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BLS International Acquires iDATA, Expands Global Footprint in Visa Services

16 July 20243 mins read by Angel One
BLS International acquires iDATA for ₹720 crore, enhancing its global visa and consular services and boosting its market presence and financial performance in Europe.
BLS International Acquires iDATA, Expands Global Footprint in Visa Services
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On July 9, 2024, BLS International Services Limited (BLS), a leading global tech-enabled service partner for governments and citizens, announced the successful acquisition of iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Şirketi and its subsidiaries.

This acquisition was completed through BLS International FZE and BLS International Holding Anonim Şirketi.

iDATA, based in Turkey, provides visa processing and consular services to governments through 37+ Visa Application Centres in over 15 countries, including Germany, Italy, and the Czech Republic. BLS acquired a 100% stake in iDATA for around ₹720 crore, funded by internal accruals and debt. In 2023, iDATA reported revenues of about ₹246 crore and an EBITDA of approximately ₹144 crore.

This acquisition strengthens BLS’s position as a leading visa and consular services player. iDATA’s existing agreements and offices will be integrated into BLS’s network in 66 countries, enhancing BLS’s ability to serve more governments in Europe. The acquisition is expected to positively impact BLS’s earnings per share from July 9, 2024.

Commenting on this milestone, Mr Shikhar Aggarwal, Joint Managing Director of BLS International Services Limited, said: “We are delighted to announce the completion of the iDATA acquisition, which is a pivotal inflexion point in BLS’ growth journey and a testament to our strategic initiatives aimed at achieving our vision of becoming the leader in visa and consular services globally. iDATAis a niche and specialised player operating in certain geographies for the last 15 years and has built meaningful and deep-rooted relationships with client governments.”

He further added, “The acquisition would enable BLS to build relationships with the new Client Governments in Europe, enhance our visibility and consolidate market share. We anticipate this strategic move will contribute positively to our financial performance and improve our margins noticeably on the back of the combined synergies of both companies. We would like to thank both the teams at iDATAandBLSthat have worked together to address regulatory and statutory requirements to enable deal closure while welcoming the iData employees to a world of opportunities.”

About BLS International Services Limited

Founded in 2005, BLS International Services Ltd. (BLS) is a reliable global tech-enabled services partner for governments and citizens. BLS is known for setting high standards in visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services.

On July 10, 2024, BLS International Services Ltd’s share price opened at ₹385.00, touching the day’s high at ₹400.00 as of 09:26 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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