Wipro Ltd announced on Monday that it will purchase an additional 20% stake in the US-based insurtech firm Aggne Global Inc in an all-cash deal valued at $28.5 million.
The transaction comes more than two years after India’s fourth-largest IT services provider acquired 60% stake in the insurtech firm in February 2024, then valued at $66 million. Wipro had then notified in stock exchange filings its intention to purchase the remaining stake over a period of time. With the additional purchase, its overall shareholding in Aggne Global will increase to 80%.
The transaction is expected to be completed by June 5.
This is the Bengaluru-based company’s third acquisition in 2026, after its $375 million buyout of Mindsprint (as part of a $1 billion deal with its parent, Olam Group) and the $71 million purchase of select customer contracts from US-based Alpha Net Consulting LLC and its subsidiaries.
“This additional stake purchase in Aggne will further strengthen Wipro’s competitive advantage in the insurance sector—particularly in driving AI, and IP-led transformations for the Property & Casualty Insurance (P&C) sector,” Wipro said in a stock exchange filing.
For Wipro, banking, financial and insurance sector revenue declined 1.9% year-on-year in constant currency terms in 2025-26, with its largest vertical accounting for about 34% of the company’s total revenue, as per its latest earnings statements.
Founded in 2019, Aggne Global was incorporated in Florida, US, and its affiliate Aggne Global IT Services Private Limited was founded in 2020 in Hyderabad, India. It offers IT, consulting and managed services for the property and casualty insurance industry. It has offices in Tampa, Florida, and in Hyderabad, and has 230 employees based in India and the US.
Aggne Global’s annual turnover increased to $27.5 million in 2025-26 from $24.2 million in 2024-25 and $18.9 million in 2023-24, according to Wipro’s filing.
The additional stake purchase comes at a time when mergers and acquisitions activity has picked up among IT service providers this year, as companies work on attaining market share inorganically, amid artificial intelligence (AI)-led revenue compression.
While engineering service provider Cyient bought Tao Digital for $218 million last week, Mumbai-based LTM bought Randtsad’s European and Australian technology and consulting services business for 160 million euros, and Hexaware Technologies bought the UK- and UAE-based consulting firm Consulting Professionals Services Holdings Limited in a deal valued at up to 11 million pounds.
