Wipro Acquires Aggne Global For USD 66 Million By CIOTechOutlook Team

Wipro Acquires Aggne Global For USD 66 Million

CIOTechOutlook Team | Wednesday, 14 February 2024, 05:09 IST

Wipro, India's fourth biggest data innovation (IT) benefits firm, said it will secure US-based insurtech firm Aggne Worldwide Inc and its Hyderabad-based associate Aggne Worldwide IT Administrations for $66 million. Wipro will obtain 60% of the organization in an all-cash bargain, with a choice to buy the excess stake throughout some stretch of time, according to a stock trade documenting.

Revenues of the Aggne Group are $4.5 million for calendar year 2021, $9.1 million for 2022, and $17.9 million 2023, as per ET.

The exchange is supposed to be finished at the most recent by February 14, 2024, dependent upon standard shutting changes according to terms of the buy arrangement.

“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 Stream is a full set-up of cloud-based, low-code items that assist property and loss back up plans with speeding up item improvement and drive continuous development.

“We are thrilled to add Aggne’s unique capabilities to our portfolio, Their innovative, 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 end-to-end offering that will help them drive competitive advantage and customer loyalty,” said Harpreet Arora, senior vice president and global head of banking, financial services and insurance domain and consulting at Wipro.