ServiceNow to pay $2.85B for Moveworks’ AI tools

ServiceNow announced plans to purchase Moveworks, its front-end AI assistant and enterprise search technology for $2.85 billion in cash and stock.

ServiceNow expects the deal to close in the second half of this year, and initial technology integrations between the two companies will provide customers with a universal AI assistant and agentic AI capabilities, according to ServiceNow. The acquisition will build on ServiceNow’s agentic AI ServiceNow Platform with Moveworks’ front-end AI agent and enterprise search capabilities by expanding ServiceNow’s reach to every requestor in an organization, ServiceNow said in a statement.

“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, in a statement. “As agentic AI and enterprise-grade search forever change how we work, ServiceNow moved early to empower employees through AI.”

ServiceNow and Moveworks will deliver a unified, end‑to‑end search and self‑service experience for all employee requestors across every workflow, according to ServiceNow. A majority of Moveworks’ current customer deployments already use ServiceNow in their environments to access enterprise AI, data, and workflows. ServiceNow said this acquisition will build upon the existing synergies to enable employee engagement with “more perceptive AI-based enterprise search,” find fast answers to requests, automate and complete everyday tasks, and increase productivity. Moveworks lists companies such as Hearst, Instacart, Palo Alto Networks, Siemens, Toyota, Unilever, and others among its customers.

“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 added.

Founded in 2016, Moveworks’ founders recognized a need for an AI assistant that could understand natural, conversational language, according to its website. The company provides customers with AI assistants to deal with employee requests, from IT tickets to human resources requests and policy questions. Moveworks last raised $200 million in Series C venture funding in 2021, with investors Tiger Global and Alkeon Capital. The last round of funding brought the company’s total to $315 million.

“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 Bhavin Shah, co‑founder and CEO, Moveworks, in a statement. “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.”

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