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Agentic AI platform Leena AI has approached ServiceNow about buying part of Moveworks, Leena AI CEO Adit Jain tells Axios Pro.

Why it matters: ServiceNow's $2.8 billion deal for Moveworks, a universal AI copilot, is tied up by a DOJ review. 

A Moveworks divestiture could give ServiceNow's proposed acquisition a path forward after the companies received a second notice from the DOJ in June.  

Catch up quick: ServiceNow said in March it planned to buy Moveworks, eyeing the venture-backed company's front-end AI assistant and enterprise search technology.

ServiceNow intended to use Moveworks' AI tools for its HR and IT services.

The other side: Leena wants Moveworks' customer base, which Jain estimates to be worth about $1 billion.

The company sent an "expression of interest" letter to ServiceNow earlier this month, Jain says.

Should the ServiceNow deal fall through, Jain says Leena will attempt to buy all of Moveworks.

Reality check: Leena has raised a little more than $40 million from its venture backers, so coming up with the money needed for that seems like a tall task.

State of play: Leena is seeking to raise more than $100 million, and if a Moveworks deal is possible, Jain says the company could raise "hundreds of millions of dollars" in a mix of equity and debt.

Any deal for all or part of Moveworks would be a mix of cash and stock, Jain said.

By the numbers: Both Moveworks and Leena last raised money in 2021. Moveworks raising $200 million at a $2.1 billion post-money valuation, and Leena raised $30 million.

Moveworks has publicly stated it has more than 350 enterprise customers, while Leena has 500, Jain says.

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

Leena's investors include Bessemer Venture Partners, Greycroft, and Y Combinator.

Flashback: ServiceNow said back in March it expected the deal to close in the second half of 2025.

What they're saying: Not much. ServiceNow did not respond to multiple requests for comment. Moveworks declined a request for comment.

Leena AI eyes Moveworks after ServiceNow offer hits DOJ snag

ServiceNow's $2.8 billion deal for Moveworks is getting a closer look from regulators.

Animated illustration of a laptop that shakes before a robotic arm holding a folder comes out of the screen.

Agentic AI platform Leena AI has approached ServiceNow about buying part of Moveworks, Leena AI CEO Adit Jain tells Axios Pro.Why it matters: ServiceNow&#x27;s $2.8 billion deal for Moveworks, a universal AI copilot, is tied up by a DOJ review.

Leena AI eyes Moveworks after ServiceNow offer hits DOJ snag

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