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UL Solutions Completes Sale of its Payments Testing Business to Gallant Capital

The divestiture allows UL Solutions to focus on its core strategic services while helping to ensure payments customers continue to receive best-in-class services.

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May 7, 2024

NORTHBROOK, ILLINOIS – May 7, 2024 – UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced that it has completed the sale of its payments testing business to an affiliate of Gallant Capital Partners, LLC, a California-based private equity firm.  

In connection with this transaction, Gallant Capital has also acquired Paris-based Fime, which, like the former UL Solutions payments testing business, provides customers with reliable and secure transaction experiences across payments, banking and urban mobility.  

The UL Solutions transaction closed on May 1, 2024.  Terms of the transaction were not disclosed. 

“The sale of our payments testing division to Gallant Capital allows UL Solutions to focus our expertise on our core strategic services while ensuring payments customers continue to receive best-in-class services,” said Jennifer Scanlon, president and CEO, UL Solutions. “We thank the payments testing team for their hard work and dedication and are confident in their continued success.” 

Houlihan Lokey served as financial advisor and Baker McKenzie LLP served as legal counsel to UL Solutions.   

About UL Solutions

A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage. 

Susan Nadeau
UL Solutions
+1 414-544-9729