TECHx Media ServiceNow Acquires Moveworks for $2.85B
ServiceNow (NYSE: NOW), an AI-powered business transformation company, has announced the acquisition of Moveworks, a provider of AI assistant and enterprise search technology, for $2.85 billion. This acquisition combines ServiceNow's agentic AI and automation capabilities with Moveworks' AI-driven assistant, offering businesses an enhanced experience for employees and improving operational efficiency across all departments.
The deal will enable ServiceNow to accelerate the adoption of AI across enterprises by integrating Moveworks' front-end AI assistant with its platform. This collaboration aims to redefine employee engagement by offering a universal AI assistant and advanced enterprise search to automate tasks and improve productivity.
ServiceNow's new AI solution has quickly become its fastest-growing product, with nearly 1,000 AI customers and $200 million in annual contract value (ACV) for its Pro Plus AI solution as of December 31, 2024. Moveworks has also seen exceptional adoption of its AI assistant, serving major clients like Palo Alto Networks, Siemens, Toyota, and Unilever. The combination of the two companies' technologies will expand ServiceNow's reach to nearly 5 million employees in just 18 months, further integrating AI across enterprise workflows, from HR and sales to finance and IT.
Amit Zavery, ServiceNow's President and Chief Product Officer, emphasized that the acquisition of Moveworks would drive agentic AI-powered business transformation. The integration of Moveworks' AI assistant with ServiceNow's powerful AI-driven workflow automation will streamline business processes and improve the user experience for employees across every organization.
The transaction strengthens ServiceNow's position in the rapidly growing market for AI solutions, especially in CRM and customer service, by offering a more cohesive experience for sales, fulfillment, and service on a single platform. ServiceNow and Moveworks already share around 250 mutual customers, with ServiceNow integrated into over 100 of Moveworks' technology platforms.
The acquisition is expected to close in the second half of 2025, subject to regulatory approval. ServiceNow will pay $2.85 billion for Moveworks in a combination of cash and stock. J.P. Morgan Securities LLC and Tidal Partners LLC served as financial advisors to ServiceNow.
This strategic move positions ServiceNow to redefine the future of AI in business, accelerating enterprise-wide AI adoption and creating powerful new opportunities for businesses to automate workflows, boost productivity, and improve customer interactions.
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