Ageras to acquire French fintech Shine from Societe Generale
Danish accounting software fintech Ageras has entered into an exclusive agreement with Societe Generale to acquire Shine, a provider of banking and accounting software for SMEs.
Ageras this month reported 53% revenue growth, with a turnover of EUR31.7 million and its first profitable Ebitda of EUR1.2 million for 2023.
The results, combined with a recent EUR83 million funding round, has set Ageras up for an acqusitions spree, setting its sights on securing one or two “major acquisitions”.
The takeover of Shine, which supports 100,000 small businesses in its home country, represents the Danish fintech’s largest acquisition to date and its eighth overall.
The deal expands Ageras’ foothold in France, a core market for the firm since its entry in 2021 with the acquisition of pan-European invoicing software Zervant.
Upon completion, the addition of Shine’s banking product will enable Ageras to service the entire lifecycle for French small businesses, from company formation to invoicing, accounting and daily banking and payments.
“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,” says Rico Andersen, CEO of Ageras. “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.”
