O’Melveny Provides Counsel to Moveworks in $2.85 Billion Acquisition by ServiceNow
O’Melveny recently provided legal counsel to Moveworks, an AI technology company, in its acquisition by ServiceNow for US$2.85 billion. The deal, anticipated to be completed in the latter half of 2025 pending customary closing conditions, marks a significant step in the evolution of AI technology in the business sector.
Moveworks specializes in revolutionizing business operations through its agentic AI assistant that links all enterprise systems. This innovative approach aims to streamline operations within organizations and simplify access to information, task automation, and user support for employees across all levels.
Having been a legal partner to Moveworks since its establishment in 2016, O’Melveny has played a crucial role in advising the company on various financing transactions, including its US$200 million Series C funding round in 2021. The O’Melveny team overseeing this acquisition was led by partners Paul Sieben and Brad Finkelstein, along with legal counsels Amit Itai and Ashley Thurman, and associate Matthew Cook.
ServiceNow, known as the leading AI platform for business transformation, issued a statement regarding the acquisition of Moveworks. The merger of ServiceNow’s AI and automation capabilities with Moveworks’ AI assistant and enterprise search technology promises to deliver enhanced experiences to employees across all facets of a business.
This collaboration between ServiceNow and Moveworks seeks to reshape the utilization of AI within enterprises, setting a new standard for employee engagement. By introducing a universal AI assistant and advanced AI-driven enterprise search, the partnership aims to empower employees with quick access to information, task automation, and increased productivity.
ServiceNow’s President, COO, and CPO, Amit Zavery expressed enthusiasm about the acquisition, emphasizing the positive impact it will have on the adoption of AI in enterprises. Similarly, Bhavin Shah, CEO of Moveworks, highlighted the opportunity to accelerate innovation and enhance user experiences through their AI agent-fueled platform.
The acquisition holds significance as ServiceNow’s AI solution has witnessed rapid growth, surpassing $200 million in annual contract value for its Pro Plus AI solution as of December 31, 2024. Similarly, Moveworks has established itself as a frontrunner in AI technology adoption, with an expanding reach across leading Fortune 500 and Global 2000 companies.
This acquisition aligns with ServiceNow’s strategy of enhancing its agentic AI capabilities to streamline workflow automation across departments, systems, and silos. By integrating Moveworks’ AI agent and enterprise search services, ServiceNow aims to provide a unified search and self-service experience to all employee requestors. The partnership between ServiceNow and Moveworks is poised to establish them as the premier agentic AI platform in the market.
In conclusion, the acquisition of Moveworks by ServiceNow represents a significant milestone in the integration of AI technology within the business landscape. This strategic alliance underscores the commitment of both companies to drive innovation, improve workplace productivity, and deliver exceptional user experiences to employees and customers alike.
