He’s pumped about how this move is going to turbocharge the company’s AI-driven makeover. Their recent fiscal quarter hit it out of the park, hauling in a sweet $2.96 billion in subscription revenue, all thanks to the AI boost.
né?. This acquisition fits right in with ServiceNow’s full-on dedication to AI tech, right after snagging Cuein, a platform that crunches AI conversation data.
ServiceNow’s AI game has been on a steady rise, with almost 1,000 AI-loving customers onboard and $200 million in annual contract value for its AI tier by the end of 2024 né?. So, get this – ServiceNow just spilled the beans on their plan to snap up Moveworks, a company that’s all about enterprise automation and AI wizardry né?. Fast forward to today and they’re all about tackling HR finance and facilities management too. They’ve got big names like Unilever Instacart Siemens and Toyota in their client list.
Before linking up with ServiceNow Moveworks had raked in over $300 million in funding from big shots like Tiger Global and Kleiner Perkins. It’s all about stepping up AI usage and making life better for both employees and customers.
Flashback to 2016, when Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen kicked things off with Moveworks, diving headfirst into automating IT support for big companies. The deal is set to go down with a cool $2.85 billion in a mix of cash and stock and they’re aiming to seal the deal sometime in the latter half of 2025.
Just last June Moveworks had a price tag of $2.1 billion hanging over its head. Amit Zavery the big shot President and COO over at ServiceNow couldn’t contain his excitement about the whole thing né?
