On Mar. 10, enterprise software provider ServiceNow announced an agreement to acquire Moveworks for US$2.85 billion in cash and stock. This marks its largest acquisition to date and strengthens its focus on AI-driven solutions.

Moveworks, a Silicon Valley-based company specializing in AI-powered employee assistants, has raised over US$300 million in venture funding and was valued at US$2.1 billion in 2021.

It serves over 350 enterprise clients and supports more than 5 million employees.

As of late 2024, ServiceNow reported nearly 1,000 AI customers and an annual contract value of US$200 million for its “Pro Plus AI” offering.

The acquisition underscores ServiceNow’s commitment to AI development amid growing competition in the sector.