ServiceNow mentioned on Monday that it has agreed to accumulate Moveworks, which develops enterprise-focused automation and AI instruments.
ServiceNow can pay $2.85 billion for Moveworks in a mixture of money and inventory. The former expects the deal to shut within the second half of 2025. Bloomberg reported the deal late on Sunday evening.
As of June 2021, Moveworks was valued at $2.1 billion.
“With the acquisition of Moveworks, ServiceNow will take one other big leap ahead in agentic AI-powered enterprise transformation,” ServiceNow president and COO Amit Zavery mentioned in a press launch. “Moveworks’ proficient staff and stylish AI-first expertise, mixed with ServiceNow’s highly effective AI-driven workflow automation, will supercharge enterprise-wide AI adoption and ship game-changing outcomes for workers and their clients.”
Zavery mentioned the deal made sense for ServiceNow as a result of it and Moveworks have already got plenty of mutual clients, and the 2 firms’ product choices are tightly built-in. By folding Moveworks into its company household, ServiceNow has a possibility to construct a platform that “[combines] ServiceNow’s agentic AI and automation strengths with Moveworks’ […] AI assistant and enterprise search know-how,” Zavery mentioned.
Moveworks was based in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Shah beforehand co-founded Refresh, an app that surfaced insights about individuals in customers’ prolonged social networks (LinkedIn acquired it in 2015). Nivargi constructed a enterprise analytics platform known as ClearStory, whereas Singh was a lead product supervisor at Meta overseeing Facebook function growth. Chen got here to Moveworks by the use of Yahoo, Google and Airbnb.
Mountain View-based Moveworks got here out of stealth in 2019 with an utility to assist enterprise clients automate high-level IT help. Over the years, the startup expanded its product portfolio to handle varied traces of enterprise, together with HR, finance and services administration.
The firm’s shoppers embrace Unilever, Instacart, Siemens and Toyota, per its web site. Prior to the ServiceNow acquisition, Moveworks managed to lift simply over $300 million from backers together with Tiger Global, Iconiq Growth and Kleiner Perkins. It has greater than 500 staff.
“Moveworks hides the complexity staff face at work by giving them an intuitive, participating beginning place to look and drive motion throughout any enterprise system,” Shah mentioned in an announcement. “Becoming a part of ServiceNow presents an unimaginable alternative to speed up our innovation and ship on our promise by their AI agent-fueled platform to redefine the consumer expertise for workers and customer support groups.”
The deal solidifies ServiceNow’s technique to embrace rising AI applied sciences. In January, the corporate acquired Cuein, an “AI-native” dialog information evaluation platform, to reinforce its information processing capabilities.
ServiceNow claims its latest AI options are the fastest-growing in its historical past. The firm mentioned it had practically 1,000 “AI clients” as of December 2024, and round $200 million in annual contract worth for its “Pro Plus” AI tier.
In its most up-to-date fiscal quarter (This autumn 2024), Santa Clara-based ServiceNow reported $2.96 billion in subscription revenues, pushed partly by AI adoption.
