BENGALURU: Wipro will acquire an additional 20% stake in Aggne Global for USD 28.5 million, increasing its ownership in the insurance technology company to 80%, according to a regulatory filing by the IT services firm.
The transaction will be carried out through Wipro IT Services, LLC, a step-down subsidiary of Wipro, and is expected to be completed by June 5, 2026.
The acquisition follows Wipro's purchase of a 60% stake in Aggne Global Inc and Aggne Global IT Services Private Limited in February 2024.
According to the filing, the purchase consideration for the additional stake is USD 28.5 million, subject to customary closing adjustments. The acquisition will be completed through a cash transaction and does not require any government or regulatory approvals.
Aggne Global Inc is part of the Aggne Group, which also includes affiliate Aggne Global IT Services Private Limited. The company provides information technology, consulting and managed services for the Property & Casualty insurance industry.
Wipro said the additional investment is intended to strengthen its position in the insurance sector.
“This additional stake purchase in Aggne will further 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,” the company said in the filing.
Aggne describes itself as an Insurtech company offering AI- and intellectual property-driven services aimed at helping insurers transform operations, improve efficiency and enhance customer experience.
The company's annual turnover has grown steadily over the past three financial years, rising from USD 18.9 million in FY24 to USD 24.2 million in FY25 and USD 27.5 million in FY26, according to the filing.