ServiceNow Announces Acquisition of Moveworks for $2.85 Billion
ServiceNow Acquires Moveworks for $2.85 Billion, the Company Announces via Press Release. The Acquisition Aims to Accelerate the Integration of AI Assistants in Business Processes, with Applications in CRM, HR, and IT, Among Others. The Transaction Is Expected to Close in the Second Half of 2025.
Expansion of AI Assistants
Moveworks Develops AI Assistants and Search Technologies That Help Companies Automate Repetitive Tasks and Enable Employees to Work More Efficiently. Moveworks’ Technology Is Already Used by Various Companies, Such as Siemens, Toyota, and Unilever. ServiceNow Integrates These Functionalities into Its Own Platform, Which Focuses on Automation and Workflow Management.
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ServiceNow acquires Moveworks for $2.85 billion
With This Acquisition, ServiceNow Aims to Expand the Use of AI Within Companies. AI Assistants Can, for Example, Assist with HR Tasks Such as Payroll Administration and Recruitment, or with CRM Applications Like Customer Follow-ups and Sales Opportunities. ServiceNow and Moveworks Already Have Joint Customers and Integrations, Which Should Facilitate the Implementation of the Technology.
Increasing Demand
ServiceNow Has Nearly 1,000 AI Customers and Has Seen Strong Growth in Demand for Its AI Solutions in Recent Years. The Company States That Moveworks’ Technology Will Improve the User Experience by Providing a Unified AI-Driven Search and Self-Service Platform. This Should Help Companies Deploy AI More Broadly and Achieve Productivity Gains.
The Transaction Will Be Paid Partly in Cash and Partly in Shares and Is Expected to Close in the Second Half of 2025. The Acquisition Is Subject to Customary Regulatory Approvals.