ServiceNow (NOW, Financial) confirmed Monday that it will acquire AI firm Moveworks for $2.85 billion in a deal that includes both cash and stock. The transaction is expected to close in the second half of 2025, pending regulatory approvals and standard closing conditions.
Moveworks, based in Mountain View, California, specializes in agentic AI assistants and enterprise search technology, which will complement ServiceNow's AI and automation capabilities. The acquisition aims to accelerate AI-powered customer interactions and enhance automation across enterprise operations.
“With Moveworks, ServiceNow is making another leap in AI-driven business transformation,” said Amit Zavery, president, COO, and chief product officer at ServiceNow.
Founded in 2016, Moveworks serves over 350 large enterprises, including Palo Alto Networks (PANW, Financial), Siemens (SIEGY), Toyota (TM, Financial), and Unilever (UL, Financial). The company crossed $100 million in annual recurring revenue in 2024 and previously raised $315 million from investors such as Alkeon, Bain, and Tiger Global.
Under CEO Bill McDermott, ServiceNow has focused on integrating generative AI into its platform. Despite these advancements, NOW shares are down nearly 20% year-to-date.
