Wipro, Indian largest information technology services firm, acquires 60% of US-based insurtech firm Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 mn in an all-cash deal, with an option to purchase the remaining stake over a period of time, as per a stock exchange filing.
Revenues of the Aggne Group are $4.5 mn for calendar year 2021, $9.1 mn for 2022, and $17.9 mn 2023.
This acquisition of Aggne will strengthen Wipro’s competitive advantage in the insurance sector—particularly in the property & casualty (P&C) insurance space.
This combination will enhance Wipro’s P&C core system implementation capabilities specifically in the area of Duck Creek.
Aggne’s Swift IPs combined with Wipro’s wider offerings will position us as an end-to-end player in the P&C insurance space.
Founded in 2019, Aggne was incorporated in Florida US and its affiliate Aggne Global IT Services Private Limited was founded in 2020 and in Hyderabad in India.
It offers IT, consulting, and managed services company for the property & casualty insurance industry. It has offices in Tampa in Florida and Hyderabad and has 230 employees based in India and the US.
Duck Creek is a full suite of cloud-based, low-code products that help property and casualty insurers accelerate product development and drive ongoing innovation.
Over the last two years, Wipro made around four other acquisitions including its biggest acquisition with London-headquartered business and technology management consultancy firm Capco for $1.45 bn.
Other buyouts include Rizing, CAS in April 2022 and Edgile in December 2021.
Last month, ET reported that Wipro plans to lay off hundreds of its “very expensive” mid-level executives onsite in Capco.
by Peter Sonner
