ServiceNow said Monday it agreed to acquire MoveWorks, which develops enterprise-centric automation and AI tools.
ServiceNow will pay MoveWorks $2.855 billion, combining cash and stock. The former expects the deal to close in the second half of 2025. Bloomberg reported the deal late Sunday night.
As of June 2021, MoveWorks was valued at $2.1 billion.
“With the acquisition of MoveWorks, ServiceNow will take another huge leap into business transformation powered by Agent AI,” ServiceNow president and COO Amit Zover said in a press release. “The elegant AI-first experience combined with MoveWorks’ talented team and ServiceNow’s powerful AI-driven workflow automation will go beyond enterprise-wide AI adoption and deliver game-changing results for employees and their customers.”
Zavery said the deal makes sense because ServiceNow and MoveWorks already have many mutual customers and the products of both companies are closely integrated. By folding MoveWorks into a corporate family, ServiceNow has the opportunity to build a platform that “combines” the automation strengths of ServiceNow’s Agent AI and MoveWorks. […] “AI Assistant and Enterprise Search Technology,” Zavery said.
MoveWorks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh and Jiang Chen. Shah previously co-founded Refresh, an app that surfaced insights about people in users’ enhanced social networks (LinkedIn acquired it in 2015). Nivargi built a business analytics platform called Clearstory, and Singh was Meta’s lead product manager for Facebook functionality development. Chen came to Moveworks via Yahoo, Google and Airbnb.
Mountain View-based MoveWorks is an application that helps enterprise customers automate high-level IT support, and came out of Stealth in 2019. Over the years, startups have expanded their product portfolio to address a range of business lines, including HR, finance, facility management, and more.
The company’s clients include Unilever, Instacart, Siemens and Toyota, according to the website. Prior to ServiceNow’s acquisition, MoveWorks was able to raise just over $300 million from backers, including Tiger Global, Iconiq Growth and Kleiner Perkins. We have over 500 employees.
“MoveWorks hides the complexities employees face in the workplace and provides a place to search and drive intuitive and engaging starting points across the enterprise system,” Shah said in a statement. “Being part of ServiceNow offers an incredible opportunity to accelerate our innovation and deliver promises through our AI agent-acquired platform to redefine the user experience for our employees and customer service teams.”
The deal strengthens ServiceNow’s strategy to embrace emerging AI technologies. In January, the company acquired Cuein, the “AI-Native” conversation data analytics platform, to enhance its data processing capabilities.
ServiceNow claims its latest AI solutions are the fastest growing in its history. As of December 2024, the company had around 1,000 “AI customers” and the annual contract value for the “Pro Plus” AI tier was approximately $200 million.
In its most recent fiscal quarter (Q4 2024), Santa Clara-based ServiceNow reported $2.96 billion in subscription revenue, partly due to AI adoption.
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