ServiceNow is making a larger move into enterprise AI with a planned $2.85 billion acquisition of Moveworks, a company known for automation and AI tools built for business users. The transaction is structured as a mix of cash and stock, and ServiceNow expects it to close in the second half of 2025.
The deal gives ServiceNow another way to deepen its AI-driven workflow automation business. It also brings in a company that already works across core corporate functions, from IT support to HR, finance and facilities management.
A major bet on AI at work
ServiceNow said on Monday that it had agreed to acquire Moveworks. Bloomberg reported the deal late on Sunday night.
The price is notable because Moveworks was valued at $2.1 billion as of June 2021. Before the ServiceNow acquisition, Moveworks had raised just over $300 million from backers including Tiger Global, Iconiq Growth and Kleiner Perkins.
For ServiceNow, the logic is not only financial. The company is positioning the acquisition as a way to accelerate enterprise adoption of agentic AI and automation. ServiceNow president and COO Amit Zavery said the combination would pair ServiceNow’s workflow automation strengths with Moveworks’ AI assistant and enterprise search technology.
Zavery also pointed to existing overlap between the two businesses. ServiceNow and Moveworks already share a number of mutual customers, and their products are tightly integrated. That gives ServiceNow a clearer path to fold Moveworks into a broader platform instead of treating it as a distant add-on.
What Moveworks brings to ServiceNow
Moveworks was founded in 2016 by Bhavin Shah, Vaibhav Nivargi, Varun Singh, and Jiang Chen. The company is based in Mountain View and came out of stealth in 2019 with an application designed to help enterprise customers automate high-level IT support.
Over time, Moveworks expanded beyond IT. Its product portfolio now addresses multiple lines of business, including HR, finance and facilities management. That matters for ServiceNow because the acquisition is not just about one support tool. It is about giving employees a single AI-powered entry point for searching, requesting help and taking action across enterprise systems.
The company’s client list includes Unilever, Instacart, Siemens, and Toyota, according to its website. Moveworks has more than 500 employees.
The backgrounds of its founders also help explain the company’s focus on enterprise software and product experience. Shah previously co-founded Refresh, an app that surfaced insights about people in users’ extended social networks, which LinkedIn acquired in 2015. Nivargi built a business analytics platform called ClearStory. Singh was a lead product manager at Meta overseeing Facebook feature development. Chen joined Moveworks after roles at Yahoo, Google, and Airbnb.
Why the fit matters
ServiceNow’s business is built around workflow automation. Moveworks has focused on making workplace systems easier for employees to use through AI assistance, search and automation. The strategic idea behind the deal is that those two areas can reinforce each other.
In plain terms, ServiceNow wants AI to sit closer to the everyday work employees do inside large organizations. Moveworks gives it technology and product experience around employee-facing AI interfaces, while ServiceNow brings a larger automation platform.
Shah described Moveworks as a way to hide the complexity employees face at work by giving them an intuitive starting point to search and act across enterprise systems. He said becoming part of ServiceNow would create an opportunity to accelerate innovation through ServiceNow’s AI agent-fueled platform.
The acquisition also reflects a broader push by ServiceNow to build around emerging AI technologies. In January, the company acquired Cuein, an “AI-native” conversation data analysis platform, to enhance its data processing capabilities.
ServiceNow’s AI momentum
ServiceNow has said its newest AI solutions are the fastest-growing in its history. As of December 2024, the company said it had nearly 1,000 “AI customers” and around $200 million in annual contract value for its “Pro Plus” AI tier.
The company also reported $2.96 billion in subscription revenues in its most recent fiscal quarter, Q4 2024, with AI adoption helping drive the result.
Taken together, those figures show why Moveworks is a strategically important acquisition for ServiceNow. The company is already seeing demand for AI products, and Moveworks gives it another product layer aimed directly at the employee experience.
The deal is still expected to close in the second half of 2025, so the companies remain at the agreement stage. But the direction is clear: ServiceNow is using acquisition to expand its AI portfolio, strengthen its enterprise search and AI assistant capabilities, and push further into workflow automation for large business customers.