EAST BRUNSWICK, N.J. & TAMPA, Fla. & BENGALURU, India--(BUSINESS WIRE)--Feb. 13, 2024--
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced that it has made a significant investment in Aggne, a leading consulting and managed services company serving insurance and Insurtech industries.
With this investment, Wipro becomes a majority shareholder in Aggne, which brings to Wipro a highly sought-after and unique set of capabilities and Intellectual Property (IP) in the property & casualty (P&C) insurance space. The combined capabilities of Wipro and Aggne will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector.
“Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector,” said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Limited. “The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction. This, combined with Wipro’s deep relationships and global scale, will help us drive significant synergies and uncover new growth opportunities.”
Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.
Aggne’s services include IP-led consulting, implementation, and managed services with a strong focus on the Duck Creek platform—a full suite of cloud-based, low-code products that enable P&C insurers to fast-track product development and drive ongoing innovation.
“We are thrilled to add Aggne’s unique capabilities to our portfolio,” said Harpreet Arora, Senior Vice President and Global Head of Banking, Financial Services and Insurance Domain & Consulting at Wipro Limited. “Their innovative, IP-driven consulting capabilities in the insurance space and premier partnership status on the Duck Creek platform stand out in the marketplace. Combined with our domain expertise, these capabilities will allow us to bring clients a truly end-to-end offering that will help them drive competitive advantage and customer loyalty.”
Mike Jackowski, Chief Executive Officer of Duck Creek Technologies, added, “We are excited about the partnership between Aggne and Wipro. Aggne's deep expertise and experience in implementing Duck Creek products, combined with Wipro's scale, insurance industry acumen, and global reach, will greatly benefit our customers. This investment by Wipro brings together the best in two leading firms and will help drive innovation to the insurance industry through the deployment of leading SaaS-based solutions.”
Aggne is a recognized leader and premier partner in the Duck Creek ecosystem. The company is the recipient of the Duck Creek Technologies 2023 Americas Value Creation Partner of the Year award.
“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,” said Asha Kalidindi, Co-Founder and CEOof Aggne. “Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector. Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities. With access to Wipro’s scale and deep technical capabilities, as well as investments in artificial intelligence, we will be able to innovate faster, expand our capabilities and build new ones in alignment with evolving industry needs. We look forward to tapping into the potential ahead of us and driving continued growth for our clients.”
Founded in 2019, Aggne is incorporated in the United States and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and the United States.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With nearly 240,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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Media Relations
Wipro Limited
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Source: Wipro Limited
