Wipro expands its footprint in insurance with a $66 million acquisition of Aggne

The well-known Wipro tech giant recently acquired 60% of a United States-based InsurTech firm named Aggne, indicating that Wipro will continue to strengthen its market share not only in the tech industry but also in the InsurTech sector.

Aggne was founded in 2019; since then, the company has worked in the United States of America as well as in India. The company’s basic work is to provide services related to technology to companies around India and the USA. The offices of the company are located in Florida, USA, and Hyderabad, India.

Wipro acquired around 60% of the company’s stake with an investment of $66 million, making the company worth more than $100 million in the market. Asha Kalidindi, CEO, has commented on LinkedIn, saying she is excited about the future of Aggne and Wirpo together.

After news came of the acquisition, the Wipro stock on the stock market showed a positive response and closed around 2% above its opening price. While the broader market was down and other technology-based companies like KPIT Technology were down more than 7% in a single day, Wipro was going into the market and gaining more than 2% in a single day.

Senior Vice President and Global Head of Banking Harpreet Arora said he’s thrilled to add Aggne to their company’s portfolio. Other Wipro management people have already commented on the acquisition and are quite excited about the future of both companies, as said by CEO Asha Kalidindi.

Asha Kalidindi also said that joining hands with Wipro will allow them to grow their business faster and better, as joining Wipro will help them reach larger entities and more people faster because Wipro has data and already established connections. Wipro will also help employees with development and exposure.