Wipro Purchases US Insurtech Company Aggne Global for $66 Million

Wipro has announced its acquisition of US-based insurtech company Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 million. The deal involves Wipro acquiring a 60% stake in Aggne Global Inc through an all-cash transaction, with an option to purchase the remaining stake over time.

The acquisition aims to bolster Wipro’s position in the insurance sector, particularly in the property & casualty (P&C) insurance space, by enhancing its core system implementation capabilities, specifically in the Duck Creek area. Duck Creek offers cloud-based, low-code products to help insurers accelerate product development and drive ongoing innovation.

According to Wipro, Aggne’s innovative consulting capabilities and premier partnership status on the Duck Creek platform will complement its domain expertise, enabling the company to offer end-to-end solutions that drive competitive advantage and customer loyalty in the P&C insurance sector.

Wipro expects the transaction to be completed by February 14, 2024, subject to customary closing adjustments. This acquisition aligns with Wipro’s strategy of expanding its capabilities through strategic acquisitions. Over the past two years, Wipro has made several acquisitions, including Capco, Rizing, CAS, and Edgile, to strengthen its presence in various domains.

Founded in 2019, Aggne offers IT, consulting, and managed services for the property & casualty insurance industry. With offices in Florida and Hyderabad, Aggne has 230 employees based in India and the US. The partnership with Wipro is expected to provide growth opportunities for both companies and deepen their presence in the insurance sector.