Cegid, the Lyon-based business software company, has completed the acquisition of fintech Shine for an estimated amount of over one billion euros, according to Les Échos. This marks the largest acquisition in Cegid’s history, announced at the end of November 2025.
A Dynamic Journey for Shine
Founded in 2018 by Nicolas Reboud and Raphaël Simon, Shine first established itself as the leading business banking solution for independent contractors and small businesses in France. Acquired by Société Générale in 2020, the fintech was then sold in 2024 to Danish group Ageras, specializing in accounting software. The two entities merged under the Shine brand, creating a platform that serves 420,000 professional clients across Europe, including 260,000 in France.
By joining Cegid, Shine becomes part of a group with €967 million in revenue in 2024 and more than 5,000 employees across 130 countries.
What This Changes for SMEs
The strategic goal is clear: create a unified platform that combines e-invoicing, accounting, business banking, payroll, and tax reporting. Cegid aims to become the go-to “financial co-pilot” for European SMEs.
Concretely, the combined entity will serve over one million SMEs and 15,000 accounting firms across seven countries: France, Germany (DACH), Spain, Portugal, Netherlands, Denmark, and Belgium.
For a CIO or CFO of an SME, this consolidation means three things:
A new integrated player in the SME segment. Where Cegid was historically positioned on mid-market companies with XRP Flex, the Shine acquisition opens up the small business market with a combined banking + management offering. This is a direct challenge to players like Pennylane, Qonto, and SaaS offerings from Sage, as well as international competitors like Xero and FreshBooks.
Acceleration of digital invoicing. With mandatory e-invoicing requirements rolling out across Europe for small businesses, having a platform that natively handles invoicing, payments, and accounting in one tool becomes a decisive advantage. Christian Lucas, Cegid’s president, emphasized that this merger aims to help businesses “capitalize on digital transformation opportunities, particularly with the expansion of mandatory electronic invoicing”.
Reinforced role of accountants. Jean-Michel Aulas, Cegid’s founder, stressed that this merger aims to “ensure that accountants remain at the center of the relationship between small businesses and their advisors”. An important signal for accounting firms concerned about being disintermediated by fintechs.
What to Watch
The success of this integration will depend on Cegid’s ability to merge two very different cultures: a traditional ERP vendor and an agile fintech born in the startup ecosystem. Current Shine customers, accustomed to a streamlined user experience and competitive pricing, will be watching closely for any pricing changes or product complexity.
On the timeline front, technical integration is expected to unfold throughout 2026. Companies already using Shine or existing Cegid customers don’t need to take immediate action, but should monitor product announcements that will clarify the convergence roadmap.
To learn more about Cegid’s positioning against its European competitors, check out our Cegid vs Sage vs Divalto comparison and our complete guide to choosing your ERP in 2026.
