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.
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