We’re thrilled to announce the acquisition of Moveworks by ServiceNow for $2.85B, a major milestone that underscores Moveworks’ mission to empower enterprises with AI-driven workplace automation. Since co-leading their Series B in 2019, we've been privileged to partner with Bhavin Shah, Vaibhav Nivargi, Varun Singh, Jiang Chen, and the entire team on their incredible journey. Moveworks enhances enterprise AI by providing a single, agentic AI solution that enables employees to instantly find answers, automate end-to-end tasks, and enhance productivity across workflows. Their platform simplifies access to information, streamlines operations, and builds customized AI agents, delivering impressive speed, efficiency, and ROI to leading global organizations.
When we first met Bhavin, Vaibhav, Varun and Jiang in 2019, we were incredibly impressed with the team’s focus on customer success, long-term vision, and deep commitment to product and technology, all of which have underscored the success of Moveworks. Long before transformers and agents were top-of-mind in the AI community, Moveworks was pushing the frontier of AI’s capabilities. The company was among the first to tackle the complexity of natural language understanding in enterprise contexts, ingesting massive volumes of data and customizing AI models to deliver hyper-accurate results. Today, Moveworks continues to push the boundaries with its next-generation AI co-pilot, a game-changing evolution of the platform that incorporates agentic features, enabling employees to not only get answers but take action, proactively completing requests on the user’s behalf.
Moveworks has delivered transformative impact for Fortune 500 companies and Global 2000 companies, such as Hearst, Instacart, Palo Alto Networks, Siemens, Toyota, and Unilever. Industry recognition, including appearances in the Gartner Magic Quadrant, further validates Moveworks' leadership in AI-powered service management.
At ICONIQ Growth, we believe in AI’s potential to redefine industries and partner with visionary founders building category-defining companies that drive automation, efficiency, and transformation. We believe Moveworks embodies this with its mission-driven team, industry-leading AI platform, and scalable technology stack extending across IT, HR, finance, and beyond. Over the course of the last five years, we were proud to support Moveworks with over 30 strategic and commercial introductions. Our partnership underscores our goal to not only invest in groundbreaking companies but also actively help them scale and accelerate their growth.
Moveworks' acquisition by ServiceNow also reflects what we believe is a broader recognition across the industry that AI-powered automation is no longer just a competitive advantage; it’s a necessity. As AI permeates across the entire enterprise software stack, the companies that will lead the next decade are those with deep integrations, proprietary data feedback loops, and action-oriented AI capabilities with demonstrable ROI.
We are immensely proud to have supported Moveworks on its journey to redefine enterprise AI. Congratulations to the Moveworks team on this incredible achievement—we look forward to seeing what you accomplish in this exciting next chapter alongside ServiceNow!
Published:
March 10, 2025