UL Solutions Inc

General Information

We are a global safety science leader that provides independent testing, inspection and certification (“TIC”) services and related software and advisory (“S&A”) offerings to customers worldwide. (Incorporated in Delaware) 

Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to UL Research Institutes, UL Standards & Engagement and UL Solutions. As the largest TIC services provider headquartered in North America (by revenue) with a global network of laboratories, we provided a comprehensive set of product safety, security and sustainability solutions to more than 80,000 customers across over 110 countries in 2022. Our distinguished heritage and our long history of operating at the forefront of safety science enables us to achieve and maintain more than 650 technical accreditations and 83 commercial software solutions, and to remain active in over 1,300 standards panels and technical committees globally, which underpins the expertise we offer to our customers. Furthermore, we offer over 450 independent third-party conformity assessment services around the world and are capable of testing and certifying against over 4,000 global standards, which affords us vast insight into the safety of products across a wide range of end markets and geographies. We are the owner of the iconic UL-in-a-circle certification mark (“UL Mark”) that appears on billions of products around the world. We offer our customers global market access services that help them ensure the safety and quality of their products while also supporting their efforts to manage the broader risks they face throughout their product lifecycle processes. We believe our extensive knowledge of, and expertise in, global safety science provides us with a strong competitive advantage relative to other global TIC service providers.

People are at the core of who we are and what we do for our customers. Our technical team of more than 9,600 scientists, engineers and other specialized technical and regulatory experts has been nurtured and developed over many years and is a differentiator of our business. This deep and highly trained talent pool, and our strong technical laboratory capabilities, enable us to serve as a trusted and independent partner to our diverse array of global customers.

We serve our customers through two complementary businesses, TIC and S&A. Our TIC business is made up of two segments, Industrial and Consumer, which provide comprehensive testing, inspection and certification services to customers across a broad array of end markets. Our S&A business is a global provider of software, data and advisory solutions, enabling our customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability. We generate revenue in these segments and the following service categories: Certification Testing; Ongoing Certification Services; Non-certification Testing and Other Services; and Software. As the global economy continues to evolve and becomes more digital and inter-connected, our customers continue to seek ways to bridge traditional TIC needs with next generation cloud-based software and services to better mitigate risk and enhance their business performance. We believe that our complementary TIC and S&A offerings position us to capitalize on this market need and better serve our customers, of which we had more than 80,000 in 2022. In 2022, approximately 70% of our global and strategic accounts utilized both TIC and S&A services. The scope of our global and strategic accounts is primarily based on two factors: (1) each customer’s current spend with us and (2) an estimate of each such customer’s potential future spend with us. The scope is then further revised based on regional priorities, emerging trends and recent changes in each customer’s spend.

**Note: Net income and revenue are for the 12 months that ended Sept. 30, 2023.

(Note: UL Solutions upsized its IPO by 20 percent at pricing on Thursday night, April 11, 2024, and priced the deal near the high end of its range: 33.8 million shares – up from 28.0 million shares in the prospectus – were priced at $28.00 – $1.00 below the high end of the range – to raise $946.4 million. Background:  UL Solutions Inc. disclosed the terms for its IPO in an S-1/A filing dated April 2, 2024: 28.0 million shares at a price range of $26.00 to $29.00 to raise $770.0 million. UL Solutions Inc. filed its S-1 on Nov. 13, 2023, without disclosing terms for its IPO. Its sole stockholder, ULSE Inc., is offering all Class A common shares in the IPO. The company is not offering any shares. The company will not receive any proceeds from the IPO. Some on the Street estimated that this IPO could raise as much as $1.0 billion. Background: UL Solutions Inc. submitted confidential IPO documents to the SEC on Jan. 18, 2023.) 

Employees: 14473
Founded: 1894
Contact Information
Address 333 Pfingsten Road Northbrook, Illinois 60062 (847) 272–8800
Phone Number (847) 272–8800
Web Address https://www.ul.com/
View Prospectus: UL Solutions Inc
Financial Information
Market Cap $5500.0mil
Revenues $2623.0 mil (last 12 months)
Net Income $296.0 mil (last 12 months)
IPO Profile
Symbol ULS
Exchange NYSE
Shares (millions): 33.8
Price range $28.00 - $28.00
Est. $ Volume $946.4 mil
Manager / Joint Managers Goldman Sachs/ J.P.Morgan/ BofA Securities/ Citigroup/ Jefferies/ UBS Investment Bank
CO-Managers Baird/ Raymond James/ Stifel/ Wells Fargo Securities/ William Blair
Expected To Trade: 4/12/2024
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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