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ServiceNow to Acquire Moveworks for $2.85 Billion to Enhance AI Capabilities

ServiceNow announced on Monday that it has entered into an agreement to acquire Moveworks, a leader in AI-powered enterprise automation tools, for $2.85 billion. The deal, which will be a combination of cash and stock, is expected to close in the second half of 2025.

Moveworks, valued at $2.1 billion as of June 2021, offers AI tools that automate a wide range of enterprise functions, including IT support, HR, finance, and facilities management. With notable clients such as Unilever, Instacart, Siemens, and Toyota, Moveworks has expanded its product suite to cater to various lines of business, building a robust customer base.

Amit Zavery, president and COO of ServiceNow, emphasized the strategic value of the acquisition, stating that Moveworks’ AI-driven platform, combined with ServiceNow’s AI-powered workflow automation, will supercharge enterprise-wide AI adoption. This acquisition represents a significant leap in transforming business processes using AI.

Founded in 2016, Moveworks was created by Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen, who brought expertise from companies like LinkedIn, Meta, Yahoo, Google, and Airbnb. Moveworks has raised over $300 million in funding and currently employs more than 500 people.

The acquisition also aligns with ServiceNow’s broader AI strategy, following its January purchase of AI-native platform Cuein. The company reported substantial growth in its AI solutions, reaching nearly 1,000 AI customers by December 2024. The deal marks a major step in ServiceNow’s efforts to integrate cutting-edge AI technologies into its platform.