ServiceNow's $2.85B Moveworks Acquisition Details Emerge

ServiceNow is set to acquire AI firm Moveworks for $2.85 billion in cash and stock, marking its largest acquisition to date. Moveworks, known for its AI solutions that assist companies like Broadcom and Palo Alto Networks, will bring its 500 employees to ServiceNow, with no immediate layoffs planned. This acquisition is part of ServiceNow's strategy to integrate AI across its service management platform, enhancing IT operations efficiency. Moveworks' AI chatbot technology complements ServiceNow's existing offerings, and the deal is expected to close in the second half of 2025. Share prices for ServiceNow fell slightly following the announcement, and the company does not anticipate regulatory hurdles. The transaction reflects the growing trend of companies investing heavily in AI to stay competitive in the evolving software market.