Visa-passport-consular services provider BLS International Services acquires Turkey-based iDATA for Rs 720 crore
Jul 09, 2024
New Delhi [India], July 9 : BLS International Services, a listed entity which is into visa, passport, consular, e-governance, and e-visa, among others, on Tuesday announced that it has acquired a 100 per cent stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi and its wholly owned subsidiaries ("iDATA").
iDATA is a big Turkey-based company that provides visa processing and consular services to various governments, through its over three dozen Visa Application Centres (VAC) in over 15 countries, serving diplomatic missions of Germany, Italy, and the Czech Republic.
This acquisition is expected to strengthen the BLS' overall position as one of the leading international players in Visa and Consular services.
As per an exchange filing made by the company, it informed that the transaction is made through its international arm BLS International FZE (a wholly owned subsidiary of BLS) and BLS International Holding Anonim Sirketi (a wholly owned subsidiary of BLS International FZE).
Founded in 2005, BLS has completed the acquisition of a 100 per cent stake in iDATA for an overall consideration of Rs 720 crore. The exchange filing noted it was funded through internal accruals and debt.
iDATA achieved revenues of Rs 246 crores and an EBITDA of Rs 144 Crores in the year 2023, as per its audited consolidated financials, the BLS exchange filing said.
iDATA's existing agreements and offices will be aligned into the BLS's network in 66 countries across the globe, enabling BLS to service more client governments in Europe where iDATA is a dominant player, said the exchange filing.
"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," said Shikhar Aggarwal, Joint Managing Director of BLS International Services Limited.
Aggarwal anticipates that this strategic move will contribute "positively" to its financial performance and improve its margins "noticeably", on the back of the combined synergies of both the companies. Shares of BLS International Services today closed 2.3 per cent higher at Rs 378.20 per scrip.
