Silver Lake, which underwrote the financing alongside the global credit investor community. Cegid said the acquisition accelerates its trajectory to become the leading European financial solutions hub integrating e-invoicing, accounting, digital finance, payment services, and HR solutions.
KEY QUOTES:
“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.”
Rico Adlor-Andersen, Co-Founder, Shine
“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. 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.”
Christian Lucas, Chairman, Cegid and Managing Partner, Silver Lake
