Technology Holdings advised Aggne on its $66 million majority stake acquisition in Wipro

Technology Holdings, a prominent global investment bank with an extensive presence across North America, Europe, and the Asia Pacific region, proudly announces its role as the exclusive financial advisor to Aggne, a renowned insurtech specialist headquartered in Florida and a trusted partner of Duck Creek. This landmark collaboration facilitated a significant investment by Wipro, with the latter injecting a substantial sum of $66 million to acquire a commanding 60% stake in Aggne, thereby becoming the majority shareholder in the company.

Aggne stands out in the industry for its diverse array of services tailored to assist insurance companies in optimizing their operations, streamlining processes, and delivering unparalleled customer experiences. Leveraging a wealth of expertise, Aggne specializes in IP-led consulting, implementation, and managed services, catering to the evolving needs of the insurance landscape. Established in 2019, Aggne has rapidly grown its team to encompass 230 dedicated professionals spread across key locations in the United States and India. The company’s dedication to excellence has been duly recognized, as evidenced by prestigious accolades such as the Duck Creek Technologies 2023 Americas Value Creation Partner of the Year award.

The strategic investment by Wipro not only signifies a significant financial transaction but also heralds a new era of collaboration in the property and casualty insurance domain. By joining forces, Wipro and Aggne aim to harness their combined strengths to deliver enhanced value propositions, expedite time-to-market, and introduce innovative solutions that set new benchmarks in customer service excellence.

Leadership at Aggne, including CEO Asha Kalidindi, COO Vijay Varma, and CFO Vasu Rao, expressed their heartfelt appreciation to the Technology Holdings team for their unwavering support and invaluable guidance throughout the intricate negotiation process. Their deep understanding of Aggne’s intricate business model, forward-thinking approach, and extensive industry knowledge played a pivotal role in positioning the company for this transformative partnership. Leveraging their extensive network of global strategic partners and private equity buyers, Technology Holdings facilitated a seamless transaction that not only aligns with Aggne’s long-term strategic objectives but also sets the stage for compelling and unique deal structures.

Vivek Subramanyam, Founder and CEO of Technology Holdings, expressed his delight at the successful completion of this milestone transaction, which marks the company’s 14th insurtech deal and its 30th transaction in the broader Banking, Financial Services, and Insurance (BFSI) and fintech sectors. This achievement underscores Technology Holdings’ deep-rooted expertise and unwavering commitment to driving innovation and fostering growth across diverse segments of the industry.

As a final note, it’s important to mention that while this announcement provides a translated version of the original text for ease of comprehension, the original version remains the authoritative and legally binding source. For further details, please refer to the original text.

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