Wipro To Acquire 60% Stake In US-based Aggne Global For $66 Mln

Wipro Ltd. agreed to acquire a 60% stake in US-based Aggne Global Inc. for $66 million in cash to strengthen its consulting and services capabilities in the insurance sector.

Azim Premji-promoted Wipro also has an option to purchase the remaining stake in the consulting and managed services company serving insurance and insurtech industries.

“This acquisition of Aggne will strengthen Wipro’s competitive advantage in the insurance sector, particularly in the property & casualty (P&C) insurance space,” the Indian technology services and consulting company said in a stock exchange announcement.

Wipro said the combination will enhance its P&C core system implementation capabilities specifically in the area of Duck Creek platform, a full suite of cloud-based, low-code products that enable P&C insurers to fast-track product development and drive ongoing innovation.

The transaction is expected to be completed by 14 February.

Aggne, which was founded in 2019, has 230 employees based in India and the US, according to the statement. Aggne Group’s total revenue stood at $17.9 million in 2023, up from $9.1 million a year earlier.

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