Wipro rakes 60% stake in US insurance IT co Aggne

Insurtech: IT major Infosys has invested $66 million in Florida-based insurance IT services company Aggne, the company said on Tuesday.

The Bengaluru-based IT major will acquire Aggne Global Inc., and its Hyderabad-based affiliate Aggne Global IT Services in an all-cash deal.

“This acquisition of Aggne will strengthen Wipro’s competitive advantage in the insurance sector—particularly in the property and casualty (P&C) insurance space, enhancing Wipro’s P&C core system implementation capabilities…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,” Wipro stated in a regulatory filing.   

Founded in 2019, Aggne is incorporated in the United States and India, with offices in

Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and

the United States.

Harpreet Arora, Senior Vice President and Global Head of Banking, Financial Services and Insurance Domain and Consulting at Wipro said Aggne’s IP-driven consulting capabilities in the insurance space and premier partnership status on the Duck Creek platform stand out in the marketplace.

“Combined with our domain expertise, these capabilities will allow us to bring clients a truly endto-end offering that will help them drive competitive advantage and customer loyalty,” he added. 

The transaction is expected to be completed by February 14, 2024, Wipro said, adding that Wipro has an option to purchase the remaining stake over a period of time.

The combined revenues of the Aggne Group for the past three years for period ended 31 December is $4.5 million for calendar year (CY) 2021, $9.1 million in CY22 and $17.9 million in CY23.