BLS International Signs Definitive Agreement to Acquire 100% Stake in Citizenship Invest
Mumbai, 16th September 2024: BLS International Services Limited (“BLS”), a leading global tech-enabled service partner for governments and citizens, today announced the signing of a definitive agreement to acquire a 100% stake in Citizenship Invest (CI), a Dubai-based advisory firm specializing in fast-track investor programs for obtaining residence and citizenship across more than 15 countries. The acquisition value of 100% stake is US$ 31.0 mn (~Rs 260 Crores) and the transaction would be funded through internal accruals. The transaction is expected to be completed by 31 October 2024, subject to necessary approvals.
Founded in 2009, 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 U$ 9.6 mn (~Rs 81 Crores) and an EBITDA of US$ 4.4 mn (~Rs 37 Crores), 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 bps compared to CY22.
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. 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.
Commenting on the acquisition, Mr. Shikhar Aggarwal, Joint Managing Director of BLS International Services Limited, 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.
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.”
