ServiceNow said on Monday that it has agreed to acquire Moveworks, which develops enterprise-focused automation and AI tools. ServiceNow will pay $2.85 billion for Moveworks in a mix of cash and stock. The former expects the deal to close in the second half of 2025. Bloomberg reported the deal late on Sunday night.

ServiceNow expands its AI capabilities with the acquisition of Moveworks, adding 500 employees and enhancing enterprise-wide AI adoption for major companies.

Two factors that could contribute to stronger results are: an unexpected boost in ServiceNow’s agentic AI revenues and a weaker dollar tamping FX headwinds.