Azim Premji-Backed IT Major Expands Insurance Tech Presence With USD 28.5 Million Acquisition
Join Us
Follow Us
Wipro IT Services will acquire an additional 20 per cent stake in Aggne Global Inc. for USD 28.5 million, increasing its holding to 80 per cent as it strengthens capabilities in AI-led Property and Casualty insurance services.
✨ Key Takeaways
On Tuesday, Indian equity benchmarks traded lower in the morning session, with the benchmark Nifty 50 index declining 0.22 per cent to 23,330.75. IT stocks remained in focus amid acquisition and business expansion announcements. In this segment, Wipro share price traded at Rs 208.20 on June 2, 2026, up 0.85 per cent from the previous close, after the company announced an additional investment in insurtech firm Aggne Global Inc.
Wipro To Increase Stake In Aggne Global
Wipro IT Services, LLC, a step-down subsidiary of Wipro Ltd, has entered into an agreement to acquire an additional 20 per cent stake in Aggne Global Inc. for a purchase consideration of USD 28.5 million, subject to customary closing adjustments.
Following completion of the transaction, Wipro IT Services' shareholding in Aggne Global Inc. will increase to 80 per cent from the existing 60 per cent stake.
The acquisition is expected to be completed by June 5, 2026, and will be executed entirely in cash. The company stated that no governmental or regulatory approvals are required for the transaction.
Strengthening Insurance Technology Capabilities
The latest acquisition builds on Wipro's earlier investment completed in February 2024, when Wipro acquired a controlling stake in Aggne Group.
According to the company, the additional stake purchase is aimed at strengthening its competitive position in the insurance sector, particularly in delivering AI-led and intellectual property-driven transformation solutions for the Property and Casualty (P&C) insurance industry.
The transaction is expected to enhance Wipro's capabilities in helping insurers modernise operations, improve efficiency and strengthen customer engagement through technology-driven solutions.
Aggne Reports Consistent Growth
Aggne Group, comprising Aggne Global Inc. and Aggne Global IT Services Private Limited, provides information technology, consulting and managed services to the property and casualty insurance industry.
The company reported revenue of USD 18.9 million in FY24, which increased to USD 24.2 million in FY25 and further rose to USD 27.5 million in FY26, reflecting consistent growth over the past three financial years.
About Wipro
Founded in 1945, Wipro Limited is a global technology services and consulting company providing services across technology, consulting, engineering and business process management. The company operates in more than 65 countries and employs over 2,30,000 people worldwide. Wipro is listed on the BSE, NSE and the New York Stock Exchange.
Add DSIJ as your preferred news source on G o o g l e
Add NowWhat are your thoughts on Wipro's decision to increase its stake in Aggne Global and expand its insurance technology capabilities? Share your views in the comments below.
Disclaimer: The article is for informational purposes only and not investment advice.