ServiceNow has announced a significant expansion of its AI capabilities by acquiring Moveworks, an AI firm specializing in enterprise automation solutions, for $2.85 billion. The deal, which includes both cash and stock, marks ServiceNow’s largest acquisition to date.
This move comes as companies like ServiceNow and Salesforce are investing heavily in AI technology to enhance their IT operations and stay competitive in a rapidly evolving software landscape.
Moveworks, known for its AI assistant technology, serves prominent clients such as Broadcom, Palo Alto Networks, and Pinterest. The company’s over 500 employees will join ServiceNow as part of the acquisition.
ServiceNow’s Chief Financial Officer, Gina Mastantuono, confirmed that there are currently no plans for layoffs related to this deal.
While ServiceNow’s “Now Assist” and Moveworks’ AI chatbot serve similar purposes, they employ different methodologies. Mastantuono expressed confidence that the acquisition would not face significant regulatory challenges.
Moveworks focuses on using AI to address employee issues through chat-based interfaces. Its technology can seamlessly integrate with platforms like ServiceNow, Slack, and SharePoint.
ServiceNow aims to leverage AI across its service management platform to streamline workflows and boost efficiency.
The acquisition is expected to close in the second half of 2025. Moveworks previously raised $200 million in a Series C funding round in 2021, bringing its total funding to $315 million and valuing the company at $2.1 billion.
J.P. Morgan Securities LLC served as ServiceNow’s lead financial advisor for the transaction.
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