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ServiceNow Inc. (NYSE: NOW) is reportedly finalizing its largest acquisition yet, aiming to acquire AI-powered workplace assistant provider Moveworks for nearly $3 billion. According to Bloomberg, the deal could be announced in the coming days, though negotiations remain ongoing and could still be delayed or fall through.
Founded in 2016, Moveworks specializes in AI-driven solutions that streamline employee requests and enhance productivity. Its client portfolio includes major companies like Unilever PLC (LON: ULVR), GitHub Inc., and Broadcom Inc. (NASDAQ: AVGO). In its last funding round in 2021, the California-based firm was valued at $2.1 billion, with backing from Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures.
ServiceNow, led by CEO Bill McDermott, has been actively integrating generative AI into its enterprise software solutions. The potential acquisition of Moveworks aligns with its strategy to enhance AI-driven automation for businesses, reinforcing its position in the fast-growing AI market.
As AI adoption accelerates across industries, ServiceNow's move to acquire Moveworks signals a push to expand its capabilities in enterprise automation. The deal could strengthen its AI portfolio and offer businesses more efficient digital workflow solutions.
With AI reshaping the future of work, this acquisition underscores ServiceNow’s commitment to staying at the forefront of innovation.
