(Bloomberg) – Servicenow Inc. agreed. On the purchase of Moveworks for artificial intelligence for $ 2.85 billion as part of its payment to artificial intelligence tools that can complete the tasks without human supervision.
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The acquisition, the largest Servicenow so far, was announced in a statement on Monday confirmed a previous report at Bloomberg News. Serifsino said in the statement that the money deal and stocks are expected to be closed in the second half of 2025.
Servicenow shares decreased up to 7.4 % trading on Monday. The stock decreased by 6.8 % at 1:12 pm in New York, giving the company a market value of about $ 163 billion.
It was created in 2016, and Moveworks provides companies with artificial intelligence assistants to deal with employee requests. Its technology is used by companies including Unilever PLC and GitHub Inc. And Broadcom Inc. , According to its website. Moveworks received support from investors including Kleiner Perkins, Lightspeed Venture Partners, Bain Capital Ventures, Alkeon Capital Management and iconi. The company's value was $ 2.1 billion in a 2021 financing round.
The company said that most of the Moveworks customer deployment are already used Servicenow. Initial integration among companies will focus on providing an acting self -service tool for customers.
Under the leadership of CEO Bill McDirmot, Servicenow offers requests that help companies organize and automate their operations and information technology. Like many of its peers, Santa Clara, California, was the headquarters of artificial intelligence features in its products.
“By acquiring Moveworks, Servicenow will take another giant leap forward in the transformation of works that work with artificial intelligence materials,” Amet Zveri, President, Head of Operations and CEO of Servicenow said in a statement.
On Monday Memorandum, Bloomberg Intelligence Anurag Rana and Andrew Giard wrote that the Moveworks deal could help Servicenow in maintaining strong organic sales growth against their two major clouds.
“We expect its position in improving the process will lead to further stability of demand in exchange for their peers this year,” said Rana and Gerard. “Servicenow's strong performance through unconfirmed economic conditions enhances our expectations that the company exceeds $ 15 billion in subscription revenues by 2026.”
The acquisition is a sign of the aspirations of the possible deals of Servicenow under MCDERMOTT. Before joining the company, the CEO of SAP SE giant for programs was supervised by a number of prominent deals. These billion dollars in purchases included Qualtrics International Inc. And Concur Technologies Inc. MCDERMOTT, which previously showed that it focuses on organic growth in Servicenow.
Servicenow said in the statement that, as of the end of 2024, the annual contract value of $ 200 million has approved its high -prices product that includes artificial intelligence features, Servicenow said in the statement that, as of the end of 2024, the annual contract value of the $ 200 million contract for its high -price product has approved the features of artificial intelligence. It has approximately 1,000 artificial intelligence agents.
In January, Servicenow made sales expectations for the fiscal year not less than expectations, saying it focused on fueling the adoption of new AI products instead of achieving significant revenues for these tools in the near future.
JPMorgan Chase & Co. The main financial advisor at Servicenow. Tidal Partners LLC also advised the company.
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