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ServiceNow said on Monday that it has fit in to acquireMoveworks , which originate enterprise - focus mechanization and AI tools .
ServiceNow will pay $ 2.85 billion for Moveworks in a mix of cash and gunstock . The former expects the deal to shut in the 2d one-half of 2025 . Bloombergreportedthe deal late on Sunday nighttime .
As of June 2021 , Moveworks was valued at $ 2.1 billion .
“ With the attainment of Moveworks , ServiceNow will take another jumbo leap forward in agentic AI - powered stage business transmutation , ” ServiceNow chairperson and COO Amit Zavery say in a press firing . “ Moveworks ’ talented team and graceful AI - first experience , combined with ServiceNow ’s powerful AI - drive work flow automation , will boost enterprise - wide of the mark AI adoption and deliver plot - changing outcomes for employee and their customers . ”
Zavery said the business deal made sense for ServiceNow because it and Moveworks already have a number of mutual customer , and the two company ’ mathematical product offerings are tightly integrated . By fold up Moveworks into its corporate family , ServiceNow has an opportunity to build a platform that “ combines ] ServiceNow ’s agentic AI and mechanisation effectiveness with Moveworks ’ [ … ] AI assistant and endeavour hunt technology , ” Zavery said .
Moveworks was founded in 2016 by Bhavin Shah , Vaibhav Nivargi , Varun Singh , and Jiang Chen . Shah previously co - founded Refresh , an app that surfaced perceptivity about mass in users ’ extended societal networks ( LinkedIn acquiredit in 2015 ) . Nivargi build a business analytics platform calledClearStory , while Singh was a lead merchandise manager at Meta overseeing Facebook feature film development . Chen fare to Moveworks by way of Yahoo , Google , and Airbnb .
Mountain View - based Moveworks came out of stealing in 2019 with an program to aid enterprise customer automate high - level IT financial support . Over the old age , the startup expanded its production portfolio to accost various lines of line , including HR , finance , and facility management .
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The company ’s clients admit Unilever , Instacart , Siemens , and Toyota , per its website . Prior to the ServiceNow skill , Moveworks managed to call down just over $ 300 million from backer including Tiger Global , Iconiq Growth and Kleiner Perkins . It has more than 500 employees .
“ Moveworks obliterate the complexity employees face at work by giving them an nonrational , engaging starting place to search and drive military action across any endeavor system , ” Shah said in a statement . “ Becoming part of ServiceNow presents an unbelievable opportunity to speed our innovation and render on our promise through their AI agent - fuel platform to redefine the user experience for employee and customer Robert William Service teams . ”
The deal solidifies ServiceNow ’s strategy to espouse emerging AI technology . In January , the companyacquiredCuein , an “ AI - aboriginal ” conversation information analysis platform , to enhance its information processing capability .
ServiceNow claims its newest AI solutions are the fastest - growing in its history . The company say it had nearly 1,000 “ AI customers ” as of December 2024 , and around $ 200 million in annual contract bridge value for its “ Pro Plus ” AI level .
In its most recent financial quarter ( Q4 2024 ) , Santa Clara - based ServiceNowreported$2.96 billion in subscription revenue , drive in part by AI adoption .
