BLS International Services (BLS), a global tech-enabled service provider for governments and citizens, announced the successful completion of its acquisition of 100% stake in Citizenship Invest (CI), a Dubai-based firm specializing in fast-track investor programs for residency and citizenship across more than 15 countries.
BLS, through its wholly owned subsidiary BLS International FZE, UAE, acquired CI for a total purchase consideration of $31 million (~ ₹260 crore), fully funded through internal accruals.
Founded in 2009, Citizenship Invest offers over 20 programs and has successfully served more than 1,800 clients from over 85 countries, boasting a 99% success rate in application approvals.
For the calendar year 2023, Citizenship Invest reported audited revenues of $9.6 million (~ ₹81 crore) and an EBITDA of $4.4 million (~ ₹37 crore), with a robust EBITDA margin of 45%. The company experienced notable growth in 2023, with a 28%increaseinrevenue and a 43% rise in EBITDA.
This acquisition strengthens BLS’s portfolio in visa and consular services, specifically enhancing its long-term visa solutions such as citizenship and residency services. Over its 15-year history, Citizenship Invest has built a strong reputation among high-net-worth individuals (HNWIs) as a trusted provider in this sector. Sakura Advisory acted as the legal advisor for the transaction.
Commenting on the acquisition, Shikhar Aggarwal, Joint Managing Director of BLSInternational Services Limited, said: “We are thrilled to welcome Citizenship Invest, a renowned leader in the citizenship and residency space, into the BLS family. This acquisition underscores our commitment to expanding our capabilities in the visa and consular services sector. It aligns with our strategic vision of creating synergies across our business and delivering greater value to all our stakeholders. Leveraging BLS’s global network spanning 66+ countries, we plan to accelerate CitizenshipInvest’s growth by focusing on regions with a high concentration of HNWIs. This strategy will enable us to tap into new markets, enhance Citizenship Invest’s global footprint, and position BLS as a comprehensive solution provider for visa, consular, citizenship, and residency services.”
