ServiceNow to Acquire Task Mining Company UltimateSuite to Enhance Process Mining and Intelligent Automation on the Now Platform

Rhea-AI Summary

ServiceNow (NYSE: NOW) has signed an agreement to acquire task mining company UltimateSuite to enhance process mining and intelligent automation across the Now Platform. According to a Gartner study, global process mining software revenue grew 46% in 2021 and is projected to grow to $2.3 billion by 2025 at a compound annual growth rate (CAGR) of 33% from 2020 through 2025. UltimateSuite's task mining technology provides actionable insights to streamline repetitive work and identify automation opportunities. ServiceNow expects to close the acquisition of UltimateSuite in Q1 2024.

Positive

• ServiceNow is enhancing its automation and AI capabilities through the acquisition of UltimateSuite.
• Global process mining software revenue grew 46% in 2021, indicating the growing importance of process mining for businesses.
• UltimateSuite's task mining technology provides actionable insights to streamline repetitive work and identify automation opportunities.

Negative

• Financial terms of the deal were not disclosed, which may raise concerns about the acquisition's cost and potential impact on ServiceNow's financials.

Acquisition strengthens ServiceNow’s process mining solutions, bolstering automation and AI capabilities to help customers uncover bottlenecks and drive operational efficiencies

SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced it has signed an agreement to acquire task mining company UltimateSuite to enhance process mining and intelligent automation across the Now Platform. Through this acquisition, ServiceNow continues to bolster its automation and artificial intelligence (AI) capabilities to help customers identify process bottlenecks and drive stronger operational efficiencies.

(Graphic: Business Wire)

According to a Gartner study¹, global process mining software revenue grew 46% in 2021 and is projected to grow to $2.3 billion by 2025 at a compound annual growth rate (CAGR) of 33% from 2020 through 2025. This growth underscores the importance of process mining for translating insights into action. As a core capability of the Now Platform, process mining helps customers better understand how work flows across people, tasks, and systems by acting like an X-ray across the business to identify and automate operational bottlenecks.

This acquisition is the latest step in enhancing ServiceNow’s powerful intelligent automation capabilities. UltimateSuite's task mining technology provides actionable insights to streamline repetitive work and identify automation opportunities, a core piece of process mining. With predictive analysis and actionable prompts, UltimateSuite provides operational intelligence that enables customers to accelerate digital business transformation and enhance employee experiences.

“The Now Platform is the platform for digital business, and we are continually working to help customers remove guesswork and create more intuitive processes in the day-to-day flow of work,” said Eric Schroeder, vice president of NowX product management at ServiceNow. “Task mining is key to revealing a more accurate picture of how people work. With UltimateSuite, we are extending ServiceNow’s ability to help customers easily automate workflows and drive productivity.”

"We believe that automation, built with the power of our task mining technology, can help employees and businesses expand the potential of their creativity and productivity," said Robert Samanek, CEO and Founder of UltimateSuite. "We are proud to join ServiceNow and integrate UltimateSuite into the Now Platform to drive actionable insights that identify opportunities to transform the way people work.”

UltimateSuite was founded in 2020 by Robert Samanek and is headquartered in Prague, Czech Republic. The company has been recognized by leading analyst firms, received industry recognition from Accenture’s Start-Up Accelerator, and was nominated to the Microsoft Founders Hub for demonstrating the innovative potential of its technology.

UltimateSuite follows acquisitions of G2K and Element AI as part of ServiceNow’s ongoing commitment to bringing impactful automation and AI-powered solutions to customers. ServiceNow expects to close the acquisition of UltimateSuite in Q12024. Financial terms of the deal were not disclosed.

¹ Gartner, Magic Quadrant for Process Mining Tools, By Marc Kerremans, Kimihiko Iijima, Andrei Razvan Sachelarescu, Nick Duffy, David Sugden, 20 March 2023.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Use of forward-looking statements

This press release contains "forward-looking statements" about the expectations, beliefs, plans, intentions, and strategies relating to ServiceNow’s proposed acquisition of UltimateSuite. Such forward-looking statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. We undertake no obligation, and do not intend, to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include, without limitation, inability or delays in assimilating or integrating UltimateSuite’s technology into our platform; inability to retain employees of UltimateSuite after the transaction closes; unanticipated obligations or liabilities related to UltimateSuite’s legacy business; potential adverse tax consequences; and disruption to our business and diversion of management attention and other resources. Further information on factors that could affect our financial and other results is included in the filings we make with the Securities and Exchange Commission from time to time.

About ServiceNow

ServiceNow (NYSE: NOW) makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNow^TM. For more information, visit: www.servicenow.com.

© 2023 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231218270685/en/

Media Relations

Brandon Brunson

512.680.4385

press@servicenow.com

Investor Relations

Darren Yip

925.388.7205

ir@servicenow.com

Source: ServiceNow, Inc.

FAQ

What company is ServiceNow acquiring to enhance its automation and AI capabilities?

ServiceNow is acquiring UltimateSuite.

What is the ticker symbol for ServiceNow?

The ticker symbol for ServiceNow is NOW.

What is the projected growth of global process mining software revenue by 2025?

Global process mining software revenue is projected to grow to $2.3 billion by 2025 at a compound annual growth rate (CAGR) of 33% from 2020 through 2025.

When does ServiceNow expect to close the acquisition of UltimateSuite?

ServiceNow expects to close the acquisition of UltimateSuite in Q1 2024.

What technology does UltimateSuite provide to streamline repetitive work and identify automation opportunities?

UltimateSuite provides task mining technology to streamline repetitive work and identify automation opportunities.