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 said on Monday it would buy AI firm Moveworks for $2.85 billion in cash and stock, marking the software maker's largest-ever acquisition when enterprises are spending heavily on the technology to enhance their IT operations.

ServiceNow on Monday announced an agreement to buy Moveworks, a Silicon Vallry provider of enterprise employee AI assistants, for $2.85 billion in cash and stock. Why it matters: This is the largest acquisition ever by ServiceNow,