Wipro Acquires Majority Stake in Aggne for $66 Million
- ByStartupStory | February 14, 2024
Wipro, one of India’s leading IT services companies, has acquired a majority stake in Aggne, a US-headquartered technology company focused on the insurance industry, for an enterprise value of $66 million. The acquisition is aimed at enhancing Wipro’s capabilities and intellectual property (IP) in the property and casualty (P&C) insurance space.
According to a statement from Wipro, Aggne’s services include IP-led consulting, implementation, and managed services with a strong focus on the Duck Creek platform—a full suite of cloud-based, low-code products. The acquisition is expected to help Wipro deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector.
Commenting on the acquisition, a spokesperson from Wipro said, “We are excited to welcome Aggne to the Wipro family. This strategic investment will further strengthen our capabilities in the P&C insurance space and enable us to deliver even more value to our clients.”
The acquisition of Aggne is part of Wipro’s ongoing efforts to expand its presence in key markets and enhance its offerings to clients. With this acquisition, Wipro aims to solidify its position as a leading provider of IT services to the insurance industry, particularly in the P&C sector.
Wipro has been actively pursuing acquisitions in recent years to bolster its capabilities and expand its reach in various industries. The acquisition of Aggne is expected to further strengthen Wipro’s position in the insurance industry and drive its growth in the coming years.
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