ServiceNow in Talks to Buy AI Startup Moveworks
**ServiceNow in Talks to Buy AI Startup Moveworks**
By Martin Peers and Laura Mandaro
2 hours ago
Source: The Information
ServiceNow is close to buying Moveworks, a 9-year-old startup that sells artificial intelligence to handle IT support tickets, for $3 billion, according to a person familiar with the deal talks.
The deal, if struck, would be a departure for ServiceNow, which has stuck to smaller acquisitions like its 2020 purchase of Element AI, a startup co-founded by AI pioneer Yoshua Bengio, for a reported $230 million. ServiceNow, which was an early mover in software that automates business tasks, has yet to show that AI features can contribute meaningfully to revenue.
The deal would be the latest in a string of acquisitions of AI startups by larger tech companies, which are snapping up the smaller companies for their technology, engineering talent, and in some cases, customers. Last week, Core Weave, a provider of cloud servers for AI companies, said it was buying Weights & Biases, which helps developers build AI applications, for $1.7 billion.
Moveworks was featured in The Information's list of AI startups primed for takeover. It raised $308 million, most recently at a valuation of $2.1 billion in 2021, according to PitchBook. Its investors include Kleiner Perkins, Lightspeed Venture Partners, and Bain Capital Partners. Bloomberg was first to report on the ServiceNow-Moveworks deal talks.