ServiceNow to buy Moveworks for $2.85B to grow its AI portfolio

ServiceNow said on Monday that it has agreed to acquire Moveworks, which develops enterprise-focused automation and AI tools. ServiceNow will pay $2.85 billion for Moveworks in a mix of cash and stock. The former expects the deal to close in the second half of 2025. Bloomberg reported the deal late on Sunday night. As of June 2021, Moveworks was valued at $2.1 billion. “With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI-powered business transformation,” ServiceNow president and COO Amit Zavery said in a press release. “Moveworks’ talented team and elegant AI-first experience, combined with ServiceNow’s powerful AI-driven workflow automation, will supercharge enterprise-wide AI adoption and deliver game-changing outcomes for employees and their customers.” Zavery said the deal made sense for ServiceNow because it and Moveworks already have a number of mutual customers, and the two companies’ product offerings are tightly integrated. By f ... Read full article.