ServiceNow: Moveworks Acquisition

This is a snippet of the transcript, sign up to read more.

Product. Okay, so if you want to give a quick primer on what it does and its value proposition, that would be great. Why does it exist in a world where ServiceNow and others are already present?

Back then, ServiceNow had a virtual agent, pre-Now Assist. Moveworks offered a fully packaged solution, helping with deployment, configuration, launch, and user adoption. ServiceNow's early approach was to provide tools for building something yourself, similar to Salesforce's approach. They weren't focused on hiring a team of customer success people and implementers to solve this problem back then.

This is a snippet of the transcript, sign up to read more.

Product. Okay, so if you want to give a quick primer on what it does and its value proposition, that would be great. Why does it exist in a world where ServiceNow and others are already present?

Moveworks established a strong customer base by the time ChatGPT and LLM APIs emerged. Moveworks had around 200 enterprise customers, with 75% using ServiceNow. When LLM APIs came out, ServiceNow shifted focus and invested heavily in this space, forming the Now Assist team, which grew to nearly 1,000 employees. They aimed to build a fully packaged solution similar to Moveworks, with LLM as its foundation. Moveworks also invested in an LLM-based architecture, gaining more wins with case studies and successful large customers.

This is a snippet of the transcript, sign up to read more.

Product. Okay, so if you want to give a quick primer on what it does and its value proposition, that would be great. Why does it exist in a world where ServiceNow and others are already present?

The biggest competitor for Moveworks was ServiceNow. In head-to-head comparisons, customers considering a chat-based enterprise solution often debated between Now Assist and Moveworks. That's the growth story.

This is a snippet of the transcript, sign up to read more.