Bengaluru-based IT major Wipro has acquired Aggne, a consulting and managed services company serving the insurance and insurtech industries, for $66 million.
The purchase consideration is subject to customary closing adjustments as per the terms of the purchase agreement. Wipro is currently acquiring 60 per cent, with an option to purchase the remaining stake over a period of time, the exchange filing read.
With this investment, Wipro becomes a majority shareholder in Aggne, which brings to Wipro a unique set of capabilities and intellectual property (IP) in the property & casualty (P&C) insurance space. The combined capabilities of Wipro and Aggne will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector, said the company.
Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Ltd, said, “The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction. This, combined with Wipro’s deep relationships and global scale, will help us drive significant synergies and uncover new growth opportunities.”
Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.
Its services include IP-led consulting, implementation, and managed services with a strong focus on the Duck Creek platform — a full suite of cloud-based, low-code products that enable P&C insurers to fast-track product development and drive ongoing innovation.
“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients. Joining forces with Wipro will allow us to reach a larger and more global set of clients and deepen our presence in the insurance sector. With access to Wipro’s scale and deep technical capabilities, as well as investments in artificial intelligence, we will be able to innovate faster, expand our capabilities, and build new ones in alignment with evolving industry needs,” said Asha Kalidindi, Co-Founder and CEO of Aggne.
Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees, based in India and the US.