ServiceNow to acquire agentic AI platform Moveworks in $2.9B deal – News

ServiceNow Inc. announced today it will acquire Moveworks Inc., a generative artificial intelligence platform that builds AI automation tools and enterprise AI agents designed to streamline employee workflows.

ServiceNow will pay $2.85 billion for Moveworks, payable in a combination of cash and stock. The arrangement is expected to close during the second half of 2025 subject to regulatory approval and other conditions. After a 2021 $200 million funding round co-led by Tiger Global and Alkeon Capital, Moveworks was valued at $2.1 billion.

“With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI‑powered business transformation,” said Amit Zavery, president, chief operating officer and chief product officer at ServiceNow. “As agentic AI and enterprise‑grade search forever change how we work, ServiceNow moved early to empower employees through AI.”

Zavery said the Moveworks team will be combined with ServiceNow to integrate its agentic AI capabilities with the company’s existing AI agent capabilities. AI agents are a type of artificial intelligence that is capable of taking actions with very little human supervision, processing data from multiple sources, including text, voice and video, and acting as preemptive virtual assistants. In the industry, the trend of agentic AI is being embraced for its capability of AI to automate rote tasks for employees to allow them to focus on more creative knowledge work.

Moveworks has built its own agentic AI assistant that can assist employees with automation for sales, customer relationship management, finance and human resources. Because the company’s AI agents have full access to all enterprise data in real-time, they can easily keep salespeople up-to-date when working on an account. They can also help draft emails, do research and provide instant insights when interacting with potential contacts.

The company’s AI search and automation capabilities have been adopted across industries including customers such as Hearst Communications Inc., Instacart, Palo Alto Networks Inc., Siemens AG, Toyota Motor Corp. and Unilever PLC.

“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,” said co-founder and Chief Executive Bhavin Shah. “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.”

ServiceNow said that its buildout of agentic AI services has become its fastest-growing offering, with nearly 1,000 AI customers leading to more than $200 million annualized contract value for its Pro Plus AI solution as of the end of last year.

Bloomberg Intelligence analysts Anurag Rana and Andrew Girard wrote in a report that the Moveworks acquisition could help ServiceNow hold its strong sales growth in the competitive cloud software market.

“We expect its positioning in process optimization to lead to more demand stability vs. peers this year,” Rana and Girard said. “ServiceNow’s solid performance through uncertain economic conditions reinforces our expectation that the company could exceed $15 billion in subscription revenue by 2026.”

In January, ServiceNow’s fiscal-year sales report fell short on results with a less-than-stellar forecast. At the time, the company noted that it focused heavily on its generative AI product, using it as “fuel” for its “already high-performing engine” and looking for it to become the company’s “breakthrough moment” as AI adoption continues to rise.

Image: ServiceNow