Information technology services major Wipro Ltd has agreed to buy a majority stake in Florida, US-based insurtech company Aggne Global Inc. for $66 million (Rs 547.7 crore) in an all-cash deal.
The IT firm will initially buy a 60% stake in Aggne and its India-based affiliate Aggne Global IT Services. It will have the option to purchase the remaining stake over time, it said in a stock-exchange filing.
Aggne, founded in 2019, offers IT, consulting, and managed services for the Property & Casualty (P&C) Insurance industry. Its purchase will help Wipro improve its competitive advantage in the growing insurance space, as it broadens its offerings.
“The Aggne team has a deep and well-established experience in the (P&C) insurance space,” said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro. “Their IP (intellectual property) and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes, and better client satisfaction.”
Aggne offers services such as IP-led consulting, implementation, cloud, DevOps automation and managed services to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. It has offices in Tampa, Florida, and Hyderabad, India, employing about 230 people.
“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,” said Asha Kalidindi, co-founder and chief executive of Aggne. “Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector.”
Aggne reported revenue of $17.9 million for the calendar year 2023, growing almost 100% from $9.1 million the year before.