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ServiceNow buys AI agent company Moveworks for $2.85 billion

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ServiceNow, which provides businesses with outsourced IT and customer service support as well as other digital services, said it was buying the business process automation company Moveworks for $2.85 billion in cash and stock.
ServiceNow has acquired Moveworks, an AI agent company, for $2.85 billion in a cash and stock deal, aiming to enhance its AI capabilities in enterprise automation. Moveworks, known for its AI-driven solutions that automate tasks like IT support and HR requests, will integrate its technology with ServiceNow's platform to create a more advanced AI agent. This acquisition is part of ServiceNow's strategy to expand its AI offerings, following its recent introduction of the Now Assist AI product. The deal, expected to close in Q1 2024, will see Moveworks' CEO, Bhavin Shah, join ServiceNow's leadership team, focusing on accelerating AI innovation within the company. This move is anticipated to help ServiceNow better serve its enterprise customers by providing more sophisticated, AI-powered automation tools.

Read the Full Fortune Article at:
[ https://www.msn.com/en-us/money/companies/servicenow-buys-ai-agent-company-moveworks-for-2-85-billion/ar-AA1ACshj ]