India-based IT services giant Wipro Ltd. (NYSE: WIT) acquired a majority stake in Aggne Global Inc., a US-based provider of IT services for the insurance and insuretech industries with a focus on the Duck Creek platform. Duck Creek is a suite of cloud-based, low-code products that enable property and casualty insurers to fast-track product development, according to Wipro.

The company is paying $66 million in cash for a 60% stake in Aggne, according to a regulatory filing in India. The deal was expected to close yesterday. Aggne had revenue of $17.9 million in its most recent fiscal year.

“Their innovative, IP-driven consulting capabilities in the insurance space and premier partnership status on the Duck Creek platform stand out in the marketplace,” Wipro’s Harpreet Arora said in a press release. Arora is senior VP and global head of banking, financial services and insurance domain and consulting.

Wipro said the deal will strengthen its competitive advantage in the insurance sector — particularly in the property and casualty insurance space.

“This combination will enhance Wipro’s [property and casualty] core system implementation capabilities, specifically in the area of Duck Creek,” the company said in a regulatory filing in India.

Aggne was founded in 2019 and has offices in Tampa, Florida, and Hyderabad, India. It has 230 employees.

“Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector,” Asha Kalidindi, co-founder and CEO of Aggne, said in a press release. “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.”