BLS International completes $31m acquisition of Citizenship Invest to expand global reach

BLS International Services Limited, a prominent tech-enabled service provider, has announced a major acquisition, solidifying its position as a leader in the citizenship and residency industry. On October 4, 2024, BLS completed the acquisition of Dubai-based Citizenship Invest for a staggering $31 million, fully funded through internal accruals. The acquisition is expected to further enhance BLS’s extensive portfolio of visa and consular services, focusing on long-term solutions like citizenship and residency programs.

The deal includes Citizenship Invest’s complete roster of fast-track investor programs spanning more than 15 countries, marking a significant expansion for BLS International. Citizenship Invest, founded in 2009, has served over 1,800 clients from 85 countries with a 99% application success rate. The firm reported revenues of $9.6 million for the year 2023, coupled with a robust EBITDA margin of 45%. The acquisition positions BLS to strengthen its global footprint by leveraging its existing network across 66+ countries and expanding Citizenship Invest’s reach into untapped markets.

BLS International’s Joint Managing Director, Shikhar Aggarwal, emphasized the strategic value of this acquisition. He indicated that Citizenship Invest’s expertise aligns perfectly with BLS’s growth ambitions in the visa and consular sector, ensuring a comprehensive service offering for high-net-worth individuals (HNWIs). Aggarwal further stated that the acquisition would accelerate Citizenship Invest’s growth, particularly in regions where HNWIs are seeking faster routes to citizenship and residency.

This acquisition not only broadens BLS’s service scope but also enhances its standing as a trusted partner for governments and citizens alike. Citizenship Invest’s success, with a 43% EBITDA growth in 2023, reflects the increasing demand for second citizenships and residency permits, particularly among the world’s elite. BLS International, recognized as one of India‘s most valuable companies, has consistently set benchmarks in the industry. With operations in over 70 countries and more than 60,000 employees, BLS is poised to capitalize on the growing demand for global citizenship programs.

BLS’s stock, traded under the symbol BLS on major Indian exchanges like BSE, NSE, and MSE, has shown positive sentiment following the announcement. Analysts expect further upward momentum as investors anticipate additional growth driven by this acquisition.

Expert Opinion: A Bold Move in a Competitive Market

Experts believe this acquisition is a strategic masterstroke for BLS International. Rohit Anand, an analyst at Ernst & Young LLP, stated that the deal reinforces BLS’s reputation as a leader in the citizenship and residency market. He noted that with HNWIs increasingly seeking global mobility, BLS is well-positioned to benefit from this trend. Anand emphasized that by integrating Citizenship Invest’s services with its existing consular operations, BLS can offer a more comprehensive package, enhancing its appeal to government clients and wealthy individuals alike.

Looking ahead, the collaboration between BLS and Citizenship Invest is expected to unlock new growth opportunities, particularly in regions like the Middle East and Southeast Asia, where the demand for citizenship services has been rising sharply.