ServiceNow’s Moveworks Deal Put at $2.85 Billion

ServiceNow announced in March 2025 that it would buy Moveworks for $2.85 billion. The deal closed in December that year. Moveworks co-founder Bhavin Shah said the acquisition gave the AI company access to a much larger customer base, while ServiceNow gained an assistant that helps employees find information and complete internal tasks.

Shah said Moveworks already shared about 250 customers with ServiceNow, and that customers often told him the products worked well together. He said becoming part of ServiceNow could help Moveworks reach more of the market faster. Shah also argued that established software companies could benefit as AI makes their services easier to use, rejecting market concerns about the sector. “The stock market was obviously wrong at the beginning of the year,” he said, referring to pressure on SaaS shares.

He said AI assistants need to work through companies’ systems, where business rules and processes allow work to be directed and reviewed. A single assistant could reduce the need for employees to navigate multiple programs, but fewer interfaces would not necessarily mean fewer vendor bills. Easier access could increase use of the systems behind them, he said.

Shah distinguished AI that generates content from AI that completes tasks. Saving five or ten minutes of an employee’s time may not reduce a company’s costs if it still pays the same full-time salary. He described stronger returns as automating entire workflows, such as collecting information and approvals for a manager opening a position. He did not specify how customers and vendors should share the financial gains.