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ServiceNow to buy Moveworks for $2.85B to grow its AI portfolio
ServiceNow is acquiring Moveworks for $2.85 billion in cash and stock to enhance its AI capabilities. Moveworks, valued at $2.1 billion in 2021, provides AI-powered automation tools for enterprises. The acquisition aims to integrate Moveworks' AI assistant and search technology with ServiceNow's AI and automation platform. Moveworks, founded in 2016, has raised over $300 million in funding and expanded its product portfolio beyond IT support. ServiceNow is investing in AI to drive growth, having recently acquired Cuein and reporting strong AI-related revenue growth.
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