BLS International Services said that it has signed definitive agreement to acquire a 100% stake in Citizenship Invest (CI) for a consideration of $31 million (approximately Rs 260 crore).
The transaction would be funded through internal accruals. The transaction is expected to be completed by 31 October 2024, subject to necessary approvals.
Citizenship Invest is a Dubai-based advisory firm specializing in fast-track investor programs for obtaining residence and citizenship across more than 15 countries.
Citizenship Invest has emerged as a key player in the citizenship and residency application market, offering services through 20 programs. To date, CI has successfully assisted over 1,800 clients from more than 85 nationalities, maintaining an impressive 99% application success rate - significantly higher than the industry average of 80%.
For the calendar year 2023, Citizenship Invest reported audited revenues of $9.6 million (approximately Rs 81 crore) and an EBITDA of $4.4 million (nearly Rs 37 crore), reflecting a robust EBITDA margin of 45%. In CY23, the business witnessed a revenue growth of 28%, EBITDA growth of 43% and its margin expanded by 470.
This acquisition marks a strategic expansion of BLS portfolio in Visa & Consular services, particularly in long-term visa solutions such as citizenship and residency services.
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Over its 15 years of operation, CI has built a strong brand and goodwill among high-net-worth individual (HNWI) clients, establishing itself as a reliable entity for citizenship and residency visa applications.
Leveraging BLS extensive global network across 66 countries, the acquisition is expected to significantly boost overall processing volumes.
Shikhar Aggarwal, Joint Managing Director of BLS International Services, said: We are thrilled to announce the acquisition of Citizenship Invest, a company known for its expertise in long-term visa applications through citizenship and residency programs.
This acquisition underscores our commitment to broadening our service offerings within the Visa & Consular space, and aligns with our strategic vision of enhancing synergies and boosting EBITDA. The companys outstanding 99% application success rate, combined with its high revenue per application, aligns perfectly with our customer-centric philosophy.
By integrating CI into our portfolio, we are enhancing our capabilities in offering long-term visa solutions and further solidifying our position as a comprehensive global provider of visa and consular services.
We are confident this acquisition will drive growth, increase application volumes, and strengthen our presence in the international market."
BLS International Services is global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments including diplomatic missions, embassies & consulates and leverages technology and processes that ensure data security.
The companys consolidated net profit jumped 70.16% to Rs 120.78 crore in Q1 FY25 as compared with Rs 70.98 crore in Q1 FY24. Revenue from operations jumped 28.47% YoY to Rs 492.66 crore during the quarter, the growth was mainly driven by the Visa & Consular business which witnessed a robust growth of 35.9% YoY in revenue.
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