COPENHAGEN – Cegid, a European leader in cloud business software, and Shine, a fast-growing fintech unicorn, announced Wednesday a definitive agreement to merge, creating a new powerhouse in software for small and medium-sized businesses (SMBs) and their accountants across Europe.
The combined company aims to form the first fully integrated, cloud-native, and AI-driven financial hub for its clients. The platform will consolidate services including digital business accounts, payments, e-invoicing, accounting, tax, HR, and payroll.
This strategic move accelerates Cegid’s European growth strategy, expanding its reach to serve more than one million SMBs and 15,000 accounting professionals. Shine brings over 400,000 SMB customers and its technology stack to the partnership.
“Joining forces with Cegid allows us to uniquely bring that vision into a much broader community of millions of small businesses,” said Rico Andersen and Martin Hegelund, co-founders of Shine, in a joint statement.
The merger is designed to help entrepreneurs reduce administrative tasks by offering a single, unified platform with deep AI automation and tools for seamless collaboration with accountants.
“This combination is a strong affirmation and natural continuation of Cegid’s European growth journey,” said Christian Lucas, Chairman of Cegid. “We are strengthening that bond for the next digital era.”
The transaction is pending customary financial and regulatory approvals. Upon completion, Shine will operate within Cegid’s Small Business division.