ServiceNow Eyes $3 Billion AI Deal, Targets Boost From Moveworks Chatbot Tech

ServiceNow Inc NOW is nearing a deal to snap artificial intelligence firm Moveworks.

The purchase could value Moveworks at close to $3 billion, Bloomberg reports. Moveworks provides companies like Broadcom Inc AVGO with AI assistants to handle employee requests.

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The company, backed by Kleiner Perkins and Lightspeed Venture Partners, was worth $2.1 billion in a 2021 funding round.

ServiceNow makes applications that help firms organize and automate their personnel and information technology operations.

Last week, ServiceNow and Nvidia Corp NVDA launched AI agents for telecom service improvements.

ServiceNow reported fourth-quarter revenue of $2.96 billion, up 21%, which aligns with the consensus estimate. The company reported fourth-quarter adjusted earnings of $3.67 per share, which aligns with analyst estimates.

ServiceNow expects first-quarter subscription revenue of $2.995 billion-$3 billion. ServiceNow held $5.76 billion in cash and equivalents as of December 31, 2024.

Price Action: NOW stock is down 3.26% at $822.87 premarket at last check Monday.

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