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ServiceNow to buy Moveworks for $2.85B to grow its AI portfolio

ServiceNow will acquire Moveworks for $2.85B in cash and stock, aiming to enhance its AI capabilities. The deal, expected to close in late 2025, will integrate Moveworks' AI tools into ServiceNow's automation platform to boost enterprise-wide AI adoption. Moveworks, founded in 2016, has a strong customer base including Unilever and Toyota, and has raised over $300M before this acquisition.

Key points

  • ServiceNow agreed to acquire Moveworks for $2.85 billion, combining cash and stock.
  • The acquisition aims to enhance ServiceNow's AI portfolio and accelerate AI adoption in enterprises.
  • Both companies have mutual clients, making the integration of their products beneficial.
  • Moveworks specializes in AI tools for automating enterprise business processes and has a customer base that includes notable companies.
  • The acquisition aligns with ServiceNow's strategy to invest in emerging AI technologies and follows its recent acquisition of Cuein in January.

Why it matters

  • This acquisition reflects the ongoing trend in 2025 of increasing investments in AI technologies by major enterprises.
  • As businesses seek to streamline operations through automation, ServiceNow's acquisition supports the growing emphasis on AI-driven workflows.
  • The value of strategic acquisitions in AI mirrors historical tech consolidations that aimed to bolster capabilities and expand market reach.

ServiceNow's acquisition of Moveworks illustrates a significant investment in AI capabilities aimed at transforming business processes and enhancing customer experiences, cementing its position in the competitive landscape of enterprise AI solutions.