ServiceNow said on Monday that he agreed to acquire MoveWorks, which develops automation and AI -focused tools.
ServiceNow will pay $ 2.85 billion for Moveworks in a cash and stock mixture. The first expects the agreement to end in the second half of 2025. Bloomberg reported The agreement late on Sunday evening.
In June 2021, Moveworks was estimated at $ 2.1 billion.
“With the acquisition of MoveWorks, ServiceNow will make another leap forward in the commercial transformation of the AI agency,” said the president and chief of the servicenow, Amit Zavery, in a press release. “The talented Move team
Zavery said the agreement made sense for serviceNow because he and Moveworks already have a number of mutual customers, and product offers from the two companies are closely integrated. By folding Moveworks in his corporate family, ServiceNow has the opportunity to build a platform that “[combines] AI forces and ServiceNow Automation with MoveWorks’ […] AI assistant and business research technology, ”said Zavery.
Moveworks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Shah previously co -founded Refresh, an application that has surfaced information on people in the extensive social networks of users (Linkedin acquired it in 2015). Nivargi built a commercial analysis platform called ClearsTory, while Singh was product manager at Meta supervising the development of Facebook features. Chen came to Moveworks by Yahoo, Google and Airbnb.
Moveworks based on Mountain View left Stealth in 2019 with an application to help business customers automate high -level IT support. Over the years, the startup has expanded its product portfolio to tackle various activity sectors, including HR, finance and installation management.
The company’s customers include Unilever, Instacart, Siemens and Toyota, according to its website. Before the acquisition of ServiceNow, Moveworks managed to raise just over $ 300 million from backers, including Tiger Global, Iconiq Growth and Kleiner Perkins. It has more than 500 employees.
“Moveworks hides the complexity that the employees are faced with work by giving them an intuitive and engaging starting point to seek and conduct action in any business system,” Shah said in a statement. “Making Part of ServiceNow presents an incredible opportunity to accelerate our innovation and keep our promise thanks to their platform fed to the AI agent to redefine the user experience for employees and customer service teams.”
The agreement solidifies the ServiceNow strategy to adopt emerging AI technologies. In January, the company acquired Cuein, a “Ai-Native” conversation data analysis platform, to improve data processing capacities.
ServiceNow says its new AI solutions are the fastest growth in its history. The company said that it had nearly 1,000 “IA customers” in December 2024, and around 200 million dollars in annual contract for its “Pro Plus” level of AI.
In his last tax quarter (Q4 2024), ServiceNow, based in Santa Clara, reported $ 2.96 billion in subscription income, pulled in part by the adoption of the AI.
