ServiceNow (NYSE:NOW) announced its acquisition of Moveworks, a leader in agentic AI solutions, for $2.85 billion in cash and stock. This marks the software company’s largest-ever deal, aimed at strengthening its position in enterprise AI-driven workflow automation.
The acquisition will combine ServiceNow’s Now Assist AI platform with Moveworks’ conversational AI, which resolves employee IT issues via chat integration with platforms like Slack and SharePoint. Moveworks’ clients include Broadcom, Palo Alto Networks, and Pinterest, with over 90% of its customers deploying its technology across entire workforces.
ServiceNow CEO Bill McDermott emphasized the deal accelerates “agentic AI leadership” for enterprises, calling it a “total game-changer” for employee productivity. All 500+ Moveworks employees will join ServiceNow, with no layoffs planned, according to CFO Gina Mastantuono.
ServiceNow shares dropped 7% post-announcement, though the stock remains up 15% year-over-year. Moveworks was valued at $2.1 billion in its 2021 Series C funding round. The deal, first reported by Bloomberg, is expected to close in late 2025 pending regulatory approvals.
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