Azim Premji's Wipro announces massive deal, to invest Rs 5480000000 in...

Azim Premji’s Wipro is one of the most valuable IT companies in India with a massive market cap of Rs 267000 crore. Azim Premji and his company Wipro are popular for their business ethics and philanthropic activities. The IT giant is often in the news for its stocks, business announcements and expansion. Once again Wipro has made it to the headlines as the company has announced a massive deal of Rs 548 crore. Wipro has revealed that it is investing Rs 5480000000 to acquire US-based Aggne Global Inc. and its Hyderabad-based affiliate Aggne Global IT Services. Wipro will initially own the 60% of the company, with an option to acquire the rest of the stake over the period of time.

For those who are unaware, Aggne Global is an IT, consulting, and managed services company founded in 2019 that caters to the property and casualty insurance industry. The company’s solution integrates with the Duck Creek platform, providing insurance companies and Insurtech organizations with access to technology and services that allow them to stay ahead of the competition.

"Aggne’s Swift IPs (internet protocol) combined with Wipro’s wider offerings will position us as an end-to-end player in the P&C (property & casualty) insurance space," Wipro said in a release to the exchanges. Aggne Group had massive combined revenues for the past three calendar years. For 2021, it had a revenue of 4.5 million dollars. Revenue increased to 9.1 million dollars in 2022 and 17.9 million dollars in 2023.