ServiceNow Nears Deal to Buy AI Assistant Maker Moveworks

Liana Baker, Katie Roof and Brody Ford

Mon, Mar 10, 2025, 3:31 AM 2 min read

(Bloomberg) -- ServiceNow Inc. is nearing a woody to bargain artificial quality steadfast Moveworks, radical acquainted with the substance said, successful what would beryllium its largest acquisition to date.

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The bundle institution is putting the last touches connected a woody for Mountain View, California-based Moveworks that could beryllium announced arsenic soon arsenic the coming days, according to the people. The acquisition could worth Moveworks astatine adjacent to $3 billion, they said.

While discussions are precocious they could inactive beryllium delayed oregon falter, the radical said, asking not to beryllium identified discussing confidential information. A typical for ServiceNow declined to comment. A spokesperson for Moveworks couldn’t instantly beryllium reached for comment.

Created successful 2016, Moveworks provides companies with AI assistants to woody with worker requests. Its exertion is utilized by companies including Unilever Plc, GitHub Inc. and Broadcom Inc., according to its website. Moveworks has received backing from investors including Kleiner Perkins, Lightspeed Venture Partners and Bain Capital Ventures. The institution was valued astatine $2.1 cardinal successful a 2021 backing round.

Led by Chief Executive Officer Bill McDermott, ServiceNow makes applications that assistance firms signifier and automate their unit and accusation exertion operations. Like galore of its peers, the Santa Clara, California-based institution has been baking generative AI features into its products.

Prior to joining ServiceNow, McDermott was CEO of bundle elephantine SAP SE, wherever helium oversaw a fig of high-profile acquisitions. These included the multibillion-dollar purchases of Qualtrics International Inc. and Concur Technologies Inc.

Shares successful ServiceNow person risen much than 12% implicit the past 12 months, giving the institution a marketplace worth of astir $175 billion. In January, it gave a fiscal-year income outlook that fell abbreviated of expectations, saying it is focused connected fueling adoption of caller generative AI products alternatively than making important gross for those tools successful the adjacent future.

(Adds details connected McDermott deals astatine SAP successful penultimate paragraph.)

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