Wipro Ltd. will acquire 60% equity in a U.S.-based Aggne Global, for $66 million in an all-cash deal to strengthen its consulting and services capabilities for the insurance sector, the tech firm said in a statutory filing on Tuesday.
Wipro said it is currently acquiring 60%, with an option to purchase the remaining stake over some time. The transaction is expected to be completed by February 14, 2024.
The acquisition would bring a unique set of capabilities and Intellectual Property (IP) in the property & casualty (P&C) insurance space to Wipro. the tech firm said. The combined capabilities of Wipro and Aggne would help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector.
“Our combined domain expertise will allow us to bring clients a truly end-to-end offering that will help them drive competitive advantage and customer loyalty,” said Harpreet Arora, Senior VP and Global Head of Banking, Financial Services and Insurance Domain & Consulting at Wipro.
Aggne Group, which comprises Aggne Global, a consulting and managed services company serving insurance and insurtech industries, had a combined revenue of $4.5 million in calendar 2021, $9.1 million in CY22 and $17.9 million in 2023, according to the filing. Founded in 2019, Aggne, with offices in Florida, and Hyderabad, has 230 employees.
