VFS Global Group Acquisition, Valuation, Funding & Investors

VFS Global Group was acquired by Blackstone for $2.5B in October 2021, a 58.3x multiple on $43M of revenue.

VFS Global Group acquisition price

$2.5B

Acquired by Blackstone · Oct 2021

VFS Global Group revenue at acquisition

$43M

Last twelve months · Oct 2021

VFS Global Group revenue multiple at acquisition

58.3x

EV/Revenue · Oct 2021

Cumulative funding VFS Global Group raised

$950M

across 1 funding round

VFS Global Group Overview

About VFS Global Group

VFS Global Group is a Dubai-headquartered outsourcing specialist for visa and consular services, operating in 155 countries. Founded in 2001, it manages 3,400 application centers processing 100,000 daily submissions for 67 client governments including the U.S., UK, and Schengen states. The firm employs 65,000 staff and uses biometric enrollment and digital tracking to streamline immigration processes globally.


Founded

2001

HQ

UAEDubai

Status

Acquired

Customer focus

B2G

Revenue model

Services

Revenue

$43M (Oct 2021)

Valuation

$5B (Oct 2024)

VFS Global Group Acquisition

VFS Global Group was acquired by Blackstone for $2.5B on 7 October 2021.

The acquisition price implies a 58.3x revenue multiple on $43M of revenue.

Before the acquisition VFS Global Group had raised $950M across 1 funding round.

VFS Global Group acquisition details
AcquirerDateTypePriceEV/Revenue
7 Oct 2021PE buyout$2.5B58.3x

VFS Global Group Valuation

VFS Global Group is currently valued at $5B, based on its undisclosed-stage round in October 2024.

The $950M round was led by Temasek.

VFS Global Group valuation by funding round

VFS Global Group valuation by funding round
DateStageValuation
Oct 2024Undisclosed stage$5B

VFS Global Group Funding History

VFS Global Group has raised a total of $950M across 1 funding round.

VFS Global Group funding rounds

VFS Global Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2024Undisclosed stageTemasek (lead)$950M$5BVFS Global Group, a Zurich- and Dubai-headquartered visa outsourcing and technology services company, provides administrative solutions for visa applications and consular services, operating 3469 application centers in 153 countries and processing over 294 million applications since 2007. Blackstone acquired a 75% stake in 2021 for $1.8 billion from EQT. On October 17, 2024, Temasek Holdings finalized a deal to buy 17-18% stake for $950 million, valuing the company at $5 billion equity and $7 billion enterprise value. The transaction allows Blackstone to monetize part of its stake while retaining majority control, with potential IPO in 2-3 years. VFS has shown strong post-Covid recovery with 65% growth in 2022-23 and new clients like Saudi Arabia boosting processing volumes. Indian unit reported ₹634.74 crore total income from operations in H1 FY24 with 33% operating margin, supported by rising outbound tourism.

Who has invested in VFS Global Group?

1 investor has backed VFS Global Group across its funding rounds, including Temasek.

Lead investors include Temasek.


VFS Global Group Investors

Investors in VFS Global Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by VFS Global Group

VFS Global Group has acquired 2 companies to date.

Last acquisition by VFS Global Group was on May 6th 2025. VFS Global Group acquired Citizen Experience for undisclosed valuation.


Latest Acquisitions by VFS Global Group

Citizen Experience
TT Services
Description
Citizen Experience is a São Paulo-based provider of integrated digital services for Brazilian governments, encompassing multichannel support via apps, portals, and call centers. Its platform handles citizen applications for social benefits, licensing, and public consultations, integrating with federal systems like CONJUR for streamlined administrative processes.
TT Services is a London-headquartered provider of outsourced visa and consular services operating in 150 countries. Partnering with governments including New Zealand and the United Kingdom, it manages application centers processing 20 million visas yearly through VFS Global integration. Services encompass biometrics collection, document verification, and premium lounges at 3,000 global locations.
HQ CountryBrazilUnited Kingdom
HQ City
São Paulo
London
Deal Date6 May 202523 Aug 2017
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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VFS Global Group Competitors

VFS Global Group competitors include listed companies like Teleperformance, Genpact, L&T Technology Services and Jack Henry & Associates, and private ones like G-P/Globalization Partners and Fuji Xerox.

Public and private companies comparable to VFS Global Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TeleperformanceFranceFrancePublicly listed$12B$2B$4.8B0.8x
GenpactIndiaIndiaPublicly listed$5.1B$875M$5.9B1.3x
G-P/Globalization PartnersUnited StatesBoston, MAPrivate$1B-$4.2B4.2x
L&T Technology ServicesIndiaIndiaPublicly listed$1.1B$206M$3.7B2.8x
Fuji XeroxJapanTokyoPrivate--$9.2B-
Jack Henry & AssociatesUnited StatesUnited StatesPublicly listed$2.5B$848M$11B4.3x

VFS Global Group Public Comps

VFS Global Group is no longer listed, but its public comps include Teleperformance, Genpact, L&T Technology Services, Sagility, Firstsource Solutions, Insperity, eClerx Services, Amano, Concentrix and Jack Henry & Associates.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teleperformance$12B$2B0.8x0.8x4.4x4.1x
Genpact$5.1B$875M1.3x1.3x7.7x6.9x
L&T Technology Services$1.1B$206M3.0x2.8x16.6x15.4x
Sagility$750M$188M2.9x2.7x11.7x10.9x
Firstsource Solutions$1B$155M2.3x2.1x14.6x12.6x
Insperity$6.8B$35M0.3x0.3x50.5x9.8x
eClerx Services$429M$117M4.1x3.8x15.3x15.0x
Amano$1.1B$233M1.3x1.3x6.3x6.6x

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Common questions about VFS Global Group

When was VFS Global Group founded?VFS Global Group was founded in 2001.
Where is VFS Global Group headquartered?VFS Global Group is headquartered in Dubai, UAE.
Is VFS Global Group publicly listed?No, VFS Global Group was acquired by Blackstone in October 2021.
Who acquired VFS Global Group?VFS Global Group was acquired by Blackstone in October 2021.
How much was VFS Global Group acquired for?VFS Global Group was acquired for $2.5B in October 2021, a 58.3x revenue multiple.
What is VFS Global Group's valuation?VFS Global Group was last valued at $5B in its undisclosed-stage round in October 2024.
How much funding has VFS Global Group raised?VFS Global Group has raised $950M across 1 funding round.
What was VFS Global Group's last funding round?VFS Global Group's last funding round was a $950M undisclosed-stage round in October 2024, led by Temasek.
Who are VFS Global Group's investors?VFS Global Group's investors include Temasek.
Which companies are comparable to VFS Global Group?Companies comparable to VFS Global Group include Teleperformance, Genpact, G-P/Globalization Partners, L&T Technology Services, Fuji Xerox and Jack Henry & Associates.
How many companies has VFS Global Group acquired?VFS Global Group has acquired 2 companies, including Citizen Experience and TT Services.

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