ServiceNow Inc (NYSE:NOW) is close to finalizing a deal to acquire AI firm Moveworks in what would be its largest acquisition to date, according to Bloomberg. The California-based AI company, known for developing intelligent assistants that help manage employee requests, is expected to be valued at nearly $3 billion—a significant leap from its last valuation of $2.1 billion in a 2021 funding round.
The acquisition comes as ServiceNow, under the leadership of CEO Bill McDermott, continues to integrate generative AI features into its software products. By adding Moveworks to its portfolio, ServiceNow aims to enhance its suite of enterprise solutions and accelerate its position in the rapidly growing AI market.
This acquisition is poised to bolster ServiceNow’s competitive edge by significantly expanding its AI capabilities. As the company continues to drive innovation in AI-powered workflows, this move could unlock new revenue streams and strengthen its foothold in the enterprise technology sector.
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As ServiceNow finalizes the deal for Moveworks, market watchers will be keenly observing how this strategic move reshapes its product offerings and market positioning. The successful integration of Moveworks could drive further innovation and operational efficiencies, cementing ServiceNow’s status as a leader in leveraging AI to transform business processes.
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