ServiceNow to strengthen its AI portfolio with Moveworks acquisition
By MYBRANDBOOK
This acquisition boosts ServiceNow’s AI capabilities, reinforcing its strategy to lead in AI-powered enterprise solutions, following its January 2025 acquisition of Cuein, an AI conversation data analysis platform for enhanced processing
ServiceNow has announced its agreement to acquire Moveworks, a leader in AI-powered enterprise automation, for $2.85 billion in a combination of cash and stock. The acquisition, expected to close in the second half of 2025, marks a strategic move by ServiceNow to expand its AI portfolio and enhance its AI capabilities. Bloomberg first reported the deal on Sunday (March 9) evening.
Moveworks, valued at $2.1 billion as of June 2021, has developed advanced AI tools aimed at automating enterprise functions such as IT support, human resources, finance, and facilities management. The company was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen, who brought together extensive experience from companies like LinkedIn, Meta, Yahoo, Google, and Airbnb. Moveworks initially gained attention for its AI-driven platform designed to automate high-level IT support, and it has since expanded to other areas, including HR and finance.
In a statement, Amit Zavery, President and COO of ServiceNow, highlighted the strategic fit of the acquisition. “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,” Zavery said. He also noted that ServiceNow and Moveworks share several mutual customers, and the integration of their products will enable the creation of a more robust platform that combines ServiceNow’s AI strengths with Moveworks’ enterprise search and AI assistant technology.
Moveworks has raised over $300 million in funding from investors including Tiger Global, Iconiq Growth, and Kleiner Perkins. The company’s customer base includes high-profile clients like Unilever, Instacart, Siemens, and Toyota. The company currently employs more than 500 people.
Moveworks CEO Bhavin Shah expressed excitement about the acquisition, emphasizing the opportunity to accelerate innovation and enhance user experiences. "Becoming part of ServiceNow presents an incredible opportunity to deliver on our promise through their AI agent-fuelled platform to redefine the user experience for employees and customer service teams," Shah said.
This acquisition further strengthens ServiceNow’s AI capabilities, solidifying its strategy to lead in the AI-powered enterprise solutions space. In January 2025, ServiceNow also acquired Cuein, an AI-native conversation data analysis platform, to enhance its data processing capabilities. The company has reported substantial growth in its AI offerings, with nearly 1,000 AI customers and around $200 million in annual contract value for its “Pro Plus” AI tier as of December 2024.
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