Ageras set to acquire Shine to dominate European SME banking and accounting sector

Ageras, a prominent provider of accounting software, banking, and administrative tools, has announced its intent to acquire Shine, a leading French SME fintech, in a strategic move to strengthen its foothold in the European market. This acquisition, valued at €82 million, aligns with Ageras‘ strategic expansion plan, marking it as the largest and most significant purchase in the company’s history.

Founded in Denmark and now operating across France, Germany, the Netherlands, and Denmark, Ageras has entered into an exclusive agreement with Societe Generale to acquire Shine. This acquisition will make Ageras a powerhouse in the European banking and accounting software sector, particularly enhancing its services in France, a key market since its 2021 acquisition of Zervant, a leading pan-European invoicing software company.

Upon completion of the transaction, Ageras will integrate Shine’s advanced banking products, allowing it to offer comprehensive services from company formation to invoicing, accounting, and daily banking. This acquisition is poised to significantly benefit French small businesses, addressing their entire lifecycle needs with enhanced efficiency and integration.

This acquisition is part of Ageras’ larger goal to establish a pan-European leader in banking and accounting software, setting the stage for a potential IPO in 2026. In 2023, Ageras reported a 53% increase in revenue, amounting to €31.7 million, and marked its first profitable year, demonstrating strong business growth and operational success.

Rico Andersen, CEO of Ageras, emphasized the strategic importance of this acquisition: “This would be our largest and most significant acquisition to date, moving us closer to achieving our ambition of building the ultimate financial hub for small businesses across Europe.” He praised Shine’s banking products and the synergies they will bring to Ageras’ existing suite of services.

Shine, established in 2017 and majority-owned by Societe Generale since 2020, offers a comprehensive “co-pilot” solution for daily banking services tailored to SMEs, including invoicing and company formation. Recognized for excellent customer support, Shine was named “Best business bank” by ESCDA in 2024.

The SME sector in France is booming, with numbers doubling over the past decade, indicative of a vibrant entrepreneurial ecosystem. This trend underscores the timely nature of Ageras’ expansion into comprehensive SME financial services, promising enhanced support for a critical segment of the European economy.

Ageras’ acquisition of Shine represents a pivotal development in the European financial services landscape, aimed at simplifying and enhancing the operational capabilities of SMEs across the region.