BLS International Services acquires iDATA to expand global presence in Visa and consular services

In a strategic move that underscores its commitment to global expansion, BLS International Services Ltd. (BLS), a leading tech-enabled services partner for governments and citizens worldwide, announced a definitive Share Purchase Agreement through its wholly owned subsidiary, BLS International FZE, UAE. This agreement is to acquire a 100% stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi (iDATA) and its subsidiaries for an Enterprise Value of approximately 50 Million Euros, equivalent to around Rs. 450 Crores, including additional milestones based payments.

Turkey-based iDATA, a prominent player specializing in Visa and Consular Services, emerges as a strategic addition to BLS’s expanding portfolio. Operating over 37 Visa Application Centres (VAC) across more than 15 countries, iDATA has been instrumental in providing comprehensive visa application and consular services to various governments, including the diplomatic missions of Germany, Italy, and the Czech Republic.

Notably, iDATA has been the exclusive provider of Visa & Consular Services for the Italian Diplomatic mission since 2006 and the German Government since 2012 in specific geographies. For the calendar year 2022, iDATA reported revenues of EURO 19.9 million (approximately Rs. 180 Crores) and an EBITDA of EURO 10.4 million (around Rs. 94 Crores).

The acquisition, primarily funded through internal accruals, is expected to be EPS accretive from day one. It is anticipated to complete in the current financial year, pending Government & Regulatory approvals.

Advising BLS on this transaction were PricewaterhouseCoopers (PwC), Turkey, and Lagrange Point Advisors LLP, Mumbai. Legal advisors included Dentons Link Legal, India, and Balcioğlu Selçuk Ardiyok Keki Attorney Partnership (BASEAK), Turkey.

Shikhar Aggarwal, Joint Managing Director of BLS International Services Ltd., expressed his enthusiasm for the acquisition, stating, “We are thrilled to announce the acquisition of iDATA and its subsidiaries, marking a significant milestone in BLS International’s journey. This strategic move underscores our commitment to becoming a global leader in tech-enabled services for Governments and citizens. This acquisition not only expands our operational footprint but also reinforces our dedication to fostering enduring relationships with Governments. We look forward to the completion of this transaction, which will further exemplify our core values of reliability, transparency, and efficiency while supporting the essential functions of Governments across the world.”

This acquisition represents a significant step in BLS International’s quest to become a global leader in the field of tech-enabled services, offering a broader range of services to governments and citizens worldwide.