March 10 (Reuters) - ServiceNow ( NOW ) said on Monday

it would buy artificial intelligence company Moveworks for $2.85

billion, marking the software maker's largest-ever acquisition

as it looks to expand its product portfolio and attract more

customers.

The cash and stock deal for privately-owned Moveworks comes

as enterprises are increasingly adopting AI and investing in

automating their IT operations to improve productivity.

Moveworks, which offers agentic AI solutions to assist

clients, counts chipmaker Broadcom ( AVGO ), cybersecurity

company Palo Alto Networks ( PANW ) and social media platform

Pinterest ( PINS ) as its customers.

The transaction is expected to close in the second half of

2025, the company said.

ServiceNow's ( NOW ) "Now Assist" competes with Moveworks' AI

chatbot, but they take different approaches.

Moveworks focuses on using AI to understand and resolve

employee issues through chat. Its chatbot can be integrated with

various platforms such as that of ServiceNow ( NOW ), Salesforce's ( CRM )

Slack and Microsoft's ( MSFT ) SharePoint.

On the other hand, ServiceNow ( NOW ) integrates AI into its

entire service management platform, aiming to streamline

workflows and improve overall efficiency.

In 2021, Moveworks closed a $200 million in Series C funding

round, which took its total funding to $315 million, with a

valuation of $2.1 billion.