Wipro to acquire US-based insurtech company Aggne Global for $66 million

The Bengaluru-based firm said the transaction is expected to be completed at the latest by February 14, 2024.

Information technology services firm Wipro on February 13 said it will acquire insurtech firm Aggne Global Inc. and its Hyderabad-based affiliate Aggne Global IT Services for $66 million.

Wipro will acquire 60 percent of the company in an all-cash deal, with an option to purchase the remaining stake over a period of time.

"Aggne’s Swift IPs (internet protocol) combined with Wipro’s wider
offerings will position us as an end-to-end player in the P&C (property & casualty) insurance space," the company said in a release to the exchanges.

The Bengaluru-based firm said the transaction is expected to be completed at the latest by February 14, 2024.

Aggne Global is an IT, consulting, and managed services company for the property & casualty insurance industry.

Founded in 2019, services offered by Aggne Global include Intellectual Property-led consulting, implementation, cloud, DevOps automation and managed services. Its Duck Creek platform is a full suite cloud-based, low-code products that help property and casualty insurers accelerate product development and innovation.

Combined revenues of the Aggne Group for the past three calendar years are $4.5 million for 2021, $9.1 million for 2022, and $17.9 million 2023.