ServiceNow Inc (NYSE:NOW) is nearing an agreement to acquire Moveworks, a prominent AI firm, in what would mark its largest acquisition yet. The deal is anticipated to be valued at nearly $3 billion, a notable increase from the company’s previous valuation of $2.1 billion in a 2021 funding round.

Strategic Acquisition in the AI Sphere

This acquisition aligns with ServiceNow’s goal of integrating generative AI capabilities into its services. By acquiring Moveworks, the company seeks to bolster its enterprise solutions and gain a stronger foothold in the booming AI sector.

• Moveworks Overview: Since its inception in 2016, Moveworks has partnered with significant clients, including Unilever PLC (LON:ULVR), GitHub Inc, and Broadcom Inc (NASDAQ:AVGO).
• Deal Valuation: The acquisition price is projected around $3 billion, marking a milestone for ServiceNow.
• Ongoing Negotiations: While negotiations are ongoing and subject to change, an announcement could be imminent.

Implications for ServiceNow’s Future

This acquisition can strengthen ServiceNow’s competitive position by significantly enhancing its AI capabilities, leading to increased revenue opportunities and solidifying its market presence in enterprise technology.