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Servicenow said on Monday that she had agreed to obtain it MoveworksAnd that develops automation that focuses on institutions and artificial intelligence tools.
Servicenow will pay $ 2.85 billion for Moveworks in a mix of cash and stocks. Previous is expected to close the deal in the second half of 2025. Bloomberg I mentioned The deal late on Sunday night.
As of June 2021, the value of Moveworks was $ 2.1 billion.
“By acquiring Moveworks, Servicenow will take another giant leap forward in the transformation of works that work with artificial intelligence materials,” said President Servicenow and Coo Ameit Zavery in a press statement. The talented Moveworks team and the elegant AI-FIRST experience, along with Servicenow, will adopt Amnesty International at the level of the institution and provide results to change the game to employees and their customers. “
Zavery said that the deal was logical for the service because it and Moveworks have already had a number of joint customers, and the products of the two companies’ products are tightly merged. By movings in her institutional family, Servicenow has the opportunity to build a platform “(combines) Agency Agency AI and Automation Automation Protects with Moveworks’ (…) AI Assistant and Enterprise Search Technology”, he said, he said, he said. Zavery.
Moveworks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Shah previously participated in the establishment of Refresh, an application that has appeared on the surface around people in the social networks extending to users (Gain linkin In 2015). Nivargi designed a called business analysis platform ClearstoryWhile Singh was the main director of products in developing the Meta feature in Facebook. Chen came to Moveworks by Yahoo, Google and Airbnb.
Mountain View Mountain Views out of Stealth in 2019 with an application to help Enterprise customers to automate high -level information technology support. Over the years, start starting its product portfolio to process various business lines, including human and financial resource management and facilities management.
The customers of the company include Unilever, Instacart, Siemens and Toyota, according to its website. Before acquiring Servicenow, Moveworks managed to raise a little more than $ 300 million of supporters including Tiger Global, Iconiq Growth and Kleiner Perkins. It has more than 500 employees.
“Moveworks hides the complexity facing employees at work by giving them an intuitive and attractive starting place to search and pay procedures through any system of institutions,” Shah said in a statement. “To become part of Servicenow represents a great opportunity to accelerate our innovation and provide our promise through its platform fueled by the artificial intelligence agent to redefine the user experience for employees and customer service teams.”
The deal enhances Servicenow’s strategy to adopt emerging artificial intelligence techniques. In January acquired Cuein, AI-NATITION Data Analysis platform, to enhance its data processing capabilities.
Servicenow claims the latest artificial intelligence solutions is the fastest growth in its history. The company said it has approximately 1,000 “artificial intelligence agents” as of December 2024, and about 200 million dollars in the annual contract value of its “Pro Plus” AI.
In the latest financial quarter (Q4 2024), Santa Clara Servicenow, based in Santa Clara I mentioned $ 2.96 billion of subscription revenues, partially driven by adopting artificial intelligence.