- This acquisition would be Ageras' largest and most
significant to date
- Shine would bring exceptional and complementary product and
tech expertise within banking to Ageras, enhancing the combined
company's comprehensive suite and enabling it to service the entire
lifecycle for small businesses, from company formation to
invoicing, accounting and daily banking and payments
- With more than 200,000 customers in France combined, Ageras would be
well-positioned to offer a leading all-in-one solution to the
country's 4.2m small
businesses
- 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 company's
largest acquisition to date and its eighth overall.
Reinforcing Ageras' offering and leadership in Europe and France
With the acquisition of Shine, Ageras would strengthen its
position as a leading European provider of banking and accounting
software for SMEs, expanding its foothold in France, a core market for the Danish-founded
fintech since its entry in 2021 with the acquisition of the leading
pan-European invoicing software Zervant.
Upon completion of the transaction, the addition of Shine's
banking product would enable Ageras to service the entire lifecycle
for French small businesses, from company formation to invoicing,
accounting and daily banking and payments. In addition, Shine's
expertise and technological leadership within banking would
strengthen Ageras' banking activities across Europe.
This transaction would represent one of the potential two major
acquisitions that Ageras is targeting to build a pan-European
champion in banking and accounting software, ahead of a potential
IPO in 2026. In its 2023 annual report, Ageras reported €31.7
million in revenue, a 53% increase year-on-year, marking its first
profitable year.
"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. 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," said Rico
Andersen, CEO of Ageras, which he co-founded with
Martin Hegelund in 2012.
Shine: a leading fintech for SMEs in France
Founded in 2017 to make the lives of the self-employed and
small businesses easier, Shine rapidly became
a leading fintech in France.
Societe Generale became a majority shareholder in Shine in
2020.
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. Serving more than 100,000 customers, Shine has been
recognized for its stellar customer support by being awarded "Best
business bank" by ESCDA in 2024. The company is regulated as a
payment institution by the Autorité de contrôle prudentiel et de
résolution (ACPR), the French financial regulatory
authority.
"I am proud of what the Shine team has built over the past
years and would like to thank Societe Generale for the confidence
and their solid support. 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. We are
excited to begin this new chapter and take our business to the next
level," commented Shine's CEO Jean-Baptiste Sciandra.
Number of small businesses in France has doubled in 10 years
The SME market in France is
growing. The country has approximately 4.2 million SMEs, accounting
for 99.9% of all businesses. Their numbers increased by 7.7%
between 2020 and 2022 and approximately doubled from 2012 to
2022.
"Ageras was founded with a vision to enable success for small
businesses by allowing them to run their business, ideally spending
zero minutes on administration. Most business owners struggle with
an overview of their business, managing their cash flow and various
reporting obligations. 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.
Ageras is mainly backed by Investcorp since 2017 with other
shareholders including Lugard Road Capital (Luxor Capital),
Rabobank, Lazard, Tryghedsfondet, Back in Black and CIBC.
Ageras would take over all the activities operated by Shine, as
well as all employees of the entity.
This transaction will be subject to applicable social
procedures, usual suspensive conditions, and the approval of the
competent financial and regulatory authorities.
The closing of the transaction is expected in the first half of
2025.
About Ageras:
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin
Hegelund, who together have over 25 years of experience
building internet businesses. Ageras' vision is to create success
for small businesses by simplifying their administration. By
integrating its solutions into a single cockpit for invoicing,
accounting, payroll, banking and financing, it enables business
owners to focus on running their business. The company's investors
include Investcorp, Rabo Frontier Ventures (Rabobank) and Lugard
Road Capital (Luxor Capital), Folketrygdfondet and Lazard. For more
information, please visit www.ageras.com.
Press contacts:
Ageras
Denmark and
international
Rossen & Company
Nicolai Rossen
nic@rossen.com
+45 20729972
France and
international
Image Sept
Leslie Jung / Roxane Planas / Sergio
de la Calle
ageras@image7.fr
+33 1 53 70 74 70
- Ageras A/S, 19/6/24
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