Shares of IT major Wipro will be in focus heading into trade on Tuesday after it announced it will acquire an additional 20% stake in US-based insurtech company Aggne Global Inc through an all-cash transaction worth $28.5 million. The company said the transaction is expected to be completed by June 5.
This marks Wipro's third acquisition of 2026. Earlier this year, the company acquired Mindsprint for $375 million as part of a broader $1 billion transaction with its parent, Olam Group. It also purchased select customer contracts from US-based Alpha Net Consulting LLC and its subsidiaries for $71 million.
The move comes more than two years after the Bengaluru-headquartered IT services company acquired a 60% stake in Aggne Global in February 2024 in a deal valued at $66 million. At the time, Wipro had indicated its intention to gradually acquire the remaining stake. Following the latest purchase, Wipro's ownership in Aggne Global will rise to 80%.
According to Wipro, increasing its stake in Aggne Global will strengthen its position in the insurance industry, particularly in delivering AI-led and intellectual property-driven transformation solutions for the Property & Casualty Insurance (P&C) segment.
Aggne Global was founded in 2019 and incorporated in Florida, US. Its affiliate, Aggne Global IT Services Private Limited, was established in Hyderabad in 2020. The company provides IT, consulting and managed services to the property and casualty insurance industry and operates from offices in Tampa, Florida, and Hyderabad. It employs around 230 people across India and the US.
As per Wipro's filing, Aggne Global's annual turnover has grown steadily over the past three years, rising to $27.5 million in FY26 from $24.2 million in FY25 and $18.9 million in FY24.
Last week, Wipro announced an expanded partnership with ServiceNow to scale agentic AI workflows across key enterprise functions, including IT, HR, procurement, and cybersecurity.
In a press release, Wipro said the collaboration will combine Wipro Intelligence™, its suite of AI-powered platforms, solutions, and offerings, with the ServiceNow AI Platform. The partnership aims to help enterprises streamline the initiation, orchestration, and execution of work across systems while reducing manual coordination and improving operational visibility.
According to the company, the integration is expected to help businesses accelerate turnaround times while strengthening accountability and governance across enterprise operations.
As part of the expanded partnership, several Wipro Intelligence solutions will leverage ServiceNow’s AI Platform capabilities. These include SmartProcure, which is designed to streamline procurement workflows and improve cycle times through standardized intake, approvals, and execution processes.
Sensex, Nifty today: Catch all the LIVE stock market action here
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
