BLS International Acquires 100% Stake In iDATA - A Turkey-Based Visa Services Provider

Through its two wholly owned subsidiaries i.e. BLS International FZE (WoS of BLS) and BLS International Holding Anonim Sirketi (WoS of BLS International FZE), BLS International Services Limited, a leading global tech-enabled service partner for governments and citizens, has successfully completed the acquisition of a 100% stake in iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Sirketi and its wholly owned subsidiaries ("iDATA").

With funding from internal accruals and debt, BLS has successfully acquired a 100% stake in iDATA for about Rs. 720 Crores in total. Based on its audited consolidated financials, iDATA reported revenues of around Rs. 246 crores and an EBITDA of approximately Rs. 144 crores for the fiscal year 2023. iDATA is a well-known company with headquarters in Turkey that offers extensive consular services and visa processing to different governments through its more than 37 Visa Application Centres (VAC) spread throughout more than 15 countries.

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 inflection 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. iDATA is a niche and specialized player operating in certain geographies since the last 15 years and has built meaningful and deep-rooted relationships with client governments."

"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 to contribute positively to our financial performance and improve our margins noticeably, on the back of the combined synergies of both the companies. We would like to thank both the teams at iDATA and BLS that have worked together to address regulatory and statutory requirements to enable deal closure, while welcoming the iData employees to a world of opportunities," he further added.

By acquiring the company, BLS will solidify its position as one of the top providers of visa and consular services globally. BLS will be able to provide services to additional Client Governments in Europe, where iDATA holds a significant market share, by integrating iDATA's current agreements and offices with its global network spanning 66 nations. Beginning on July 9, 2024, the deal will instantly be EPS (earnings per share) profitable to BLS.

BLS International Services Ltd., a reputable worldwide tech-enabled services partner for attestation, biometric, e-governance, consular, citizen, visa, and passport services, was founded in 2005. The company has received recognition as one of Fortune India's Next 500 companies, one of Forbes Asia's "Best under a Billion" companies, and one of Business Today Magazine's "India's Most Valuable Companies." The organisation is the second-largest International Visa & Consular services provider and serves over 46 client nations, including Diplomatic Missions, Embassies and consulates.