Transaction Details
Wipro IT Services, LLC (step-down subsidiary of Wipro Limited) will acquire an additional 20% stake in Aggne Global Inc. This follows the previous acquisition of 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc. that was completed on February 14, 2024, as disclosed in the letter dated February 15, 2024.
Transaction Specifics
- Target Entity: Aggne Global Inc., part of Aggne Group (comprising Aggne Global Inc. and its affiliate Aggne Global IT Services Private Limited)
- Industry: Information Technology, consulting, and managed services for the Property & Casualty Insurance industry
- Transaction Type: Not a related party transaction; promoter/promoter group/group companies have no interest in the entity being acquired
- Consideration: Cash payment of USD 28.5 million (attributable to Aggne Global Inc.), subject to customary closing adjustments
- Stake Acquisition: Additional 20% stake, increasing Wipro IT Services, LLC's total shareholding in Aggne Global Inc. to 80%
- Completion Timeline: Expected to be completed by June 5, 2026
- Regulatory Approvals: None required
Strategic Rationale
The acquisition aims to 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.
Target Company Background
Aggne Group is a fast-growing Insurtech company offering a wide range of AI and Intellectual Property-driven services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences.
Financial Performance of Aggne Group
Annual turnover for the last 3 completed years (period ended 31 March):
- USD 18.9 million (FY24)
- USD 24.2 million (FY25)
- USD 27.5 million (FY26)