BLS International Services to Acquire Citizenship Invest for $31 Million

BLS International Services Limited has announced a strategic acquisition, signing a definitive agreement to acquire 100% of Citizenship Invest (CI), a prominent advisory firm based in Dubai. The acquisition, valued at approximately $31 million (around ₹260 crores), will be funded through internal accruals and is anticipated to be completed by October 31, 2024, pending necessary approvals.

Founded in 2009, Citizenship Invest specialises in fast-track investor programs that facilitate obtaining residence and citizenship across over 15 countries. It has established itself as a significant player in the citizenship and residency application market, with services spanning 20 different programs. Citizenship Invest has successfully assisted over 1,800 clients from more than 85 nationalities, boasting an impressive application success rate of 99%, which is notably higher than the industry average of 80%.

In the calendar year 2023, Citizenship Invest reported audited revenues of $9.6 million (approximately ₹81 crores) and an EBITDA of $4.4 million (around ₹37 crores), reflecting a strong EBITDA margin of 45%. The company saw a revenue growth of 28% and an EBITDA growth of 43% from the previous year, with its margin expanding by 470 basis points.

This acquisition represents a significant strategic expansion for BLS International, enhancing its portfolio in visa and consular services, particularly in long-term visa solutions such as citizenship and residency services. With Citizenship Invest’s strong brand reputation and BLS’ extensive global network across 66 countries, the acquisition is expected to significantly increase overall processing volumes and bolster BLS International’s position in the global visa and consular services market.

Sharing his thoughts on this acquisition, the Joint Managing Director of BLS International Services Limited, Mr Shikhar Aggarwal, 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 company’s outstanding 99% application success rate, combined with its high revenue per application, aligns perfectly with our customer-centric philosophy.” 

He further added, “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.”

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