• ServiceNow is reportedly finalizing a deal to acquire AI assistant provider Moveworks for nearly $3 billion, potentially marking its largest acquisition.
  • The deal comes as ServiceNow expands its AI-driven enterprise solutions, building on past acquisitions and a growing partnership with Google Cloud.

ServiceNow is reportedly in the final stages of acquiring AI assistant provider Moveworks in what could be its largest acquisition to date. According to Bloomberg, the deal, expected to be announced soon, may value Moveworks at nearly $3 billion.

However, sources familiar with the matter indicated that while discussions are advanced, there remains a possibility of delays or a breakdown in negotiations.

Moveworks, founded in 2016, specializes in AI-driven employee assistance tools used by major companies such as Unilever, GitHub, and Broadcom.

The company has received backing from investors, including Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures, and was valued at $2.1 billion in a 2021 funding round.

ServiceNow, led by CEO Bill McDermott, develops enterprise software aimed at streamlining IT and personnel operations. The Santa Clara-based firm has been integrating generative AI into its products as part of its broader AI strategy.

In January, the company expanded its partnership with Google Cloud to integrate AI-driven enterprise technology, allowing businesses to connect workflow solutions with Google Cloud’s AI, data analytics, and productivity tools.

ServiceNow India MD Sumeet Mathur previously noted the company’s growing number of partnerships, explaining that many firms prefer collaborating with ServiceNow rather than competing with it.

"For context, most Indian IT companies, the big techs of the world, and even companies like Databricks and Snowflake have partnered with the company in recent years," Mathur said.

ServiceNow has been investing in AI for over a decade, positioning the transition to generative AI as an incremental step rather than a major shift. The company’s 2020 acquisition of Element AI laid the groundwork for its advancements in large language models.

“Our GenAI offerings are persona-focused,” Mathur said, emphasizing tailored solutions for employees, agents, and developers.

With the potential Moveworks acquisition, ServiceNow could further expand its AI-driven enterprise solutions, strengthening its position in the competitive AI market.

Edited by Harshajit Sarmah