ServiceNow Set to Acquire AI Assistant Provider Moveworks in $3 bn Deal
While the acquisition talks are in advanced stages, sources suggest that there is still a chance of delays or potential breakdowns in negotiations.
ServiceNow is reportedly nearing the final stages of a deal to acquire Moveworks, an AI-driven employee assistance provider, in what could become the company's largest acquisition to date.
According to a Bloomberg report, the deal, which may be announced in the coming days, could value Moveworks at nearly $3 billion.
While the acquisition talks are in advanced stages, sources suggest that there is still a chance of delays or potential breakdowns in negotiations.
Founded in 2016, Moveworks has gained a strong foothold in the AI space by developing advanced employee assistance tools. These tools have been adopted by major companies such as Unilever, GitHub, and Broadcom.
Backed by prominent investors including Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures, Moveworks was valued at $2.1 billion during a funding round in 2021.
Moveworks specialises in leveraging AI to streamline employee support and enhance productivity, offering companies a smarter way to address IT and personnel challenges through automation and intelligent assistance.
According to another Bloomberg report, ServiceNow is planning a major expansion in West Palm Beach, with discussions about relocating its headquarters from Silicon Valley to the South Florida city.
If the move goes forward, it could significantly elevate West Palm Beach’s profile as a growing hub for business and influence. Sources revealed to Bloomberg last Thursday that ServiceNow is considering moving its headquarters to West Palm Beach, a decision that could eventually bring thousands of jobs to the area.
However, they cautioned that the plans are not yet final, and changes could still occur.
