ServiceNow(NOW.US) is reportedly close to finalizing a deal to acquire Moveworks, a leading provider of artificial intelligence assistants.

Market IntelSunday, Mar 9, 2025 10:30 pm ET

1min read

ServiceNow (NOW.US) is reportedly close to a deal to acquire AI company Moveworks, a deal that would be the largest in the company's history.

The software company is in the final stages of completing the acquisition of Moveworks, a California-based company, and could announce the deal as early as this week, according to sources. The deal values Moveworks at about $3bn, the sources said.

While negotiations have progressed significantly, there is still a chance the deal could be delayed or fall apart, the sources said. Representatives for servicenow declined to comment, and a spokesperson for Moveworks could not be reached immediately.

Moveworks, founded in 2016, provides AI assistants to help companies handle employee requests. Its website shows that Unilever, GitHub and Broadcom are among its customers. The company has been backed by investors including Kleiner Perkins, Lightspeed Venture Partners and Bain Capital Ventures. It was valued at $2.1bn in a funding round in 2021.

Under the leadership of CEO Bill McDermott, ServiceNow has developed applications to help companies organize and automate their human resources and information technology operations. Like many of its peers, the company, based in Santa Clara, California, has been integrating generative AI functions into its products. McDermott, who joined ServiceNow from software giant SAP, where he led several high-profile acquisitions, has been focused on driving the adoption of new generative AI products rather than achieving significant revenue growth through those tools in the near term.

ServiceNow's shares have risen more than 12 per cent in the past 12 months, and its market capitalisation is about $175bn. In January, the company gave a fiscal year sales outlook that was below market expectations and said it was focusing on driving the adoption of new generative AI products rather than achieving significant revenue growth through those tools in the near term.

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