Wipro acquires majority stake in Aggne for $66Mn
FLORIDA, UNITED STATES and BENGALURU, INDIA — Information technology services company Wipro has acquired a 60% stake in Aggne, a consulting and managed services firm for the insurance and insurtech industries, for an investment of US$66 million.
Aggne’s service offerings include IP-led consulting, implementation, and managed services. The firm utilizes the Duck Creek platform—a full suite of cloud-based, low-code products that enable property and casualty insurance insurers to accelerate product development.
“Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector. Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities,” said Asha Kalidindi, Co-Founder and CEO of Aggne.
Through the deal, Aggne will gain access to Wipro’s artificial intelligence technologies, which Kalidindi believes would help the firm meet the industry’s growing demands. The acquisition marks Wipro’s entry into the insurance and insurtech industries.
Founded in 2019, Aggne is incorporated in the U.S. and India. It has 230 employees across its offices in Florida and Hyderabad.
Wipro’s 2023 third-quarter net profits dropped by 12%. This is the fourth consecutive quarter that the Indian tech firm posted negative net profits.
Global investment bank Technology Holdings served as advisor to Aggne in the deal.
