ServiceNow (NOW, Financial) has announced a significant acquisition, agreeing to purchase AI company Moveworks for $2.85 billion. This deal marks the largest acquisition in ServiceNow's history, reflecting its strategic commitment to enhancing IT operations through substantial investment.
The acquisition will be completed through a combination of cash and stock, with the transaction expected to close in the latter half of 2025. Moveworks is renowned for its AI-driven solutions that assist clients in automating and improving their operations. Its customer base includes prominent companies such as Broadcom, Palo Alto Networks, and Pinterest.
By integrating Moveworks' advanced AI capabilities, ServiceNow aims to bolster its service offerings, delivering more innovative and efficient solutions to its clients. This move is seen as a strategic effort to position ServiceNow at the forefront of AI integration within IT services, potentially expanding its market reach and enhancing its competitive edge.
