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GlobalData
Mon, Mar 10, 2025, 8:01 AM 1 min read
In This Article:
US-based software company ServiceNow is nearing a deal to purchase AI company Moveworks, reported Bloomberg citing sources.
The deal, which could be announced in the coming days, may value Moveworks at approximately $3bn, sources familiar with the matter told the publication.
While discussions are said to be advanced, sources cautioned that the deal could still be delayed or called off.
Moveworks, established in 2016, specialises in AI-powered assistants that address employee requests within organisations.
The technology is currently employed by clients such as Unilever, GitHub, and Broadcom.
The AI company's growth has been supported by investments from firms including Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures, leading to a valuation of $2.1bn in a 2021 funding round.
In 2024, ServiceNow and chip manufacturer Nvidia broadened their partnership to provide telco-specific GenAI solutions to boost service experiences.
This partnership, which began in 2023, involves the development of enterprise-grade GenAI capabilities on the ServiceNow Platform, leveraging Nvidia's software and custom-trained large language models.
ServiceNow has detailed its first telco-specific solution, Now Assist for Telecommunications Service Management, which utilises Nvidia AI to augment agent productivity, enrich customer experiences, and accelerate resolution times.
"ServiceNow in advance talks to acquire AI firm Moveworks-report" was originally created and published by Verdict, a GlobalData owned brand.
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