ServiceNow strengthen its Agentic AI offering with $2.85bn acquisition of Moveworks
ServiceNow has significantly strengthened its Agentic AI proposition following the announcement of its $2.85bn acquisition of Moveworks, which will help accelerate enterprise AI adoption and innovation.
The acquisition will combine ServiceNow's agentic AI and automation strengths with Moveworks' front-end AI assistant and enterprise search technology to unlock new experiences for every employee for every corner of the business.
Following closing, together with Moveworks, ServiceNow – with thousands of AI agents already deployed – will continue to drive use of its agentic AI ServiceNow Platform to accelerate enterprise adoption and innovation across key growth areas including CRM.
ServiceNow and Moveworks will redefine the value of how to put AI to work, setting a new standard for the future of employee engagement with a powerful universal AI assistant, along with more perceptive AI-based enterprise search, to find fast answers to requests, automate and complete everyday tasks, and increase productivity. The majority of Moveworks' current customer deployments already use ServiceNow as an important system of action to access enterprise AI, data, and workflows, pointing to a seamless integration for the companies.
'With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI-powered business transformation,' said Amit Zavery, president, chief operating officer, and chief product officer at ServiceNow. 'As agentic AI and enterprise-grade search forever change how we work, ServiceNow moved early to empower employees through AI. Moveworks' talented team and elegant AI-first experience, combined with ServiceNow's powerful AI-driven workflow automation, will supercharge enterprise-wide AI adoption and deliver game-changing outcomes for employees and their customers.'
'Moveworks hides the complexity employees face at work by giving them an intuitive, engaging starting place to search and drive action across any enterprise system,' said Bhavin Shah, co-founder and CEO, Moveworks. 'Becoming part of ServiceNow presents an incredible opportunity to accelerate our innovation and deliver on our promise through their AI agent-fueled platform to redefine the user experience for employees and customer service teams.'
AI agents for all employees increase productivity, create great experiences at work
ServiceNow's new AI solution is the fastest-growing product introduction in the company's history. ServiceNow has nearly 1,000 AI customers and has surpassed $200 million in annual contract value (ACV) for its Pro Plus AI solution as of Dec. 31, 2024.
With a team of more than 500 AI experts at the forefront of agentic AI architecture and experience, Moveworks has also seen exceptional adoption of its AI assistant with leading Fortune 500 and Global 2000 companies, such as Hearst, Instacart, Palo Alto Networks, Siemens, Toyota, and Unilever.
With its new agentic platform growing to nearly 5 million employee users in about 18 months, and nearly 90% of its customers deploying the technology to all of their employees, Moveworks' front-end AI agent and enterprise search services will expand ServiceNow's reach to every requestor in an organization. ServiceNow is already one of Moveworks' more than 100 technology integrations, and the companies have approximately 250 mutual customers. Together, ServiceNow and Moveworks will be the best agentic AI platform in the market.
The acquisition builds on ServiceNow's existing tuck-in strategy and ongoing organic growth, and the ServiceNow Platform's built-in agentic AI and decades of leadership in automating complex workflows across departments, systems, and silos to enable employees to achieve even more, faster.
In initial integration phases, ServiceNow and Moveworks will deliver a unified, end-to-end search and self-service experience for all employee requestors across every workflow – all from a single entry point.
As domain specific AI agents proliferate to accomplish tasks across HR, CRM, finance, IT, and more, ServiceNow's powerful agent orchestration capabilities will connect, analyze and manage AI agents, ensuring agents work in harmony across tasks, systems, and departments.
Common use cases with Moveworks include front-end employee automations for sales, CRM, finance, and HR. For example, Moveworks' AI assistant drives the sales cycle 'from lead to loyalty.' Moveworks' AI assistant has access to up-to-date account information and can nudge salespeople when an account needs attention, such as a contract renewal.
Moveworks' AI assistant can also provide instant customer insights like contact details, order history, and open support tickets, so customer service agents can provide faster, more informed service. Routine employee payroll tasks and compensation questions can be handled automatically through simple chats with the AI assistant, and the Moveworks AI assistant can simplify the recruiting process by quickly surfacing open jobs, letting employees refer candidates through chat, and suggesting interview questions aligned with company values and priorities.
This strategic acquisition also positions ServiceNow to capitalize on the massive market opportunity ahead. The company plans to further integrate solutions such as CRM and customer service tailored to customer personas to deliver a cohesive sell, fulfil, and service experience on a single platform. By integrating Moveworks' capabilities even further, ServiceNow will accelerate its AI-powered solutions to improve customer interactions.
Transaction details
Under the terms of the agreement, ServiceNow will acquire Moveworks for $2.85 billion, subject to customary purchase price adjustments, payable in a combination of cash and stock. The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.
J.P. Morgan Securities LLC served as ServiceNow's lead financial advisor. Tidal Partners LLC also served as ServiceNow's financial advisors.
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