Wipro buys 60% stake in Aggne for $66 million; Know about the company

Indian technology company Wipro has acquired a 60% stake in Aggne for reportedly around $66 million or Rs 548 crore, making it a majority shareholder in the company.

The company specializes in serving insurance and Insurtech industries. The acquisition of stakes brings Wipro a highly sought-after and unique set of capabilities and Intellectual Property (IP) in the property & casualty (P&C) insurance space. 

Combining capabilities

The combined capabilities of Aggne and Wipri will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector, as per the company's statement.

“Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector,” said Ritesh Talapatra, Senior Vice President of Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro.

He said the Aggne team has 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," Talapatra added.

Helping insurers transform operations

Founded in 2019, Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. 

The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.

Its 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 that enable P&C insurers to fast-track product development and drive ongoing innovation.

Wipro highlights competitive advantage of the acquisition 

“We are thrilled to add Aggne’s unique capabilities to our portfolio,” said Harpreet Arora, Senior Vice President and Global Head of Banking, Financial Services and Insurance Domain & Consulting at Wipro Limited.

“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.” 

Deepening presence in the insurance sector

“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,” said Asha Kalidindi, Co-Founder and CEO of Aggne. 

Asha said that the association with Wipro will help the company reach a larger and global set of clients and deepen its presence in the insurance sector. 

"Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities. 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," Asha added. 

Aggne is incorporated in the United States and India, with offices in Tampa, Florida, and Hyderabad, India. It has 230 employees based in India and the United States.