ServiceNow mentioned on Monday that it has agreed to procure Moveworks, which develops enterprise-focused automation and AI equipment.
ServiceNow can pay $2.85 billion for Moveworks in a mixture of money and inventory. The previous expects the deal to near in the second one part of 2025. Bloomberg reported the deal past due on Sunday night time.
As of June 2021, Moveworks used to be valued at $2.1 billion.
“With the purchase of Moveworks, ServiceNow will take every other massive bounce ahead in agentic AI-powered industry transformation,” ServiceNow president and COO Amit Zavery mentioned in a press unlock. “Moveworks’ gifted workforce and sublime AI-first enjoy, mixed with ServiceNow’s tough AI-driven workflow automation, will supercharge enterprise-wide AI adoption and ship game-changing results for staff and their shoppers.”
Zavery mentioned the deal made sense for ServiceNow as it and Moveworks have already got numerous mutual shoppers, and the 2 firms’ product choices are tightly built-in. Through folding Moveworks into its company circle of relatives, ServiceNow has a chance to construct a platform that “[combines] ServiceNow’s agentic AI and automation strengths with Moveworks’ […] AI assistant and venture seek era,” Zavery mentioned.
Moveworks used to be based in 2016 by means of Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Shah prior to now co-founded Refresh, an app that surfaced insights about other folks in customers’ prolonged social networks (LinkedIn received it in 2015). Nivargi constructed a industry analytics platform known as ClearStory, whilst Singh used to be a lead product supervisor at Meta overseeing Fb characteristic building. Chen got here to Moveworks by means of Yahoo, Google and Airbnb.
Mountain View-based Moveworks got here out of stealth in 2019 with an utility to lend a hand venture shoppers automate high-level IT reinforce. Over time, the startup expanded its product portfolio to deal with more than a few strains of commercial, together with HR, finance and amenities control.
The corporate’s purchasers come with Unilever, Instacart, Siemens and Toyota, in step with its website online. Previous to the ServiceNow acquisition, Moveworks controlled to lift simply over $300 million from backers together with Tiger World, Iconiq Enlargement and Kleiner Perkins. It has greater than 500 staff.
“Moveworks hides the complexity staff face at paintings by means of giving them an intuitive, enticing beginning position to look and pressure motion throughout any venture device,” Shah mentioned in a observation. “Changing into a part of ServiceNow gifts an out of this world alternative to boost up our innovation and ship on our promise thru their AI agent-fueled platform to redefine the person enjoy for staff and customer support groups.”
The deal solidifies ServiceNow’s way to include rising AI applied sciences. In January, the corporate received Cuein, an “AI-native” dialog information research platform, to reinforce its information processing functions.
ServiceNow claims its latest AI answers are the fastest-growing in its historical past. The corporate mentioned it had just about 1,000 “AI shoppers” as of December 2024, and round $200 million in annual contract worth for its “Professional Plus” AI tier.
In its most up-to-date fiscal quarter (This fall 2024), Santa Clara-based ServiceNow reported $2.96 billion in subscription revenues, pushed partially by means of AI adoption.
ServiceNow,Mergers and Acquisitions,Moveworks
Supply hyperlink
