Wipro to buy additional 20% stake in Aggne Global in a $28.5 million deal
IT services giant Wipro Ltd on Monday said its resigned subsidiary Wipro IT Services, LLC will acquire an additional 20% stake in Aggne Global Inc for $28.5 million. Following the transaction, Wipro’s total shareholding in the company will increase to 80%, strengthening its presence in the insurtech services segment.
The transaction is expected to be completed by June 5, 2026, Wipro said. Aggne Global provides technology, consulting and digital transformation services to the property and casualty (P&C) insurance industry.
“Wipro IT Services, LLC (downstream subsidiary) will reportedly acquire an additional 20% stake in Aggne Global Inc. The said transaction is expected to be completed by June 5, 2026,” the IT services company said in a filing to the stock exchange.
Wipro’s stake in Aggne will increase to 80%
The purchase price will be paid in cash and is subject to customary closing adjustments, according to the stock exchange filing. The company had previously reported that on February 15, 2024, Wipro Ltd and Wipro IT Services, LLC acquired 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc., respectively, and the transaction was completed on February 14, 2024.
“Currently, the acquisition of additional 20% takes Wipro IT Services LLC’s total stake in Aggne Global Inc. to 80%. A separate announcement will be made regarding the acquisition of additional shares,” the company said.
Acquisition that will strengthen Wipro’s position in the insurance industry
The IT services chief also stated in the exchange filing that the additional stake acquisition in Aggne will further strengthen its competitive advantage in the insurance industry, particularly in AI and intellectual property-driven transformation services for the Property and Casualty insurance segment.
Wipro added that no government or regulatory approval is required for the transaction. It was also informed that the transaction in question was not a related party transaction and that the organizer, promoter group and group companies did not have any interest in the acquired organization.
Aggnee Group’s financial situation
Aggne Group is a fast-growing Insurtech company that offers a wide range of AI and Intellectual Property-focused services designed to help insurers transform their operations, drive new efficiencies and deliver the best customer experiences, according to stock exchange filings.
The organization reported annual revenue of $18.9 million in FY2024, $24.2 million in FY25 and $27.5 million in FY26.
Shares of Wipro Ltd expired on: ₹It rose 206.51 points on NSE on Monday ₹2.26 or 1.10% from the previous close.
Earlier on Friday, Wipro announced its expanded partnership with ServiceNow to implement and scale the impact of agency AI workflows across core enterprise functions such as IT, HR, procurement and cybersecurity.
