Automation software giant ServiceNow is in the process of acquiring artificial intelligence (AI) firm Moveworks for nearly $3 billion, according to Bloomberg on Sunday, citing sources familiar with the matter.
On Monday, ServiceNow announced in a statement that it will be buying Moveworks at $2.85 billion in cash and stock. This acquisition could boost Moveworks’ market value — the company was last valued at $2.1 billion in a 2021 funding round that raised $300 million, backed by investors such as Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures.
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ServiceNow noted that the transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.
Moveworks is an AI-driven platform that automates workplace support functions, including IT, HR, and facilities management. It leverages machine learning and natural language processing to understand and process employee requests in natural language, facilitating seamless communication.
“Moveworks hides the complexity employees face at work by giving them an intuitive, engaging starting place to search and drive action across any enterprise system,” said Bhavin Shah, co-founder and CEO, Moveworks in statement. “Becoming part of ServiceNow presents an incredible opportunity to accelerate our innovation and deliver on our promise through their AI agent‑fueled platform to redefine the user experience for employees and customer service teams.”
Towards the end of 2024, Moveworks claimed to have crossed $100 million in annual revenue, according to Forbes, making the company stand out among its competitors.
Moveworks AI integrates with various tools such as ServiceNow, Slack, and Microsoft Teams, offering a personalized experience that learns and adapts over time. By automating repetitive tasks, Moveworks aims to enhance productivity and improve the overall employee experience
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With AI-driven tools, ServiceNow enhances productivity by automating routine tasks and integrating seamlessly with other business applications. The platform allows organizations to streamline operations, reduce costs, and improve service quality. By offering a highly customizable solution, ServiceNow supports businesses in optimizing their internal processes and boosting overall efficiency.
ServiceNow and Moveworks will redefine the value of how to put AI to work, setting a new standard for the future of employee engagement with a powerful universal AI assistant, along with more perceptive AI‑based enterprise search, to find fast answers to requests, automate and complete everyday tasks, and increase productivity, the company said.