Tuesday, March 5, 2024
Tuesday, March 5, 2024
HomeTechnologyWipro to acquire US insurtech company Aggne Global for $66 million

Wipro to acquire US insurtech company Aggne Global for $66 million

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Information technology services company Wipro said on February 13 that it will acquire Hyderabad-based insurance technology company Aggne Global Inc. and its subsidiary Aggne Global IT Services for $66 million.

Wipro will acquire 60 per cent of the company in an all-cash deal, with the option to buy the remaining stake over a period of time.

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“Aggne’s Swift (Internet Protocol) IPs combined with Wipro’s broader protocol
“Our offerings will position us as an end-to-end player in the general insurance (property and casualty) space,” the company said in a filing to the stock exchanges.

The Bengaluru-based company said the transaction is expected to be completed by February 14, 2024.

Aggne Global is an IT, consulting and managed services company for the property and casualty insurance industry.

Founded in 2019, services offered by Aggne Global include consulting, implementation, cloud, DevOps automation, and intellectual property-based managed services. Its Duck Creek platform is a comprehensive set of cloud-based, low-code products that help property and casualty insurers accelerate product development and innovation.

Aggne Group’s combined revenues for the last three calendar years are $4.5 million for 2021, $9.1 million for 2022 and $17.9 million for 2023.

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