Accounting software, banking, and admin tools provider Ageras has signed an exclusive agreement with Societe Generale to acquire a French small and medium enterprise (SME) fintech Shine.
The acquisition aligns with Ageras’ strategic plan as outlined following its successful €82m fundraising in April this year.
Established in 2017, Shine offers an online business account for small corporates and entrepreneurs. Societe Generale acquired a majority shareholder in the SME fintech in 2020.
Shine CEO Jean-Baptiste Sciandra said: “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.
“Invoicing, accounting and daily banking are becoming more and more connected, and under the Ageras umbrella, we would be able to offer a state-of-the-art, comprehensive offering that simplifies the daily life of small businesses in Europe.”
Through the acquisition of Shine, Ageras aims to advance its position as a European provider of banking and accounting software for SMEs. It is also expected to expand its foothold in France.
The addition of French SME fintech’s banking product will also allow Ageras to service the entire lifecycle for French small businesses from company formation to invoicing, accounting and daily banking and payments.
Shine’s expertise and technological leadership within banking will also bolster Ageras’ banking activities across Europe.
The proposed transaction will also contribute towards the simplification of Societe Generale. It will help refocus on SG, Societe Generale’s retail banking network in France.
Ageras CEO Rico Andersen said: “When completed, the combination of Shine’s excellent banking product with our broad banking, accounting and business software, would enable us to deliver a complete offering of key financial solutions in France, mirroring our success in other core markets.
“We are truly impressed with what the Shine team has built and are looking forward to welcoming the team and together building the leading financial player for SMEs in France and across Europe.”
Following the completion of the acquisition, Ageras will take over all the activities operated by Shine and all employees of the French entity.
Ageras has been mainly supported by Investcorp since 2017. Other shareholders of the company are Rabobank, Lazard, Lugard Road Capital (Luxor Capital), Tryghedsfondet, Back in Black and CIBC.
Subject to applicable social procedures, usual suspensive conditions, and the approval of the competent financial and regulatory authorities, the deal is anticipated to be completed in the first half of 2025.
