Indian technology company Wipro’s step-down subsidiary, Wipro IT Services, is set to buy an additional 20% stake in Aggne Global for $28.5m (Rs1.95bn) in cash, taking its total holding in the insurtech company to 80%.
The transaction is expected to be completed by 5 June 2026, subject to customary closing adjustments.
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The move follows the completion on 14 February 2024 of Wipro and Wipro IT Services’ acquisition of a 60% stake in Aggne Global IT Services Private Limited and Aggne Global, respectively.
Aggne Global is part of the US-based Aggne Group.
The company offers information technology (IT), consulting and managed services for the property and casualty (P&C) insurance industry.
Aggne Group provides AI and intellectual property-driven services intended to support insurers in transforming operations and improving efficiency and customer experience.
The group reported annual turnover of $18.9m in fiscal year 2024 (FY24), $24.2m in FY25 and $27.5m in FY26.
According to Wipro, the purchase of the extra stake will strengthen its position in the insurance sector, particularly in AI and intellectual property-led transformation services for the P&C insurance market.
Wipro said the transaction is not a related-party transaction and does not require any government or regulatory approvals.
Separately, last year Wipro won a £500m ($647m) contract from Phoenix Group, a UK-based savings and retirement business.
Under the ten-year agreement, Wipro’s financial outsourcing division, WFOSL, will provide comprehensive life and pension administration services to Phoenix Group’s ReAssure customers.
WFOSL will oversee services including policy management, claims handling and customer support.
