ServiceNow Eyes $3 Billion Moveworks Deal Amid AI Expansion
- ServiceNow completed its acquisition of AI assistant provider Moveworks after a reported deal worth nearly $3 billion.
- The acquisition comes as ServiceNow expands its AI-driven enterprise solutions, building on past acquisitions and a growing partnership with Google Cloud.
ServiceNow completed its acquisition of AI assistant provider Moveworks after a reported deal that may value the company at nearly $3 billion. According to Bloomberg, the deal was previously expected to be announced soon.
Before the acquisition, sources familiar with the matter indicated that discussions were advanced, while also warning that the negotiations could face delays or break down.
What Moveworks does
Founded in 2016, Moveworks specializes in AI-driven employee assistance tools used by major companies including Unilever, GitHub, and Broadcom.
Moveworks has received backing from investors including Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures. The company was valued at $2.1 billion in a 2021 funding round.
ServiceNow’s enterprise AI strategy
ServiceNow, led by CEO Bill McDermott, develops enterprise software aimed at streamlining IT and personnel operations. The Santa Clara-based company has been integrating generative AI into its products as part of its broader AI strategy.
In January, ServiceNow expanded its partnership with Google Cloud to integrate AI-driven enterprise technology. The arrangement allows businesses to connect workflow solutions with Google Cloud’s AI, data analytics, and productivity tools.
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ServiceNow India MD Sumeet Mathur previously discussed the company’s growing number of partnerships, saying that many firms prefer collaborating with ServiceNow rather than competing with it.
“For context, most Indian IT companies, the big techs of the world, and even companies like Databricks and Snowflake have partnered with the company in recent years,” Mathur said.
ServiceNow’s generative AI investments
ServiceNow has been investing in AI for over a decade. The company has described its transition to generative AI as an incremental step rather than a major shift.
ServiceNow’s 2020 acquisition of Element AI laid the groundwork for its advancements in large language models.
“Our GenAI offerings are persona-focused,” Mathur said, emphasizing tailored solutions for employees, agents, and developers.
Edited by Harshajit Sarmah
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