ServiceNow said on Monday that it has agreed to acquire Moveworks, which develops enterprise-focused automation and AI tools.
ServiceNow will pay $2.85 billion for Moveworks in a mix of cash and stock. The former expects the deal to close in the second half of 2025. Bloomberg reported the deal late on Sunday night.
As of June 2021, Moveworks was valued at $2.1 billion.
“With the acquisition of Moveworks, ServiceNow will take another giant leap forward in agentic AI-powered business transformation,” ServiceNow president and COO Amit Zavery said in a press release. “Moveworks’ talented team and elegant AI-first experience, combined with ServiceNow’s powerful AI-driven workflow automation, will supercharge enterprise-wide AI adoption and deliver game-changing outcomes for employees and their customers.”
Zavery said the deal made sense for ServiceNow because it and Moveworks already have a number of mutual customers, and the two companies’ product offerings are tightly integrated. By folding Moveworks into its corporate family, ServiceNow has an opportunity to build a platform that “combines] ServiceNow’s agentic AI and automation strengths with Moveworks’ […] AI assistant and enterprise search technology,” Zavery said.
Moveworks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen. Shah previously co-founded Refresh, an app that surfaced insights about people in users’ extended social networks (LinkedIn acquired it in 2015). Nivargi built a business analytics platform called ClearStory, while Singh was a lead product manager at Meta overseeing Facebook feature development. Chen came to Moveworks by way of Yahoo, Google, and Airbnb.
Mountain View-based Moveworks came out of stealth in 2019 with an application to help enterprise customers automate high-level IT support. Over the years, the startup expanded its product portfolio to address various lines of business, including HR, finance, and facilities management.
The company’s clients include Unilever, Instacart, Siemens, and Toyota, per its website. Prior to the ServiceNow acquisition, Moveworks managed to raise just over $300 million from backers including Tiger Global, Iconiq Growth and Kleiner Perkins. It has more than 500 employees.
“Moveworks hides the complexity employees face at work by giving them an intuitive, engaging starting place to search and drive action across any enterprise system,” Shah said in a statement. “Becoming part of ServiceNow presents an incredible opportunity to accelerate our innovation and deliver on our promise through their AI agent-fueled platform to redefine the user experience for employees and customer service teams.”
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