Wipro Limited has announced that its step-down subsidiary, Wipro IT Services, LLC, will acquire an additional 20% stake in Aggne Global Inc. part of the Aggne Group. The move will increase Wipro IT Services, LLC's shareholding in Aggne Global Inc. to 80%. The transaction is expected to be completed at the latest by June 5, 2026.
Wipro IT Services, LLC will pay a purchase consideration of USD 28.5 million for the additional stake, subject to customary closing adjustments. The entire consideration will be paid in cash. No government or regulatory approvals are required for the transaction.
The latest acquisition follows the initial deal in February 2024, when Wipro Limited and Wipro IT Services, LLC acquired a 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc. respectively. That original transaction was completed on February 14, 2024. A separate disclosure will be made on acquisition of any further stake.
Aggne Group is a fast-growing Insurtech company offering AI and intellectual property-driven services for the Property and Casualty Insurance sector. Aggne's services include consulting, managed services, and technology transformation designed to help insurers optimize operations.
Aggne Group reported an annual turnover of USD 18.9 million for FY24, USD 24.2 million for FY25, and USD 27.5 million for FY26. The additional stake will strengthen Wipro's competitive position in the insurance technology space.
Wipro stated that the additional stake will help drive AI and IP-led transformations in the Property and Casualty insurance market, an area where Aggne Group has built specialized capabilities.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.