Wipro acquires Aggne for $66mn to boost its presence in insurance sector

IT services and consulting company Wipro has acquired a 60% stake in Aggne Global, a US-based insurtech, for $66 million. This move is aimed at bolstering Wipro's presence in the insurance sector, particularly in property and casualty (P&C) insurance. 

With this investment, Wipro becomes the majority shareholder in Aggne, gaining access to its unique capabilities and intellectual property (IP) in the P&C insurance space. The collaboration is expected to provide enhanced value, quicker speed-to-market, and distinctive services for clients in the P&C sector, according to Wipro. 

Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Limited said, “Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector. The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction. This, combined with Wipro’s deep relationships and global scale, will help us drive significant synergies and uncover new growth opportunities.” 

Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and the United States. 

Aggne specializes in IP-led consulting, implementation, and managed services, particularly on the Duck Creek platform — a suite of cloud-based, low-code products facilitating expedited product development and ongoing innovation for P&C insurers. 

Asha Kalidindi, Co-Founder and CEO of Aggne, said, “Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector. With access to Wipro’s scale and deep technical capabilities, as well as investments in artificial intelligence, we will be able to innovate faster, expand our capabilities and build new ones in alignment with evolving industry needs. We look forward to tapping into the potential ahead of us and driving continued growth for our clients.”