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Technology Holdings advises InsurTech specialist Aggne, on the acquisition of a majority stake by Wipro for $66 Million

Feb 2024
Majority acquired by

Insurance Technology Services & IP

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Technology Holdings advises InsurTech specialist Aggne, on the acquisition of a majority stake by Wipro for $66 Million
Seller Aggne
Buyer Wipro
Focus Sector Insurance Technology Services & IP
Date February 2024

Technology Holdings is pleased to announce that it has acted as the exclusive financial advisor to Aggne, a leading insurance technology specialist and Duck Creek partner, on a significant strategic investment by Wipro. Wipro is investing $66M to acquire a 60% stake in Aggne, becoming the majority shareholder.

quote We are incredibly grateful for the invaluable advice provided by the Technology Holdings team. Their dedication to understanding the intricacies of our business, proactive approach and deep sector expertise was crucial in positioning us with potential partners. Leveraging their extensive global network of strategic and private equity buyers, we were able to find the perfect strategic partner that aligned with our long-term goals, and a unique, compelling deal structure. Thanks to TH for guiding us through every stage of the process and helping us achieve this brilliant outcome which exceeded our expectations!
Asha Kalidindi CEO, Aggne
Vijay Varma COO, Aggne
Vasu Rao CFO, Aggne

Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. Aggne’s offerings include IP-led consulting, implementation, and managed services. Founded in 2019, Aggne has 230 employees based in the United States and India. The company is a premier partner in the Duck Creek ecosystem and the recipient of the Duck Creek Technologies 2023 Americas Value Creation Partner of the Year award. It is also a partner of Socotra and Origami Risk. The transaction brings to Wipro a highly sought-after and unique set of capabilities and Intellectual Property (IP) in the property & casualty (P&C) insurance space. The combined capabilities of Wipro and Aggne will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C insurance sector.

“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,” said Asha Kalidindi, Co-Founder and CEO of Aggne. “Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector.”

Mike Jackowski, Chief Executive Officer of Duck Creek Technologies, added, “We are excited about the partnership between Aggne and Wipro. This investment by Wipro brings together the best in two leading firms and will help drive innovation to the insurance industry through the deployment of leading SaaS-based solutions.”

“Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector,” said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Limited.

Rahul Malpani, Associate Director at Technology Holdings said “We are delighted with the fantastic outcome achieved for the Aggne team and wish Asha and Vijay much success in the next phase of their journey. We are confident that the win-win transaction structure achieved will create a lot of value for both Aggne and Wipro.”

Vivek Subramanyam, Founder and CEO of Technology Holdings added “We are thrilled to have closed this transaction – our 14th InsurTech transaction and our 30th Banking, Financial Services & Insurance IT and Fintech transaction. The transaction showcases Technology Holdings’ deep expertise in InsurTech, BFSI and Fintech with our depth and breadth of expertise extending to every single segment of the space.”

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