DEAL BRIEF
Wipro Limited and its affiliate (collectively, “Wipro”) has made a significant investment in Aggne Global, Inc. and its affiliate Aggne Global IT Services Private Limited (collectively, “Aggne”), a leading consulting and managed services company serving insurance and Insurtech industries. Wipro acquired 60% of Aggne from founders, with an option to purchase the remaining stake over a period of time.
OUR ROLE
We at Nishith Desai Associates, acted as the legal counsel to Aggne and its founders. We advised them on the legal, regulatory and tax aspects of the transaction, along with other advisors.
OUR CLIENT
Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The services include Intellectual Property-led consulting, implementation, cloud, DevOps automation and managed services with a strong focus on the Duck Creek platform (Duck Creek is a full suite of cloud-based, low-code products that help property and casualty insurers accelerate product development and drive ongoing innovation). Aggne is privately owned and has a workforce of over 230 employees.
DEAL TEAM
Vaibhav Parikh
Parul Jain
Chandrashekar K
Muqeet Drabu
Ipsita Agarwalla
RELEVANT LINKS
Press Release, Wipro Limited, February 13, 2024, available at: https://nsearchives.nseindia.com/corporate/WIPRO_13022024170039_PressRelease.pdf
Hindu Businessline, February 13, 2024, available at: https://www.thehindubusinessline.com/info-tech/wipro-acquires-aggne-for-66-million-to-strengthen-capabilities-in-insurance-sector/article67841819.ece
Business Standard, February 13, 2024, available at: https://www.business-standard.com/companies/news/wipro-acquires-aggne-for-66-mn-to-boost-capabilities-in-insurance-sector-124021301280_1.html
