Technology Holdings, a global investment bank with offices across North America, Europe, and the Asia-Pacific, is delighted to announce its role as the exclusive financial advisor to Aggne, a prominent insurance technology specialist headquartered in Florida and a key partner of Duck Creek, on a significant strategic investment by Wipro. Wipro will invest $66 million to acquire a 60% stake in Aggne, thus becoming the majority shareholder.
Aggne offers a comprehensive suite of services aimed at assisting insurers in streamlining operations, enhancing efficiencies, and delivering exceptional customer experiences. Its offerings encompass IP-led consulting, implementation, and managed services. Established in 2019, Aggne boasts a team of 230 employees based in the United States and India. The company holds the distinction of being a premier partner within the Duck Creek ecosystem and was honored with the Duck Creek Technologies 2023 Americas Value Creation Partner of the Year award. Additionally, Aggne is a partner of Socotra and Origami Risk. This transaction brings to Wipro a highly coveted and distinctive set of capabilities and Intellectual Property (IP) within the property & casualty (P&C) insurance domain. The amalgamation of Wipro and Aggne’s capabilities will enable the delivery of enhanced value, accelerated speed-to-market, and differentiated services to clients in the P&C insurance sector.
“We extend our heartfelt gratitude to the Technology Holdings team for their invaluable guidance throughout this process. Their unwavering commitment to understanding the nuances of our business, proactive approach, and profound sector knowledge were instrumental in positioning us with potential partners. Leveraging their extensive global network of strategic and private equity buyers, we successfully identified the ideal strategic partner aligned with our long-term objectives and crafted a unique and compelling deal structure. We sincerely thank TH for their support at every stage of the journey, culminating in an outcome that exceeded our expectations!” remarked Asha Kalidindi, CEO, Vijay Varma, COO, and Vasu Rao, CFO of Aggne.
Vivek Subramanyam, Founder, and CEO of Technology Holdings expressed his enthusiasm, stating, “We are thrilled to have facilitated the completion of this transaction, marking our 14th InsurTech transaction and our 30th in the Banking, Financial Services & Insurance IT (BFSI) and Fintech sectors. This transaction underscores Technology Holdings’ profound expertise in InsurTech, BFSI, and Fintech, with our comprehensive knowledge extending across every segment within these domains
