Merger opportunity assessment: Cegid x Silae
Merger opportunity assessment: Cegid x Silae
30 September 2026Resumen
A pre-due diligence (pre-DD) of Silae and of its combination with Cegid: size and growth of the French payroll market, competition, product and pricing, customer voice, business models, an investment verdict and the value the combination creates. Built from 195 public sources, with every estimate flagged.
Conclusiones clave
- 01
Payroll software weighs about €1.0bn at the core of a €3.0bn market (2026E); value grows about 5% a year to 2030 while payslip volumes stay flat.
- 02
Silae holds about 85% of the software value of the accounting-firm channel, and about 71% of its revenue comes through accounting firms.
- 03
Growth comes from price: revenue per payslip rises from €2.44 to about €4.10 between 2024 and 2026E, 1.6 times the median of the alternatives.
- 04
The market scores 3.7 out of 5 and Silae’s position 4.2: an investment case, under conditions on price and on the loyalty of accounting firms.
- 05
Quantifiable synergies stay modest: about €9m of revenue and €17m of costs a year by 2030, a central net gain of about €16m of EBITDA.
- 06
Accounting firms decide the sign: the gain disappears at about 15% attrition of exposed firms, and from 5% if synergies stay low.
Páginas seleccionadas
Metodología y fuentes
Case study produced by CarveLines agents from public sources only: company websites and filings, the competition authorities, professional bodies, specialist press, deal announcements, customer reviews and traffic data. 195 sources cited and key figures re-checked at source. Figures not published by the companies are estimates, flagged [E], with their method and assumptions in appendix A1. 60 pages: a three-page summary, eight parts and ten appendices.