Wipro to acquire additional 20% stake in Aggne for $2.1M
Wipro Limited announced it will acquire an additional 20% stake in Aggne Global IT Services Private Limited for USD 2.1 Million. This follows an initial acquisition of a 60% stake by Wipro and its subsidiary, Wipro IT Services, LLC, completed on February 14, 2024. The new acquisition will increase Wipro's total shareholding in Aggne Global IT Services Private Limited to 80%. The transaction is expected to be completed by June 30, 2026. This strategic move aims to strengthen Wipro’s competitive advantage in the insurance sector, particularly in driving AI and IP-led transformations for the Property & Casualty Insurance (P&C) sector. Aggne Group, an Insurtech company, offers AI and IP-driven services to insurers. Aggne's projected annual turnover for FY24, FY25, and FY26 is USD 18.9 Mn, USD 24.2 Mn, and USD 27.5 Mn, respectively.
Key Highlights
- Wipro to acquire an additional 20% stake in Aggne Global IT Services Private Limited.
- This increases Wipro's total shareholding in Aggne to 80%.
- The acquisition cost for the 20% stake is USD 2.1 Million.
- Transaction aims to boost Wipro's insurance sector presence, especially in AI/IP-led P&C transformations.
- Completion of the acquisition is expected by June 30, 2026.
Price Impact
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