ServiceNow nears $3 bln acquisition of AI firm Moveworks – Bloomberg

Investing.com-- ServiceNow Inc (NYSE:NOW) is close to finalizing a deal to acquire artificial intelligence (AI) firm Moveworks in what would be its largest acquisition to date, Bloomberg reported on Sunday, citing sources familiar with the matter.

The deal for the California-based company could be announced in the coming days and is expected to value Moveworks at nearly $3 billion, Bloomberg reported.

However, discussions remain ongoing and could still be delayed or fall through, the report added.

Moveworks, founded in 2016, develops AI-powered assistants that help companies manage employee requests. Its clients include Unilever PLC (LON:ULVR), GitHub Inc, and Broadcom Inc (NASDAQ:AVGO).

The company was last valued at $2.1 billion in a 2021 funding round backed by investors such as Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Ventures, the Bloomberg report stated.

ServiceNow, led by CEO Bill McDermott, has been integrating generative AI features into its software products.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.Should you invest $2,000 in NOW right now?

Before you buy stock in NOW, consider this: ProPicks AI are 6 easy-to-follow model portfolios created by Investing.com for building wealth by identifying winning stocks and letting them run. Over 150,000 paying members trust ProPicks to find new stocks to buy – driven by AI. The ProPicks AI algorithm has just identified the best stocks for investors to buy now. The stocks that made the cut could produce enormous returns in the coming years. Is NOW one of them?

Reveal Undervalued Stocks Now