ServiceNow (NOW.US) has acquired AI assistant provider Moveworks for $2.85 billion.

ServiceNow (NOW.US), a company focused on providing cloud platforms to help global enterprises optimize digital workflows efficiently, has confirmed the acquisition of AI company Moveworks for $2.85 billion in cash and stock, its largest acquisition to date. The deal is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.

The acquisition will combine ServiceNow's AI and automation capabilities with Moveworks' front-end AI assistants and enterprise search technology, allowing servicenow to accelerate its AI solutions to improve customer interactions.

"With the acquisition of Moveworks, ServiceNow is taking another big step in agent-driven business transformation," said Amit Zavery, ServiceNow's president, chief operating officer, and chief product officer.

Moveworks, founded in 2016, provides AI assistants to businesses to handle employee requests. Its website shows that companies such as Unilever, GitHub, and Broadcom are using its technology. The company has been backed by investors including Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures. In a 2021 funding round, it was valued at $2.1 billion. Data shows that Moveworks' annual recurring revenue exceeded $100 million as of September last year.

Under the leadership of CEO Bill McDermott, ServiceNow has developed applications to help enterprise organizations organize and automate their human resources and information technology operations. Like many of its peers, the California-based company has been integrating generative AI functions into its products. Before joining ServiceNow, Bill McDermott served as the CEO of software giant SAP, where he led several high-profile acquisitions during his tenure.