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ServiceNow, Inc. (symbol: NOW) is an American software company headquartered in Santa Clara, California. It specializes in developing a cloud computing platform designed to help companies manage digital workflows across enterprise operations. By offering a comprehensive suite of software solutions, ServiceNow enables organizations to streamline and automate various business processes through a Software as a Service (SaaS) delivery model.
Originally focusing on IT Service Management (ITSM), ServiceNow has significantly expanded its capabilities. The company's platform now addresses various functions beyond IT, including customer service, HR service delivery, and security operations. This diversification allows enterprises to optimize multiple aspects of their operations through a single, integrated platform.
ServiceNow's recent achievements include partnerships with global enterprises to enhance their digital transformation journeys. The company's application development platform further enables businesses to create custom applications tailored to their specific needs. Financially, ServiceNow has shown robust performance, consistently delivering strong revenue growth and expanding its customer base worldwide.
Overall, ServiceNow continues to be a pivotal player in the enterprise software market, driving innovation and efficiency through its cutting-edge digital workflow solutions.
ServiceNow has launched the Now Platform Rome release, enhancing digital workflows for the hybrid work era. This release introduces tools aimed at combating employee fatigue, boosting automation, and creating better work experiences across organizations, including notable clients like Deloitte and Mercedes-Benz. With features like the Employee Center and Automation Discovery, the platform seeks to streamline tasks and improve productivity. The announcement comes amid strong economic growth, positioning ServiceNow to support organizations in adapting to evolving business models and workforce dynamics.
ServiceNow (NYSE: NOW) has been named a Leader in the 2021 Gartner Magic Quadrant for IT Service Management (ITSM) Tools, marking the eighth consecutive year in this prestigious position. The company is recognized for its ability to execute and completeness of vision, particularly its native IT Operations Management (ITOM) and AI capabilities. With its ITSM solutions, ServiceNow aims to enhance IT processes globally, focusing on resilience, productivity, and employee service.
ServiceNow (NYSE: NOW) has been recognized as a Leader in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools for the second consecutive year. This recognition highlights their Vendor Risk Management solution that addresses risks from increased digitalization in business operations. Benefits include enhanced efficiency through automation, improved resilience via continuous monitoring, and integration with existing enterprise workflows. The evolving market for IT VRM tools emphasizes automation and the importance of third-party risk management.
ServiceNow (NYSE: NOW) announced its participation in four upcoming investor conferences. Executives will present at:
- Wolfe Research TMT Conference - Chirantan “CJ” Desai, September 8, 11:35 a.m. PT
- Deutsche Bank 2021 Technology Conference - Gina Mastantuono, September 10, 10:25 a.m. PT
- Citi 2021 Virtual Global Technology Conference - Gina Mastantuono, September 13, 11:40 a.m. PT
- Jefferies 2021 Software Conference - Lara Caimi, September 14, 1:30 p.m. PT
Live webcasts will be available on ServiceNow's investor relations website.
ServiceNow (NYSE: NOW) has appointed Jon Sigler, a veteran in enterprise software with over 25 years of experience, to lead its Now Platform product organization. Sigler, formerly with Salesforce, Apple, and Microsoft, will drive innovation in ServiceNow's offerings, enhancing its role in digital transformation for over 80% of Fortune 500 companies. Chief Product Officer Chirantan Desai emphasized the importance of visionary leadership to capture market opportunities. Sigler expressed enthusiasm for advancing ServiceNow’s no-code platform, marking a pivotal moment in customer digital transformation.
ServiceNow (NYSE: NOW) appointed Sukumar Rathnam, former CTO of Uber, to its board of directors, expanding the total to 12 members. Rathnam brings a wealth of experience in digital innovation, having led engineering at Uber and product management at Amazon. His addition is expected to bolster ServiceNow’s vision for becoming a leading enterprise software company. CEO Bill McDermott emphasized Rathnam's dynamic leadership and the significance of his role in driving the company's innovative journey in this digital era.
ServiceNow (NYSE: NOW) has expanded its partnership with Telia Company, a leading telecommunications provider in the Nordic and Baltics, to enhance service operations on the Now Platform. This collaboration aims to streamline service management and improve customer service through intelligent automation. By leveraging the Now Platform, Telia will enable more efficient incident management, proactively notify customers of network issues, and ultimately improve customer experiences while reducing costs. This initiative is part of Telia's broader digital transformation strategy.
ServiceNow (NYSE: NOW) announced its agreement to acquire Mapwize, an indoor-mapping company based in Lille, France. This acquisition aims to enhance the employee experience by integrating Mapwize's mapping capabilities into ServiceNow's platform, allowing for better navigation of workspaces. The acquisition is expected to be finalized in Q3 2021, although financial details have not been disclosed. This move aligns with ServiceNow's strategy to support hybrid work environments and improve workplace management.
ServiceNow (NYSE: NOW) has appointed former Deloitte CIO Larry Quinlan to its board of directors, increasing the board's total to 11 members. CEO Bill McDermott expressed confidence in Quinlan's expertise in digital transformation, which aligns with ServiceNow's objectives of growth and innovation. Quinlan previously oversaw a $2 billion tech organization at Deloitte and has extensive experience advising Fortune 500 companies. He emphasized the importance of digital transformation and expressed enthusiasm about joining ServiceNow to enhance workflows for clients.
ServiceNow (NYSE: NOW) reported impressive financial results for Q2 2021, with subscription revenues reaching $1,330 million, a 31% increase year-over-year. Current remaining performance obligations (cRPO) stood at $4.7 billion, up 34%. The company added 25% more customers with annual contracts exceeding $1 million. Despite a minor dip in gross profit margins, the company anticipates strong future growth, projecting full-year subscription revenues between $5,530 and $5,540 million, indicating a 29% annual growth rate.
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