Wipro Limited has announced its acquisition of Aggne Global Inc. and its affiliate Aggne Global IT Services Private Limited, aiming to strengthen its position in the competitive insurance sector, particularly in property and casualty insurance.
The deal, valued at USD 66 million, provides Wipro with the opportunity to enhance its capabilities in property and casualty insurance, particularly in the implementation of core systems like Duck Creek. The acquisition will leverage Aggne’s Swift IPs, combined with Wipro’s existing offerings, to establish Wipro as a comprehensive player in the property and casualty insurance market.
The transaction is expected to be finalized by February 14, 2024, with the purchase consideration subject to customary closing adjustments. Initially, Wipro will acquire a 60% stake, with the option to gradually purchase the remaining stake over time. The company will provide further updates regarding additional stake acquisitions as they occur.
Aggne Global Inc., founded in 2019 and headquartered in Florida, USA, along with its affiliate Aggne Global IT Services Private Limited, established in 2020 and based in Hyderabad, India, collectively form the Aggne Group.
