Servicenow to buy MoveWorks for $ 2,85B to increase its AI portfolio

Servicenow said on Monday that he agreed to acquire MOVEWORKSwhich develops automation focused on enterprise and AI tools.

Servicenow will pay $ 2.85 billion for MoveWorks in combination with money and shares. The first expects the deal to end in the second half of 2025. Bloomberg reported The deal late Sunday night.

As of June 2021, MoveWorks was estimated at $ 2.1 billion.

“With the acquisition of MoveWorks, Servicenow will take another giant leap forward in the business transformation of AI-nourishing AI,” said ServiceNow and Coo Amit Zavery President in a press release. “The MoveWorks talented team and the elegant AI-first experience combined with the powerful AI-managed workflow automation will recharge AI to accept AI across the country and provide results to change the game for employees and their customers.”

Zavery said the deal makes sense for Servicenow, since IT and MoveWorks already have a number of mutual customers and the products offered by the two companies are strictly integrated. Folding MoveWorks into its corporate family, ServiceNow has the opportunity to build a platform that “(combines) AI agency and strengths for Servicenow automation with AI assistant and AI search technology,” Zhovers said.

MoveWorks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Chess before that is a co -founded refresh, an application that emerges in insights for people in the expanded social networks of consumers (LinkedIn acquired It in 2015). Nivargi has built a business analysis platform called ClearstoryWhile Singh was a leading product manager at Meta Ovetence Facebook Feature Development. Chen came to MoveWorks via Yahoo, Google and Airbnb.

Mountain View Moveworks based on Stealth in 2019 with an application to help Enterprise customers automate high -level IT support. Over the years, the launch has expanded its product portfolio to deal with various business lines, including HR, finance and facilities management.

The company’s customers include Unilever, Instacart, Siemens and Toyota, on his website. Prior to the acquisition of Servicenow, MoveWorks managed to raise just over $ 300 million from supporters, including Tiger Global, Iconiq Growth and Kleiner Perkins. He has more than 500 employees.

“MoveWorks hides the complexity with which employees encounter at work, giving them an intuitive, engaging initial place to search and manage actions in any corporate system,” Shah says in a statement. “Becoming a part of Servicenow provides an incredible opportunity to accelerate our innovations and fulfill our promise through their AI platform to redefine the consumer experience for employees and customer service teams.”

The deal reinforces the ServiceNow strategy to perceive newly emerging AI technologies. In January the company acquired Cuein, AI-Navive call data analysis platform, to improve its data processing capabilities.

Servicenow claims that its latest AI solutions are the fastest growing in its history. The company said it has nearly 1,000 AI clients as of December 2024 and about $ 200 million a year value of the contract for its Pro Plus AI.

In its last fiscal neighborhood (Q4 2024), based in Santa Clara Servicenow reported A $ 2.96 billion subscription revenue led by AI’s reception.