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ServiceNow Announces $2.85 Billion Acquisition of AI Startup Moveworks

The acquisition aims to enhance ServiceNow's AI-driven workflow automation and enterprise solutions, with the deal expected to close in late 2025.

Bill McDermott, the CEO of ServiceNow. The company just announced it is buying AI automation company Moveworks for $2.85 billion in cash and stock as ServiceNow seeks to bolster its 'agentic AI' capabilities.
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Overview

  • ServiceNow has agreed to acquire Moveworks, a provider of AI-powered enterprise tools, for $2.85 billion in a cash and stock deal.
  • The acquisition will integrate Moveworks' generative AI assistant and enterprise search technology with ServiceNow's AI-driven automation platform.
  • Moveworks, founded in 2016, serves major clients like Unilever, Toyota, and Siemens, and surpassed $100 million in annual recurring revenue in 2024.
  • This will be ServiceNow's largest acquisition to date, following its recent AI-focused purchases such as Cuein earlier this year.
  • The deal reflects ServiceNow's strategic push into generative AI to compete with industry peers like Salesforce, while addressing growing enterprise demand for AI solutions.