- ServiceNow expects to complete the acquisition in early 2021
- With the acquisition of Element AI, ServiceNow will create an AI Innovation Hub in Canada to accelerate customer-focused AI innovation in the Now Platform
ServiceNow announced it has signed an agreement to acquire Element AI. It said that Element AI will significantly enhance ServiceNow’s commitment to build the world’s most intelligent workflow platform, enabling employees to work smarter and faster, streamline business decisions, and achieve new levels of productivity. ServiceNow expects to complete the acquisition in early 2021. Dr. Yoshua Bengio, a winner of the 2018 ACM A.M. Turing Award for his pioneering contributions to modern AI, will serve as a technical advisor for ServiceNow.
With the acquisition of Element AI, ServiceNow will create an AI Innovation Hub in Canada to accelerate customer-focused AI innovation in the Now Platform. ServiceNow’s AI Innovation Hub in Canada follows similar investments by ServiceNow to create technology development centers in Chicago, Hyderabad, Kirkland, Wash., San Diego, and Silicon Valley.
ServiceNow Chief AI Officer Vijay Narayanan said, “AI technology is evolving rapidly as companies race to digitally transform 20th century processes and business models. ServiceNow is leading this once-in-a-generation opportunity to make work, work better for people. With Element AI’s powerful capabilities and world class talent, ServiceNow will empower employees and customers to focus on areas where only humans excel – creative thinking, customer interactions, and unpredictable work. That’s a smarter way to workflow.”
Fourth AI acquisition in 2020
The acquisition of Element AI is ServiceNow’s latest strategic investment to accelerate AI innovation in the Now Platform. In March, ServiceNow hired Narayanan and launched Now Intelligence. It said that it is a set of powerful AI capabilities to help customers scale insight to action. Element AI is ServiceNow’s fourth AI acquisition in 2020, following Loom Systems, Passage AI, and Sweagle.
Element AI founder and CEO, Jean-Francois Gagné said, “Element AI’s vision has always been to redefine how companies use AI to help people work smarter. ServiceNow is leading the workflow revolution and we are inspired by its purpose to make the world of work, work better for people. ServiceNow is the clear partner for us to apply our talent and technology to the most significant challenges facing the enterprise today.”