Mar 10, 2025 - Business

ServiceNow paying $2.85 billion to buy Moveworks

Dan Primack

ServiceNow CEO Bill McDermott. Photo: Victor J. Blue/Bloomberg via Getty Images

ServiceNow on Monday announced an agreement to buy Moveworks, a Silicon Vallry provider of enterprise employee AI assistants, for $2.85 billion in cash and stock.

Why it matters: This is the largest acquisition ever by ServiceNow, a $175 billion company that's spending big to keep pace in the AI age.

ROI: Moveworks raised just over $300 million in VC funding, with its most recent round coming in 2021 at a $2.1 billion post-money valuation.

Backers include Tiger Global, Alkeon Capital, Lightspeed Venture Partners, Sapphire Ventures, Bain Capital Ventures, Iconiq Growth and Kleiner Perkins.

By the numbers: ServiceNow reports nearly 1,000 AI customers and more than $200 million in annual contract value for its "Pro Plus AI" solution as of year-end 2024, but also has cautioned Wall Street that its focus is more on developing the AI business than on generating revenue from it.

Moveworks has more than 350 large enterprise clients and over 5 million employees on its platform.

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ServiceNow paying $2.85 billion to buy Moveworks

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