IT services major Wipro Ltd on Monday said its step-down 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 firm will increase to 80%, strengthening its presence in insurtech services segment.
Wipro said the transaction is expected to be completed by June 5, 2026. Aggne Global provides technology, consulting and digital transformation services to the property and casualty (P&C) insurance industry.
“It is hereby informed that Wipro IT Services, LLC (stepdown subsidiary) will 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 stock exchange filing.
Wipro's stake in Aggne to rise to 80%
According to the exchange filing, the acquisition consideration is payable in cash and is subject to customary closing adjustments. The company had earlier informed on February 15, 2024, that Wipro Ltd and Wipro IT Services, LLC had acquired a 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc., respectively, with the transaction completed on February 14, 2024.
“Currently acquiring additional 20% which takes Wipro IT Services, LLC’s overall shareholding in Aggne Global Inc., to 80%. A separate disclosure will be made on acquisition of any further stake,” the company said.
Acquisition to boost Wipro's position in the insurance sector
In the exchange filing, the IT services major also noted that the additional stake purchase in Aggne will further strengthen its competitive advantage in the insurance sector, particularly in AI and intellectual property-led transformation services for the Property and Casualty insurance segment.
Wipro added that no government or regulatory approvals are required for the transaction. Additionally, it also informed that the said transaction is not a related party transaction and that the promoter, promoter group and group companies do not have any interest in the entity being acquired.
Aggnee Group's financial health
As per the exchange filing, Aggne Group is a rapidly growing Insurtech company offering a wide range of artificial intelligence, and Intellectual Property driven services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences.
The entity reported annual turnover of $18.9 million in FY2024, $24.2 million in FY25 and $27.5 million in FY26.
Shares of Wipro Ltd ended at ₹206.51 on the NSE on Monday, gaining ₹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 agentic AI workflows across core enterprise functions such as IT, HR, procurement, and cybersecurity.
