ServiceNow has poured cold water over concerns that its Moveworks acquisition might be in danger.
Bloomberg ignited the speculation last week, reporting that the deal faces an “in-depth” antitrust review.
Citing “sources familiar with the matter”, the publication also noted how the US Justice Department had sent a “second request” for additional information from both parties.
ServiceNow and Moveworks must complete this extra step before the acquisition can proceed.
Yet, Gina Mastantuono, President & CFO at ServiceNow, shrugged off concerns that this escalation could endanger the deal.
During the company’s latest earnings call, she said:
We’re not worried about Moveworks closing. It is, from our perspective, a timing issue.
The takeover, first announced in March, will cost ServiceNow $2.85BN, making it the largest roll-up in the company’s history.
It’s also the fifth acquisition ServiceNow has made in 2025 alone, with the tech giant snapping up CueIn, Logik.ai, Quality360, and – as announced at Knowledge 2025 – data.world.
Yet, the Moveworks deal is perhaps most significant, not just in terms of its price tag, but also in how it could further ServiceNow’s ambition to automate end-to-end customer fulfilment, connecting the front, middle, and back office.
As such, the acquisition promises to play a big role in ServiceNow’s continued charge into the CRM space, which is gaining momentum.
ServiceNow CEO: Agentic AI Could Render Traditional CRM Obsolete
ServiceNow’s CRM solutions featured in 17 of its top 20 deals last quarter, each worth over one million dollars.
According to Bill McDermott, CEO of ServiceNow, the statistic demonstrates the company’s “strong momentum” in a market where it has a “massive opportunity” to grow.
Why? Because traditional CRMs are soon set for the scrap heap, according to the CEO.
Citing “industry experts”, he said: “Agentic AI represents a seismic shift that could render traditional CRM obsolete.
“By the end of this decade, enterprises will adopt systems of action driven by autonomous front-end agents.
The future isn’t a CRM screen; it’s omnipresent AI agents embedded in everyday tools.
In other words, agentic AI will become ubiquitous, built into software solutions, reimagining user experiences and workflows.
As McDermott put it: “AI is the new UI.”
As that transformation begins to take hold, ServiceNow becomes the “extensible AI operating system” for the future agentic enterprise, a vision Jenson Huang, CEO of NVIDIA, recently endorsed.
Yet, ServiceNow isn’t only helping its customers build toward that vision, it’s leading from the front…
ServiceNow Deploys 450,000 Internal AI Agents, Many Doing 80% of Support Tasks
As noted, ServiceNow envisions a future where AI agents become ubiquitous.
While McDermott seemingly believes most enterprises will go through this transformation within the next decade, ServiceNow hopes to get there much sooner.
Indeed, it claims to already have implemented 450,000 internal AI agents. That’s approximately 17 AI agents for every human employee. As McDermott stated:
At our own company, we have 450,000 agents in the workflow right now. And all of the supporting functions – from customer support to IT support to risk compliance, security – most of this [work] is now over 80 percent being done by agents. So agentic is real.
Alongside support, the CEO also revealed that AI agents had increased productivity within ServiceNow’s sales team by 50 percent.
The inside look comes after ServiceNow recently told CNBC that it had created $350 million in value through its internal AI agent deployments.
Yet, external AI agent implementations are also picking up, with all 20 of the biggest deals ServiceNow secured last quarter including plans to implement agents across multiple functions.
“We’re winning at the departmental level, but we’re really winning with the CEO,” concluded McDermott. “We’ve become the CEO’s agentic AI story in enterprise software.”
Other Highlights from ServiceNow’s Earnings
ServiceNow exceeded its high-end guidance, with its Q2 revenues rising 22.5 percent year-over-year (YoY) to $3.215BN.
In part, Mastantuono credited the company’s push into CRM. Interestingly, the CFO also attributed nine front-office deals in June alone to its recently-acquired Logik.AI CPQ.
Zooming back out, Mastantuono also revealed that the number of customers with more than $20MN in annual contract value (ACV) grew by over 30 percent YoY, underscoring ServiceNow’s expanding value to its customers.
