ServiceNow to Boost AI Strategy with Moveworks Acquisition in New Deal
AI platform ServiceNow has agreed to acquire AI firm Moveworks at a cost of $2.85 billion. ServiceNow’s AI acquisition is part of its overall plan to push to provide AI tools that can perform tasks without human supervision, Yahoo Finance reported.
Supercharging Enterprise AI
ServiceNow’s move to buy Moveworks is the largest acquisition for the platform. The company is expected to close the acquisition deal in half two of this year, ServiceNow said in a statement.
The acquisition will allow ServiceNow to combine its automation and agent AI strengths with the enterprise search and front-end AI assistant technology that Moveworks offers. By leveraging these strengths, ServiceNow’s AI strategy will unlock better experiences for employees in different businesses.
“With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI‑powered business transformation. As agentic AI and enterprise‑grade search forever change how we work, ServiceNow moved early to empower employees through AI. Moveworks’ talented team and elegant AI‑first experience, combined with ServiceNow’s powerful AI‑driven workflow automation, will supercharge enterprise‑wide AI adoption and deliver game‑changing outcomes for employees and their customers,” ServiceNow President Amit Zavery said.
ServiceNow creates applications that help companies to automate and organize IT and personnel operations. Like most tech companies, the ServiceNow AI innovations involve integration of generative artificial intelligence features for its products.
Redefining Value
Most Movework customers are already using the ServiceNow platform to access enterprise AI, workflows, and data. This evidence that the companies have already attained seamless integration of their platforms.
“Moveworks hides the complexity employees face at work by giving them an intuitive, engaging starting place to search and drive action across any enterprise system. Becoming part of ServiceNow presents an incredible opportunity to accelerate our innovation and deliver on our promise through their AI agent‑fueled platform to redefine the user experience for employees and customer service teams,” Moveworks CEO Bhavin Shah said.
Once the acquisition process is completed, the two companies will work to redefine the value of integrating AI in their work as they set new standards for future employee engagement. Through the new ServiceNow technology investment, the two companies will be seeking to develop tools that offer users a universal AI assessment and a perceptive AI-powered enterprise search that enables them to automate daily tasks, find quick answers to requests, and increase productivity.
Focus on AI Adoption
In January 2025, the AI platform issued a fiscal annual sales outlook that did not meet investor expectations. In its outlook, ServiceNow expressed its commitment towards driving adoption of generative AI products as opposed to maximizing revenue for those tools in the coming years.
ServiceNow’s market valuation currently stands at about $175 billion. On March 10, the company’s stocks lost 3% in premarket trading. In its end of 2024 financial statement, ServiceNow reported that it had surpassed $200 million in yearly contract value for its high-end products that come with AI features. At the time, the company said it had close to 1000 AI clients.
Moveworks, on the other hand, provides AI assistants to companies to handle employee requests. The company has a team of over 500 AI experts and 100 tech integrations. Its AI assistants are currently being used by a range of Global 2000 and Fortune 500 companies including Broadcom, GitHub, Toyota, Siemens, and Unilever.
In a 2021 funding round, the tech company was valued at $2.1 billion. Moveworks has been backed by various investors including Bain Capital Ventures, Kleiner Perkins, and Lightspeed Venture Partners.
The new acquisition will enable ServiceNow to build on its organic growth and strengthen its current AI strategy. It will also enhance its built-in agent AI and expand previous efforts to automate complex workflows across systems and departments to help employees achieve more faster.
