Wipro to buy 66 million dollars stake in Aggne Global

In an all-cash arrangement, Wipro will buy 60% of the business, with the option to buy the other 40% at a later date.

In Aggne Global, an insurtech firm situated in the United States, Wipro has acquired sixty percent of the company.

The entire investment amount is $66 million, with the goal of improving the IT company’s competitiveness in the insurance market, particularly in the property and casualty (P&C) insurance sector.

Through this venture, Wipro gains access to a unique combination of capabilities and Intellectual Property (IP) inside the property and casualty (P&C) insurance industry by purchasing a majority stake in Aggne.

“The Aggne team has a deep and well-established experience in the P&C insurance space,” stated Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Ltd.

Their distinct intellectual property and modular implementation strategy greatly shorten time-to-market, resulting in quicker commercial results and more customer satisfaction. This, along with Wipro’s extensive network and worldwide reach, will enable us to create meaningful synergies and find fresh prospects for expansion.

Aggne Global was founded in 2019 and provides managed services, cloud, DevOps automation, intellectual property-led consulting, and implementation. Property and liability insurers may speed up product creation and innovation with the support of the company’s comprehensive suite of low-code, cloud-based solutions, known as the Duck Creek platform.

The Aggne Group’s total revenue for the previous three fiscal years was $17.9 million in 2023, $9.1 million in 2022, and $4.5 million in 2021.

Aggne provides a broad range of services intended to assist insurers in streamlining their operations, creating new efficiencies, and providing the best possible customer experiences. The organisation is dedicated to working as partners with clients to provide game-changing solutions for the P&C insurance sector.

The deal is anticipated to close by February 14, 2024, at the latest, according to the Bengaluru-based company. Aggne Global provides managed services, IT, and consulting services to the property and liability insurance sector.