ServiceNow Continues To Acquire, Partner, And Integrate

Photo Credit: Tomasz Miko?ajczyk from Pixabay

Earlier this week, ServiceNow (NOW) reported its first quarter results. For the fourth consecutive quarter, the company outpaced all market expectations. ServiceNow continues to invest in acquisitions, partnerships, and integrations, thus driving high-paced market adoption.

ServiceNow’s Financials

For the first quarter of the year, ServiceNow’s revenues grew 26% to $1.36 billion, ahead of the market’s forecast of $1.34 billion. EPS of $0.24 was also slightly ahead of the market’s estimates of $1.34. By segment, subscription revenues grew 36% to $1.3 billion and professional and other services revenues grew 27% to $67 million.

ServiceNow did not release any forecast for the current quarter or year. The market expects it to deliver revenues of $5.74 billion with an EPS of $5.47 for the year, and revenues of $1.37 billion with an EPS of $1.22 for the first quarter.

ServiceNow’s Acquisition

ServiceNow recently announced its acquisition of Hyderabad, India-based Intellibot for an undisclosed sum. Founded in 2015 by Alekh Barli, Kushang Moorthy, and Srikanth Vemulapally, Intellibot is a robotic process automation (RPA) player. Its solutions help organizations create their own software robots that can be easily trained to deliver a secure, flexible, and reliable workforce for an organization’s daily tasks.

Intellibot uses Natural Language Processing (NLP) capabilities to improve process efficiency. Its search capabilities help eliminate ineffective results and its semantic search helps provide customers with the relevant search results. The acquisition will allow ServiceNow to use Intelibot’s capabilities to extend its own workflow offerings by allowing customers to automate repetitive tasks for intelligent, end-to-end automation.

Intellibot’s capabilities will be built natively into ServiceNow’s platform to allow customers to easily integrate both modern and legacy systems, drive productivity, and strengthen previously existing AI and machine learning efforts. Intellibot will help extend existing AI and ML, integrations, low-code development, process mining, process automation, NLX, chatbot, and other virtual agent capabilities that exist within the Now Platform.

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Disclosure: I am an investor in this company.

 All investors should make their own assessments based on their own research, informed interpretations and risk appetite. This article expresses ...

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