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SHINE strengthens its SME offering with the acquisition of LIBEO, France’s specialist in electronic invoicing Published on 28 September 2026 by Christ-loisele (4 min read)
The acquisition of LIBEO by SHINE (CEGID) aims to expand solutions for managing supplier invoices for SMEs and accounting firms, in a context of accelerated digitalization across Europe. LIBEO, profitable since 2025, brings expertise in AI-assisted controls and a client portfolio of 3,000 businesses.
A strategic acquisition to expand the financial ecosystem for SMEs
SHINE, a subsidiary of CEGID and an approved platform for processing electronic invoices, officially announced in September 2026 the acquisition of LIBEO, a French publisher specializing in managing and paying supplier invoices. According to FrenchWeb , this move aligns with a consolidation trend in the market for financial solutions targeting small and medium-sized enterprises (SMEs) and accounting firms, as France’s electronic invoicing reform imposes stricter requirements for traceability and compliance.
Founded in 2018 by Pierre-Antoine Glandier, Jérémy Attuil, and Pierre Dutaret, LIBEO already supports nearly 3,000 SMEs and accounting firms, including major brands like McDonald’s, Carrefour, and Monoprix, as well as international groups such as Forvis Mazars and Baker Tilly. The company has processed over 10 billion euros in invoices for 400,000 suppliers, according to data published on its official website. Its model is built on a spend-centric approach with automated controls, enhanced by an AI-powered solution, LIBEO AI, tested by 20 experimental clients in 2025.
With SHINE, the synergy is clear: same market, same culture, and a shared ambition to unify the ecosystem for entrepreneurs and their accountants.
Logo: CEGID (Vanilla Dagger, CC BY-SA 4.0) Seamless integration for clients and confirmed growth
The acquisition will not alter LIBEO’s products, pricing, or team, as confirmed by Libeo.io . The founders and their colleagues will join SHINE while maintaining their commitments to existing clients. This continuity stems from the complementarity of both entities: SHINE already covers basic financial management needs (business accounts, electronic invoicing, accounting), while LIBEO provides specialized expertise in spend optimization and invoice controls, featuring advanced functionalities like automatic matching between invoices and delivery orders.
LIBEO has experienced steady growth, with a 36% increase in annual revenue and profitability achieved as early as 2025, according to CEO Pierre-Antoine Glandier. This performance follows a strategic refocusing after closing its British operations, allowing the company to concentrate on the French and European markets, where demand for digital solutions for SMEs remains strong.
A unified ecosystem to meet the challenges of digitalization
For Rico Adlor-Andersen, CEO of SHINE, this acquisition marks a key step in building a unified ecosystem for entrepreneurs and their accountants. SHINE, resulting from the merger between SHINE and CEGID in 2026, already supports one million entrepreneurs and 15,000 accounting firms in France and Europe. Its approval by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and its repeated election as Customer Service of the Year in the online banking category for businesses further strengthens its credibility in a rapidly evolving market.
The integration of LIBEO aligns with this vision by offering a comprehensive solution to compliance challenges and operational efficiency. The process was advised by AVOLTA , and supported by investors such as BREEGA and LOCALGLOBE , who had previously backed LIBEO during its 2019 Seed funding round.
What this means here: opportunities for SMEs and administrations in West Africa
While this acquisition primarily targets the French and European markets, it could inspire local players in Benin and West Africa to rethink their financial process digitization strategies. Beninese SMEs and public administrations, facing similar reforms in electronic invoicing (such as the dematerialization obligation mandated by the Beninese state), may turn to integrated models combining accounting management and AI tools for expense control.
The example of SHINE and LIBEO demonstrates how a specialized platform can strengthen itself by acquiring complementary expertise without disrupting the customer experience. For local software publishers like DST GLOBAL or SERENA , this could encourage targeted partnerships or acquisitions to expand their offerings, particularly in sectors such as construction, healthcare, or retail, where traceability and automation needs are growing.
Finally, LIBEO 's success in terms of profitability and growth could serve as a benchmark for African startups looking to scale their solutions across the continent. By adapting to local specifics, such as supply chain intricacies or regulatory requirements, these lessons could accelerate the adoption of similar technologies in West Africa.
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