BLS International acquires Turkey-based iDATA for Rs 720 cr

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New Delhi, Jul 9 (PTI) Visa services provider BLS International Services on Tuesday announced the completion of the acquisition of 100 per cent stake in iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Şirketi and its wholly owned subsidiaries (iDATA) for about Rs 720 crore.

The acquisition was done through BLS International FZE and BLS International Holding Anonim Şirketi. BLS International FZE is a wholly owned subsidiary of BLS while BLS International Holding Anonim Şirketi is a wholly owned subsidiary of BLS International FZE.

BLS has completed the acquisition of 100 per cent stake in iDATA for an overall consideration of about Rs 720 crore, funded through internal accruals and debt, according to a statement.

iDATA achieved revenues of about Rs 246 crore and an EBITDA of Rs 144 crore in CY2023, as per its audited consolidated financials.

iDATA is a Turkey-based player providing visa processing and consular services to various governments, through its 37-plus visa application centres (VAC) in 15-plus countries, serving diplomatic missions of Germany, Italy, and Czech Republic.

"iDATAis a niche and specialised player operating in certain geographies since the last 15 years and has built meaningful and deep-rooted relationships with client governments," BLS International Services Joint Managing Director Shikhar Aggarwal said.

This acquisition will further strengthen the overall BLS' position as one of the leading international player in visa and consular services, the New Delhi-headquartered company said in a statement.

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.

The transaction will be EPS (earning per share) accretive to BLS immediately from July 9, 2024.

"The acquisition will 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," BLS said.

Founded in 2005, BLS International Services is the second largest international visa a consular services provider and works with over 46 client governments. BLS has processed over 360 million applications to date globally.

Shares of BLS closed at Rs 377.35 apiece on the BSE, up 1.77 per cent from Monday. PTI NKD TRB