PE firm creates payments, digital ID testing giant with Fime, UL acquisitions

Fime has been acquired by U.S.-based private equity firm Gallant Capital Partners, along with the payments testing business of UL Solutions, and the two will be merged into a biometrics and digital ID consulting and testing giant under the Fime brand.

The combined entity will focus on consulting and testing for payments, smart mobility and digital ID, according to a company announcement.

Fime expanded its portfolio of biometrics testing services with NIST NVLAP accreditation late last year. The company has also expanded its testing of contactless payment terminals for Visa accreditation and biometric card personalization in the past couple of years.

“The convergence of payments, smart mobility and identity is reshaping our connected world,” says Fime CEO Lionel Grosclaude. “The unique and comprehensive set of consultants and experts at the combined Company further cements Fime as a global leader.”

Grosclaude says the combined entity will have testing services in more than 25 countries, covering each major global geographic region.

“Fime’s improved flexibility and reach enables more innovation in testing and increased agility to respond to rapidly evolving trends like open banking, instant payments, central bank digital currencies (CBDCs), digital wallets, open payments and digital identity,” he adds.

Fime was previously acquired by Chequers Capital in 2016, when it reported 2015 turnover above 45 million euros (approximately US$48.3 million at current exchange rates, slightly higher then).

The terms of the acquisitions were not disclosed. Gallant’s investment criteria states that it targets companies with EBITDA of up to $40 million, with equity investments of between $15 million and $200 million.

Article Topics

biometric payments  |  biometric testing  |  biometrics  |  digital ID  |  Fime  |  Gallant Capital Partners  |  UL