ServiceNow buys Moveworks for $2.85 billion

Bill McDermott, chief executive officer of ServiceNow Inc. on stage, in front of a blue background, gesturing with both hands. (Credit: Bridget Bennett—Bloomberg via Getty Images)

ServiceNow, which provides businesses with outsourced IT and customer service support as well as other digital services, said it was buying the business process automation company Moveworks for $2.85 billion in cash and stock.

The Santa Clara, California-based ServiceNow framed the acquisition around the burgeoning market for AI agents that can perform digital tasks for people, often involving the use of other software.

The company is among a clutch of competing software giants, including Salesforce, Microsoft, and Alphabet's Google, that are building platforms that enable companies to automate work with AI agents.