ServiceNow said on Monday it would buy AI firm Moveworks for $2.85 billion in cash and stock, marking the software maker's largest-ever acquisition when enterprises are spending heavily on the technology to enhance their IT operations.

Two factors that could contribute to stronger results are: an unexpected boost in ServiceNow’s agentic AI revenues and a weaker dollar tamping FX headwinds.

ServiceNow ( NYSE: NOW) has confirmed its acquisition of Mountain View, California-based artificial intelligence firm Moveworks for $2.85 billion in cash and stock. The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.

ServiceNow will pay $2.85 billion for Moveworks, payable in a combination of cash and stock. The arrangement is expected to close during the second half of 2025 subject to regulatory approval and other conditions. After a 2021 $200 million funding round co-led by Tiger Global and Alkeon Capital, Moveworks was valued at $2.1 billion.

Automation software giant ServiceNow is in the process of acquiring artificial intelligence (AI) firm Moveworks for nearly $3 billion, according to Bloomberg on Sunday, citing sources familiar with the matter.

Shares of ServiceNow Inc. ( NOW 4.08%) are surging on Tuesday. The company's stock gained 4.5% as of 2:50 p.m. ET and was up as much as 5.6% earlier in the day. The rise comes as the S&P 500 is up 0.2% and the Nasdaq Composite is up 1%.

ServiceNow has reached a deal to buy artificial intelligence firm Moveworks for nearly $3 billion. The deal will integrate Moveworks' AI assistants with ServiceNow's applications to offer an AI-powered self-service tool for customers.