January 3, 2012
UL to support all parties in payment and security industry with leading information and hardware security testing
NORTHBROOK, Ill. / Melbourne, Australia - January 4, 2012 - UL, a world leader in advancing safety, announced today the acquisition of Melbourne, Australia-based Witham Laboratories, a leading provider of payment card security assessment and advisory services. By adding Witham Laboratories' global capabilities and expertise in payment terminal, software and infrastructure security, UL can benefit customers throughout the payment card value chain.
As a leading assessor to industry-accepted payment security standards compliance throughout the world, Witham Laboratories helps customers across Asia-Pacific, Europe and the Americas guard against payment fraud and data theft. The company tests various payment-related software and hardware, including PIN devices, encryption processes and component circuit boards, to ensure data protection and integrity as well as product performance. It is the only laboratory in the Asia-Pacific region accredited by the Payment Card Industry (PCI) to evaluate PIN Entry Devices for compliance.
"As a company committed to the protection and security of payment data, we are excited to join the world's most trusted name in safety," said Mario Sist, a senior leader at Witham Laboratories. "UL brings an unmatched standard of scientific rigor and integrity, a far reaching global platform and an aggressive growth strategy for the technology sector."
The addition of Witham Laboratories accelerates UL's fast entry into high growth payment arenas like smart metering, mobile ticketing and a worldwide mobile payments industry that is expected to grow 43 percent annually to $984 billion by 2014.[1] Their Melbourne facility also extends UL's capabilities locally to an Asia-Pacific region that is projected to become the second largest card payment market in 2016 with US$4.7 trillion in card payment volume.[2]
"Witham Laboratories' people and expertise are unmatched in the industry, which makes for a great fit," said Sajeev Jesudas, President of UL Verification Services. "By adding their back-office capabilities to our smart card and terminal evaluation offerings, we are developing a seamless, end-to-end solution for retailers, banks, gateways and consumers."
Witham Laboratories is the second payment and security testing acquisition in eighteen months to join UL's Verification Services business unit, which provides testing, inspection and audits to the appliance, high-tech, lighting and retail industries. RFI Global Services Ltd. joined UL as a leading provider of testing, approval and consulting services to the global technology market, providing security evaluation services for smart cards, PIN devices and Point-of-Sale (POS) terminals across the world.
About Witham Laboratories (Witham Pty. Ltd.)
Witham Laboratories provides services to clients around the world, with many years of experience in the detailed review of payment software and hardware security, delivering timely and cost-effective services, expert guidance early in the product design stage, and training in the various complex security standards around the world. During the evaluation process we stay in close contact with our clients, offering real-world knowledge and advice. Our aim is to facilitate understanding of the complex legal and industry requirements that must be met by all manufacturers, distributors and users of payment devices or applications. Additional information about Witham Laboratories may be found at withamlabs.com.
About UL
UL is a premier global independent safety science company with more than 117 years of history. Employing more than 9,000 professionals in over 100 countries, UL has five distinct business units -- Product Safety, Environment, Life & Health, University and Verification Services - to meet the expanding needs of our customers and to deliver on our public safety mission. Additional information about UL may be found at UL.com.
[1] Yankee Group, "A View from the Trenches: What Consumers Think of Mobile Transactions", Feb. 2011
[2] Research & Markets, "Assessing the Payment Landscape in Asia Pacific", Oct. 2011