On Monday, ServiceNow disclosed its agreement to acquire Moveworks, a developer of AI-driven automation tools tailored for enterprise use.
The acquisition will see ServiceNow pay $2.85 billion to secure Moveworks, utilizing a combination of cash and stock. The transaction is anticipated to finalize during the latter half of 2025. News of the impending deal was initially reported by Bloomberg late Sunday.
Moveworks’ valuation had reached $2.1 billion as of June 2021.
“The procurement of Moveworks marks a significant advancement for ServiceNow in the realm of agentic AI-powered business transformation,” stated Amit Zavery, ServiceNow’s president and COO, in an official release. “The skilled Moveworks team and their innovative AI-first approach, when combined with ServiceNow’s robust AI-driven workflow automation, will dramatically accelerate enterprise-wide AI implementation, yielding transformative results for both employees and customers.”
Zavery explained that the acquisition was a logical step for ServiceNow, given the existing shared clientele and the seamless integration of their respective product lines. By incorporating Moveworks into its organizational structure, ServiceNow aims to construct a platform that “fuses ServiceNow’s agentic AI and automation proficiencies with Moveworks’ AI assistant and enterprise search technology,” Zavery elaborated.
Movework’s Journey and Founders
Established in 2016, Moveworks was founded by Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen. Shah’s prior venture included co-founding Refresh, an application that aggregated social network insights (subsequently acquired by LinkedIn in 2015). Nivargi developed ClearStory, a business analytics platform, while Singh served as a lead product manager at Meta, overseeing Facebook feature development. Chen’s professional background encompasses roles at Yahoo, Google, and Airbnb.
Moveworks, based in Mountain View, emerged from stealth mode in 2019, introducing an application designed to automate advanced IT support for enterprise clients. Over time, the startup broadened its product offerings to encompass various business sectors, including HR, finance, and facilities administration.
The company’s client roster includes prominent entities such as Unilever, Instacart, Siemens, and Toyota, as indicated on its website. Prior to the ServiceNow acquisition, Moveworks successfully secured over $300 million in funding from investors like Tiger Global, Iconiq Growth, and Kleiner Perkins. The company employs over 500 individuals.
“Moveworks simplifies the complexities faced by employees in the workplace by providing an intuitive and engaging point of access for searching and executing actions across all enterprise systems,” Shah conveyed in a statement. “Joining forces with ServiceNow presents an exceptional opportunity to expedite our innovation and fulfill our mission through their AI agent-driven platform, thereby redefining the user experience for both employees and customer service teams.”
This transaction solidifies ServiceNow’s strategic commitment to embracing cutting-edge AI technologies. In January, the company acquired Cuein, an “AI-native” conversational data analysis platform, to bolster its data processing capabilities.
ServiceNow asserts that its latest AI solutions are experiencing unprecedented growth. As of December 2024, the company reported nearly 1,000 “AI customers” and approximately $200 million in annual contract value for its “Pro Plus” AI tier.
In its most recent fiscal quarter (Q4 2024), Santa Clara-based ServiceNow disclosed $2.96 billion in subscription revenues, partially attributable to the increasing adoption of AI.
