ServiceNow to acquire Moveworks for $2.85bn in its largest-ever acquisition

ServiceNow, the AI platform for business transformation, has announced it will acquire Moveworks for $2.85 billion in a combination of cash and stock, marking the company’s largest acquisition to date.

The deal comes as enterprises are increasing their investment in artificial intelligence technology to enhance IT operations.

The acquisition will combine ServiceNow’s strengths in agentic AI and automation with Moveworks’ front-end AI assistant and enterprise search technology, aiming to transform how employees interact with enterprise systems.

Amit Zavery, president, chief operating officer, and chief product officer at ServiceNow, stated: “With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI-powered business transformation. 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.”

Bhavin Shah, co-founder and chief executive officer of Moveworks, added: “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.”

ServiceNow’s newest AI solutions are already the fastest-growing product introduction in the company’s history. It reports nearly 1,000 AI customers and has surpassed $200 million in annual contract value for its Pro Plus AI solution as of December 31, 2024.

Mountain View-based Moveworks, which was founded in 2016, provides AI assistants that help enterprises automate high-level IT support and other business functions. The company counts major organizations like Hearst, Instacart, Palo Alto Networks, Siemens, Toyota, and Unilever among its clients.

The companies already have approximately 250 mutual customers, with the majority of Moveworks’ current customer deployments using ServiceNow as an important system of action to access enterprise AI, data, and workflows.

The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions. J.P. Morgan Securities LLC served as ServiceNow’s lead financial advisor.