Cegid and Silae plan to merge in a transaction expected to value the combined company at more than €10 billion in enterprise value, creating one of France’s largest software companies and a major European technology platform spanning accounting, tax, payroll, human resources, e-invoicing, digital financial services and payments.
Cegid is a European cloud business management software provider serving small and medium-sized businesses and accounting professionals, while Silae is a French payroll and HR software provider. Together, the companies currently support the accounting, tax, finance and payroll operations of 2 million end customers and more than 15,000 chartered accountancy firms, while producing more than 13 million payslips across Europe each month.
The proposed combination is designed to create a more integrated platform connecting Cegid’s accounting and tax software, the banking and digital finance capabilities of its recently acquired Shine business, and Silae’s payroll and HR platform.
Native integration across the businesses is expected to connect data, automate administrative processes and simplify interactions among businesses, accountants and other professional partners. Potential capabilities include deeper integration between payroll and accounting software, access to Shine products through the mySilae platform, and expanded treasury, cash management and forecasting tools.
The combined company plans to offer small businesses and their professional advisers an end-to-end platform capable of automating financial and administrative back-office tasks using AI and other technologies.
Management also sees the combination as a way to accelerate the adoption of AI among European small businesses and support French companies as they adapt to the country’s e-invoicing requirements.
Cegid and Silae expect the larger organization to increase investment in research and development and bring together approximately 1,400 developers, creating what the companies describe as one of Europe’s largest developer teams focused on business software.
As part of the planned merger, Christian Pedersen has been appointed CEO of Cegid and is expected to lead the combined group.
Pedersen joins Cegid from enterprise software company IFS, where he most recently served as Chief Innovation Officer and previously served as Chief Product Officer. He earlier held senior product roles at SAP and spent nearly 14 years at Microsoft, including serving as General Manager of its Enterprise ERP business.
Pedersen will lead the integration of the Cegid and Silae businesses and oversee the deployment of their combined product portfolio.
Bruno Vaffier will remain General Manager of the combined group, while Rico Adlor-Andersen and Pierre Cesarini will continue leading Shine and Silae, respectively.
The group also plans to create a dedicated organization for the accounting profession spanning Cegid, Silae and Shine. The Comité Experts-Comptables will be designed to keep chartered accountants involved in the group’s product and commercial strategy.
Mathieu Perrymond will chair the committee, while Cegid founder and Honorary Chairman Jean-Michel Aulas will also participate.
Private equity firm Silver Lake is the majority shareholder of both Cegid and Silae and plans to remain the majority shareholder of the combined company.
Silver Lake has partnered with Cegid since 2016 and Silae since 2020. Since the firm’s initial investment, the businesses have collectively more than tripled revenue and headcount, while approximately one-third of revenue is now generated internationally.
The transaction remains subject to consultation with employee representative bodies and approval from relevant regulators. If those conditions are satisfied, the merger is expected to close during the first half of 2027.
“This combination is an exciting milestone. It marks the successful culmination of a decade-long journey we’ve been on first with Cegid and later with Silae, as well as the start of an even more exciting one. Together, Cegid and Silae can offer a unique end-to-end suite of software and AI-powered products serving the SMBs and their professional advisors who are the dynamic heart and soul of the European economy. Silver Lake has been an unwavering supporter and long-term investor in both companies, helping transform two French leaders into European champions through sustained investment in technology and talent. Since our initial investment, revenues and headcount have more than tripled in size, with one-third of revenue now generated internationally, underscoring how local excellence can drive global opportunity. We are very much looking forward to continuing to support the combined group and its leadership team into the future for the long term.”
Christian Lucas, Chairman of Cegid and Silae and Managing Partner at Silver Lake
“I am delighted to join this ambitious project. Together as one integrated European platform, we can accelerate innovation and unlock the full potential of AI for customers across interconnected accounting, payment, payroll and HR data. My focus will be to continue turning this vision into truly differentiated, highly value-add solutions for businesses, chartered accountants, and their clients.”
Christian Pedersen, Chief Executive Officer of Cegid
“For fifteen years, Silae has focused on making payroll and HR straightforward, compliant and reliable for our partners and clients. The real value of this merger lies in the product integration: connecting payroll and HR natively with accounting, e-invoicing, digital finance and payments, so that firms and the businesses they serve work on a single platform with data flowing seamlessly across it while preserving the central role of accountants in their relationships with clients.”
Pierre Cesarini, Leader of Silae in the Planned Combined Group
