On February 13, Wipro, an information technology services firm, announced its acquisition of insurtech company Aggne Global Inc. and its affiliate Aggne Global IT Services, based in Hyderabad, for $66 million.
In an all-cash deal, Wipro will initially acquire 60 percent of the company, with an option to purchase the remaining stake gradually.
According to a statement released by Wipro, the acquisition will leverage Aggne’s Swift IPs (internet protocol) alongside Wipro’s broader offerings, positioning them as a comprehensive player in the property & casualty insurance sector.
The transaction is slated for completion no later than February 14, 2024. Aggne Global specializes in IT, consulting, and managed services for the property & casualty insurance industry.
Established in 2019, Aggne Global provides services such as Intellectual Property-led consulting, implementation, cloud services, DevOps automation, and managed services. Its Duck Creek platform offers a suite of cloud-based, low-code products designed to assist property and casualty insurers in accelerating product development and innovation.
Over the past three calendar years, the combined revenues of the Aggne Group have been $4.5 million for 2021, $9.1 million for 2022, and $17.9 million for 2023.
