Reports suggest that ServiceNow, a US-based software company, is in acquisition talks with Moveworks, a provider of AI-powered assistants. This deal could potentially be ServiceNow's largest acquisition ever, valued at nearly $3 billion. While discussions are reportedly in advanced stages, sources indicate there's still a possibility of delays or the talks collapsing.
Founded in 2016, Moveworks focuses on developing AI-driven employee assistant tools. Its clientele includes prominent companies like Unilever, GitHub, and Broadcom. In a 2021 funding round, the company secured investment from firms like Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures, achieving a valuation of $2.1 billion.
Led by CEO Bill McDermott, ServiceNow specializes in streamlining IT and HR operations for businesses. In recent years, the company has been actively integrating generative AI technologies into its products to enhance workplace efficiency. In January, ServiceNow expanded its partnership with Google Cloud, launching its platform on the Google Cloud Marketplace. This allows businesses to connect their workflow solutions with Google Cloud's AI, data analytics, and productivity tools.
In an interview, Sumeet Mathur, ServiceNow's India Managing Director, stated that numerous Indian IT companies, global tech giants, and even companies like Databricks and Snowflake have chosen to collaborate with ServiceNow rather than compete. This highlights ServiceNow's significant market influence.
ServiceNow boasts over a decade of experience in the AI field, making its transition to generative AI a gradual process. Three years ago, the acquisition of Element AI laid the groundwork for its advancements in large language models (LLMs). Mathur emphasized that ServiceNow's generative AI products are user-centric, designed to provide tailored solutions for employees, agents, and developers.
Key Highlights:
🌟 ServiceNow is in acquisition talks with Moveworks, a deal potentially worth nearly $3 billion.
🤖 Moveworks specializes in AI-driven employee assistant tools and boasts a significant list of high-profile clients.
🌐 ServiceNow has expanded its partnership with Google Cloud, launching its platform on the Google Cloud Marketplace to boost business efficiency.