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Ageras enters into an exclusive agreement with Societe Generale to acquire Shine and become one of the leading European providers of banking and accounting software for SMEs

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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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Ascendion Expands AI Advisory Community with Four Global Business and Technology Leaders

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Former Global CTO of Banco Santander, former Group CIO of Currys, former CEO of IBPAP, and former Microsoft CVP and CTO of AI join the advisory community

Advisors will provide guidance on AAVA platform innovation, AI strategy, C-suite alignment, and enterprise adoption across Asia-Pacific, Europe, North America, and the UK

The growing community of advisors will bring practitioner perspective closer to Ascendion as enterprises move AI from experimentation to governed, production-scale outcomes

BASKING RIDGE, N.J., Oct. 27, 2026 /PRNewswire/ — Ascendion, an AI-native software engineering company, today announced the appointment of four global business and technology leaders to its AI Advisory Community: Andy Gamble, Jack Madrid, Julieta Ross, Ph.D., and Joseph Sirosh, Ph.D. 

The advisors bring perspectives rarely found in one group: executives who answered to Boards, regulators, and C-suites for what technology actually delivered; a builder of AI and data platforms at global scale; and a leader who shaped one of the world’s largest technology-services and talent ecosystems. Their experience spans banking, high-tech, media, and retail. Each will work directly with Ascendion’s regional and engineering leaders, so their counsel reaches the decisions it is meant to shape. 

“We are changing how software gets built. Enterprise leaders have moved past experiments. They want AI that delivers outcomes boards can measure and risk they can manage. Andy, Jack, Julieta, and Joseph have the experience and know where transformation succeeds. They will challenge our thinking, raise our ambition, and help us navigate a period of intense — and exciting — change,” said Karthik Krishnamurthy, CEO, Ascendion. 

Each advisor will map to a different part of the business, strengthening Ascendion’s alignment with leadership communities across the globe. 

Julieta Ross, Ph.D., former Global CTO of Banco Santander, brings two decades of leading technology inside global banks, along with public-company board experience. She will work with Ascendion’s leadership on executive relationships, go-to-market strategy, and growth, and will help the company meet the governance, regulatory, and risk expectations that banking and financial services leaders place on AI. Andy Gamble, former Group CIO of Currys plc, has spent nearly three decades as a technology buyer and transformation leader across consumer electronics, industrial, and retail businesses. He will advise Ascendion’s work across Europe and the UK, with a focus on consumer goods, manufacturing, and retail, and will share what executive teams and Boards expect from a technology partner. Joseph Sirosh, Ph.D., former Microsoft CVP and CTO of AI, has spent his career building and scaling machine learning platforms in the high-tech industry. He will advise Ascendion’s engineering leadership on the evolution of AAVA and its broader platform strategy as AAVA becomes an orchestration and harness layer for enterprise AI. Jack Madrid, former President and CEO of IBPAP, spent five years leading the industry association behind one of the world’s largest technology and business-services ecosystems, centered in the Philippines. He brings robust experience working across industries, including banking, high-tech, and media, and will advise Ascendion on Asia-Pacific markets and on how AI is reshaping global delivery, skills, and workforce models. 

Together, the advisors give Ascendion an outside perspective on the full spectrum of enterprise AI, from agentic platform strategy and product engineering to industry alignment and delivery. They will add capacity to Ascendion’s ongoing work on AI governance, helping ensure trusted impact from AI-native software engineering, and their practice-based insight will inform how Ascendion applies its Engineering to the Power of AI™ approach to commercial models, platform design, service execution, and workforce development. 

About Ascendion

Ascendion is a global AI-native software engineering company delivering trusted business outcomes – capital unlock, innovation velocity, lower risk – to 250+ enterprise clients. The company delivers business outcomes at scale by combining expert engineers, AI agents, and AAVA, Ascendion’s agentic AI platform. Together, they design, engineer, and operate production-ready software that improves everyday work and life. Learn more at www.ascendion.com.

Engineering to the Power of AI™, Engineering to Elevate Life™, and AAVA™ are trademarks or service marks of Ascendion. AAVA™ is pending registration. Unauthorized use is strictly prohibited.

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AvePoint Set to Join S&P SmallCap 600

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NEW YORK, Oct. 27, 2026 /PRNewswire/ — AvePoint Inc. (NASD: AVPT) will replace LXP Industrial Trust (NYSE: LXP) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 2. Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board are acquiring LXP Industrial Trust in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name

Action

Company Name

Ticker

GICS Sector

Nov 2, 2026

S&P SmallCap 600

Addition

AvePoint

AVPT

Information Technology

Nov 2, 2026

S&P SmallCap 600

Deletion

LXP Industrial Trust

LXP

Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/avepoint-set-to-join-sp-smallcap-600-302921327.html

SOURCE S&P Dow Jones Indices

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Archera Surpasses $5.6 Billion in Cloud and AI Spend Under Management, Closes Series C Led by Pivot Investment Partners, and Expands Insurance-Backed Cloud Commitments

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The round will help Archera expand its guaranteed cloud commitments, bringing insurance-backed financial protection to companies navigating unpredictable AI and cloud spending. The company has delivered more than $700 million in customer savings and now manages approximately $5.6 billion in annual cloud and AI spend.

BELLEVUE, Wash., Oct. 27, 2026 /PRNewswire/ — As artificial intelligence makes cloud spending harder to predict, companies face an increasingly expensive choice: commit to long-term cloud and AI contracts to unlock significant discounts or preserve flexibility and leave savings on the table. Archera has raised a $15 million Series C to expand its Guaranteed Commitments and change that equation.

The cloud economics company today announced it closed its Series C funding round, led by Pivot Investment Partners, with participation from existing investors including HighSage Ventures. The financing brings Archera’s total funding to $38.3 million. It will support the expansion of Archera’s Guaranteed Commitments and its suite of free cloud cost tools, including its FinOps Agent and MCP.

Insurance-backed financial protection is central to Archera’s next phase of growth. Archera purchased a policy on a surplus lines basis from Crum & Forster Specialty Insurance Company to back its guarantee. This model helps businesses pursue cloud commitment savings while managing the financial risk of usage changes.

The company has delivered more than $700 million in savings to over 2,200 organizations, including PubNub, Art.com, and Astronomer. The thesis behind Archera is simple: companies shouldn’t have to predict AI’s future to commit and save money on today’s infrastructure.

Why Cloud and AI Commitments Need to Change

Cloud providers reward customers who commit to spending over one- to three-year periods with substantial discounts and access to capacity. Historically, those commitments have helped businesses reduce infrastructure costs. But AI is changing the risk and economics of that decision.

A new model launch can multiply GPU spending in months. A more efficient model, a shift in architecture, or a move to a different service can reduce it just as quickly. Long-term commitments that once looked financially sound can become expensive liabilities.

Companies are left choosing between overcommitting and risking unused spend, or undercommitting and missing out on available discounts. Many choose the latter, sacrificing potential savings to preserve flexibility.

Archera believes that the trade-off is unnecessary. Its Guaranteed Commitments provide resource-level cloud and AI discounts with terms as short as 30 days. If usage declines and a covered commitment goes unused, Archera covers the cost under the terms of its guarantee.

The result is a different way to approach cloud purchasing. Businesses can pursue deeper discounts and unlock capacity otherwise gated behind a commitment, without bearing the entire financial consequence when actual usage diverges from forecasts.

Turning Cloud Optimization Into a Financial Product

Traditional cloud cost management tools provide visibility, recommendations, automation, and forecasting, but they can’t eliminate the financial risk of unused commitments. Archera combines its free FinOps platform and Agent with a financial guarantee that addresses inaccurate forecasts.

“Every tool in this market is trying to forecast your cloud usage a little better. We think that’s the wrong bet,” said Aran Khanna, co-founder and CEO of Archera. “Nobody can forecast AI demand, not the customer, not the cloud provider. So instead of predicting it, we guarantee it, and we have purchased an insurance policy to back that guarantee. If covered usage drops, we address the unused commitment cost under the terms of our guarantee. That’s a new way to purchase cloud, not another dashboard, and it’s why we’ve been able to return $700 million to our customers.”

The approach positions cloud commitments as a financial risk decision, helping finance and engineering leaders manage budgets while adapting to changing technology.

Built for CFOs, CTOs, and the Teams Managing AI Costs

The approach addresses a growing challenge across finance and engineering: how to control infrastructure costs without constraining the business.

For CFOs: Capture commitment-level discounts while reducing exposure to eligible unused spend under the guarantee.For CTOs and engineering leaders: Preserve flexibility to adopt new AI models, change architectures, and scale workloads without letting past commitments dictate future decisions.For FinOps teams: Increase commitment coverage with a financial backstop when usage changes, without more back-and-forth with engineering teams to get perfect forecasts.For cloud partners and resellers: Give customers a differentiated way to pursue cloud savings that can be reinvested in new cloud services while managing commitment risk.

Archera’s platform connects to AWS, Microsoft Azure, or Google Cloud billing data in read-only mode and analyzes actual usage. It then recommends and automates the purchasing of both native commitments and Archera Guaranteed Commitments.

Customers can evaluate their potential savings before making any purchasing decision. Commitments remain in the customer’s own cloud account, preserving end-to-end control over cloud purchasing strategy.

Archera earns when customers save through its guaranteed commitments, aligning its commercial model with the outcomes customers seek.

Customers Are Rethinking the Commitment Model

For organizations accustomed to treating cloud commitments as a single, high-stakes decision, Archera offers a more flexible approach.

“Working with Archera meant rethinking commitments as a spectrum rather than a single, high-stakes decision,” said James Hamilton, VP of Operations and Controller at PubNub. “This was a big mind shift for us. We needed to think about how our commitments could be broken up into a spectrum of purchases versus a single one-time buy.”

That flexibility is particularly valuable as companies adopt AI workloads, where technology choices and resource requirements can shift faster than traditional budgeting cycles.

Instead of making one large bet on future usage, businesses can take a more measured approach while still securing meaningful discounts.

A Series C to Expand Insurance-Backed Cloud Purchasing

Archera has been operating profitably at scale. It raised a Series C to support larger guarantees, expand its reach, serve more customers, and upgrade the insurance policies backing its guarantee to serve larger global clients.

The company plans to use the capital in three ways:

Accelerate go-to-market efforts.Expand its global partner network across North America, Europe, the Middle East, Japan, and Latin America.Serve more teams focused on AI-driven workloads.

“Archera has built a capital-efficient and differentiated business at the intersection of cloud infrastructure and risk management,” said Dinkar Jetley, co-founder and managing partner at Pivot Investment Partners. “The team pairs a deep understanding of the cloud ecosystem with a rigorous approach to underwriting, and the result is a compelling value proposition that a fast-growing roster of customers relies on as their cloud spend scales. We are privileged to have led this Series C round and look forward to working closely with Aran and the management team in the years ahead.”

Built by People Who Understand Cloud Infrastructure

Aran and Nikhil Khanna founded Archera in 2019. Aran previously planned capacity for Azure’s core compute and database services at Microsoft and was a founding member of AWS’s deep learning team leading launches, including SageMaker, DeepLens, and the Neuron SDK, behind Amazon’s Trainium and Inferentia AI chips.

His research on deep learning model efficiency has been cited more than 1,900 times, and he serves on the FinOps Foundation governing board.

As AI transforms infrastructure economics, Archera aims to make cloud savings more accessible without forcing businesses to assume unnecessary financial risk.

To explore potential savings, request a free assessment at Archera.ai.

Free savings assessment: https://app.archera.ai/savings-estimate?utm_source=forbes&utm_medium=referral&utm_campaign=series-c-2026

Name: Sarah
Email Address: shiara@archera.ai
Phone Number: +13018255007

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SOURCE Archera

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