This week, ServiceNow acquired Montreal-based Element AI as its fourth acquisition this year. ServiceNow looks to add AI technology innovations to its platform with the acquisition.
- Element AI provides AI-based enterprise solutions, and it has raised around $260M from investors, including Intel and Nvidia. It was founded in 2016, and ServiceNow will establish an AI innovation Hub in Canada with this acquisition.
- Apart from Element AI, ServiceNow has acquired Loom Systems ($58M), Passage AI ($33M), and Sweagle ($25M) thus far in 2020. Though the value of the deal was not disclosed, it is expected to be around $500M, making it ServiceNow's largest acquisition.
- Though the company will retain most of Element AI’s talent and technology, it plans to close down most of the AI company’s current businesses.