Private equity firm Gallant Capital Partners has acquired payments consultancy and testing specialist Fime as well as the UL Solutions payments testing business and merged the two. Financial terms were not disclosed.
Gallant says that operating under the Fime brand, the combined business will be a global leader in payments, smart mobility and digital identity.
Paris-headquartered Fime employs more than 800 people around the world, helping clients create and launch products and services.
Fime CEO Lionel Grosclaude says the combination with UL Solutions' payments business greatly expands the company's geographic reach, giving clients access to business and technical consultancy, as well as compliance and quality assurance testing services, in over 25 countries across each major region.
In addition, Fime’s improved flexibility and reach will allow it to respond to evolving trends like open banking, instant payments, central bank digital currencies, digital wallets, open payments and digital identity.
Says Grosclaude: "This broadened product and service portfolio will allow the Company to guide any project from ideation and implementation, through testing and ultimately to a successful launch."