IT services firm Wipro said its step-down subsidiary Wipro IT Services LLC will acquire an additional 20% stake in Aggne Global Inc. for $28.5 million, increasing its ownership in the insurtech company to 80%.
The transaction is expected to close by June 5, subject to customary closing adjustments, the Bengaluru-based IT services company said in a regulatory filing.
The latest acquisition follows Wipro's February 2024 purchase of a 60% stake in Aggne Global Inc. and its affiliate, Aggne Global IT Services Pvt. Ltd.
With the additional investment, Wipro said it will further consolidate its position in the insurance technology segment, particularly in property and casualty (P&C) insurance.
Wipro said the increased stake would strengthen its capabilities in delivering artificial intelligence and intellectual property-led transformation services for insurers, adding that the acquisition would bolster its competitive position in the insurance sector, where enterprises are increasingly investing in automation, AI-driven claims processing, underwriting and customer experience platforms.
Aggne Group provides a range of AI and Intellectual Property-driven services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences.
Aggne has reported steady growth over the past three years, with revenue rising from $18.9 million in FY24 to $24.2 million in FY25 and $27.5 million in FY26.
Wipro’s shares opened trading at ₹208 apiece on the NSE on June 2, up 0.7% from the last closing price of ₹206.4 per share.
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