Overview of Transaction

• On November 26, 2025, Shine (backed by Investcorp) announced that it has entered into a definitive agreement to be acquired by Cegid (a Silver Lake portfolio company)
• Shine (formerly Ageras) was founded in 2012 in Denmark and has grown into a leading European provider of accounting, invoicing, payroll, payments, and Office of the CFO tools for SMEs and accountants across France, Germany, Denmark, and the Netherlands
• Cegid is a leading French enterprise software provider offering cloud-based ERP, HR & payroll, accounting, and retail management solutions to micro-SMEs, SMEs, mid-market companies, and large enterprises across Europe and globally

Significance of Transaction

• Shine will be integrated into Cegid’s small business division, combining its cloud-based financial and banking tools with Cegid’s existing SME solutions to enhance product breadth, improve customer adoption, and drive higher retention across the segment
• The transaction marks a significant consolidation in Europe and reinforces Cegid’s position as a market leader within the Financial Management Solutions sector

FT Partners' Role

• FT served as exclusive financial and strategic advisor to Shine
• This transaction underscores FT Partners’ deep domain expertise in the Office of the CFO space, as well as our successful track record advising innovative FinTech companies globally
• The transaction also highlights FT Partners’ ability to deliver successful outcomes for marquee sponsors (Investcorp & Silver Lake) and navigate complex strategic combinations on a global scale