Ageras enters into an exclusive agreement with Societe Generale to acquire Shine and become one of the leading European providers of banking and accounting software for SMEs
Summary
• None This acquisition would be Ageras largest and most significant to date • None Shine would bring exceptional and complementary product and tech expertise within banking to Ageras, enhancing the combined companys comprehensive suite and enabling it to service the entire lifecycle for small businesses, from company formation to invoicing, accounting and daily banking and payments • None With more than 200,000 customers in France combined, Ageras would be well-positioned to offer a leading all-in-one solution to the countrys 4.2m small businesses • None Shine will proceed with the usual information and consultation process with its workers council and the transaction will be subject to the approval by the ACPR (the French financial regulatory authority) PARIS, June 19, 2024 /PRNewswire/ -- Ageras, a leading provider of accounting software, banking, and admin tools for more than 300,000 active SME customers in France, Germany, The Netherlands and Denmark, today announced that it has entered into an exclusive agreement with Societe Generale to acquire Shine, a leading French SME fintech. This transaction, fully in line with Ageras strategic plan announced with the successful €82 million raise in April 2024, would be the companys largest acquisition to date and its eighth overall. Much more than a business account, Shine also offers a « co-pilot » solution to provide a full daily banking service to SMEs with adjacent features, such as invoicing, payments and company formation. Shine is offering a superior business banking product with transparent pricing, a great user interface and top-quality support, which is loved by our customers, yielding a strong market position. The acquisition of Shine will allow us to provide a best-in-class product to French SMEs," added Rico Andersen, who himself started his first company with co-founder Martin Hegelund at age 17.