ServiceNow (NOW.US) spent $2.85 billion to acquire AI assistant provider Moveworks.

ServiceNow (NOW.US), which focuses on providing cloud computing platforms to help global enterprises efficiently optimize digital workflows, has confirmed the acquisition of artificial intelligence company Moveworks for $2.85 billion in cash and stock, making it its largest acquisition to date. The transaction is expected to be completed in the second half of 2025, subject to customary regulatory approvals and closing conditions. This acquisition will combine ServiceNow's AI and automation capabilities with Moveworks' front-end AI assistant and enterprise search technology, enabling ServiceNow to accelerate its AI solutions to enhance customer interactions. Amit Zavery, President, Chief Operating Officer, and Chief Product Officer of ServiceNow, stated, "With the acquisition of Moveworks, ServiceNow takes another big step in AI-driven business transformation." Founded in 2016, Moveworks provides AI assistants for enterprises to handle various employee requests. Companies such as Unilever PLC Sponsored ADR, GitHub, and Broadcom Inc. are known to use their technology. Moveworks has received support from investors such as Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures. In a funding round in 2021, the company was valued at $2.1 billion. Data shows that as of the end of September last year, Moveworks' annual recurring revenue exceeded $100 million. Under the leadership of CEO Bill McDermott, ServiceNow's applications help enterprises organize and automate their human resources and information technology operations. Like many of its peers, this California-based company has been integrating generative AI capabilities into its products. Prior to joining ServiceNow, Bill McDermott served as CEO of SAP, leading several high-profile acquisitions during his tenure.