Wipro, a renowned IT firm in India led by Azim Premji, with a significant market capitalization of Rs 267,000 crore.
It is well-known for its ethical business practices and humanitarian initiatives. The corporation often attracts attention due to its stocks, business activities, and growth. Wipro has once again attracted attention by announcing a substantial acquisition valued at Rs 548 crore.
Wipro announced its intention to spend Rs 5,480,000,000 in order to purchase Aggne Global Inc., a company established in the United States, and its subsidiary, Aggne Global IT Services, located in Hyderabad.
At first, Wipro will own a majority ownership of 60% in the firm, and they have the opportunity to gradually purchase the remaining ownership portion.
Aggne Global, established in 2019, is an IT, consultancy, and managed services firm that caters to the property and liability insurance sector.
The solutions offered by this company seamlessly connect with the Duck Creek platform, offering insurance firms and Insurtech organizations the necessary technology and services to stay ahead in the market.
"Through the acquisition of Aggne, Wipro will integrate Aggne's Swift IPs with our existing range of products and services, establishing ourselves as a comprehensive player in the property and casualty insurance sector," Wipro said in a statement to the stock markets.
Aggne Group has generated significant aggregate revenues in the last three years. The revenue of the company in 2021 amounted to $4.5 million, which saw a growth to $9.1 million in 2022 and further climbed to $17.9 million in 2023.
