This would be the largest acquisition in the history of software maker ServiceNow, as enterprises invest heavily in technology to improve their IT operations.
The rapid growth of generative artificial intelligence has pushed companies like ServiceNow and Salesforce to improve their products and strike new deals to stay competitive in the rapidly evolving software market.
Moveworks, a company that offers AI-powered agent solutions to help customers, counts chipmaker Broadcom, cybersecurity company Palo Alto Networks, and social media platform Pinterest among its clients.
More than 500 employees of the AI assistant maker will join ServiceNow. “We have no plans at this time to make any layoff announcements related to this deal,” ServiceNow CFO Gina Mastantuono told Reuters.
ServiceNow's “Now Assist” competes with the AI-powered chatbot provided by Moveworks, but they take different approaches.
Mastantuono said the company does not anticipate any potential regulatory hurdles to the deal.
Privately held Moveworks focuses on using AI to understand and solve employee problems through chat. Its chatbot can be integrated with platforms such as ServiceNow, Salesforce's Slack, and Microsoft's SharePoint.
ServiceNow is integrating AI across its entire service management platform, aiming to streamline workflow and increase overall efficiency.
The transaction is expected to close in the second half of 2025.
Source: Reuters
