In its largest acquisition ever, workflow solution provider ServiceNow has agreed to buy Moveworks, a specialist agentic AI automation company, for $2.85 billion. ServiceNow says the deal will enable it to deliver more advanced agentic AI solutions to its customers.
An AI combo: ServiceNow's suite of AI-enhanced applications focus on predictive, document, and task intelligence to streamline operations and empower employees, while Moveworks AI Assistant offers personalized support options and sophisticated search through its Reasoning Engine. ServiceNow says combining its agentic AI strengths with Moveworks' AI assistant and enterprise search capabilities will enhance its automation tools.
Enhanced search and automation: The integrated solutions will also provide more perceptive AI-based search and automation options, the company said, helping employees find the information they need more quickly. This, in turn, should further boost engagement and operational output across businesses.
Fast-moving business: Moveworks was founded in 2016 and initially focused on automating high-level IT support tasks. Over time, it expanded its platform to include support for HR, finance, and facilities management. As of June 2021, Moveworks was valued at $2.1 billion, having raised $200 million from prominent investors.
Agents of change: "With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI‑powered business transformation," ServiceNow President Amit Zavery said in a statement. "As agentic AI and enterprise‑grade search forever change how we work, ServiceNow moved early to empower employees through AI."
