Wipro acquires US insurtech firm Aggne Global for $66 million
economictimes.indiatimes.comWipro, India’s fourth largest information technology (IT) services firm, on Tuesday said it will acquire US-based insurtech firm Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 million.
Wipro will acquire 60% of the company in an all-cash deal, with an option to purchase the remaining stake over a period of time, as per a stock exchange filing.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitRevenues of the Aggne Group are $4.5 million for calendar year 2021, $9.1 million for 2022, and $17.9 million 2023.
The transaction is expected to be completed at the latest by February 14, 2024, subject to customary closing adjustments as per terms of the purchase agreement.
“This acquisition of Aggne will strengthen Wipro’s competitive advantage in the insurance sector—particularly in the property & casualty (P&C) insurance space. This combination will enhance Wipro’s P&C core system implementation capabilities specifically in the area of Duck Creek. Aggne’s Swift IPs combined with Wipro’s wider offerings will position us as an end-to-end player in the P&C insurance space,” the IT company said in the release.
Duck Creek is a full suite of cloud-based, low-code products that help property and casualty insurers accelerate product development and drive ongoing innovation.
“We
