Wipro's shares witnessed a decline of nearly 2 per cent on Wednesday following its announcement of a large-scale investment in Aggne, a prominent consulting and managed services firm catering to the insurance and Insurtech sectors.
Wipro has purchased a 60 per cent share in Aggne Global which is a US-based insurtech company. The total value of the investment stands at $66 million, aimed to enhance the competitive edge of IT firm in the insurance domain, specifically within the property and casualty (P&C) insurance segment. By acquiring a majority stake in Aggne through this investment, Wipro gains access to a distinctive set of capabilities and Intellectual Property (IP) within the property & casualty (P&C) insurance sector.
At 10:50 am, the shares of the IT firm were trading at Rs 505 price level, down by more than a per cent on the National Stock Exchange.
“The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction. This, combined with Wipro’s deep relationships and global scale, will help us drive significant synergies and uncover new growth opportunities,” said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Ltd.
Established in 2019, Aggne operates in both the US and India, with a corporate presence in Tampa, Florida, and Hyderabad, India. The company employs 230 professionals across its offices in both countries.
