SANTA CLARA, Calif. & UTRECHT, Netherlands - ServiceNow (NYSE: NYSE:NOW), a leader in digital workflow solutions, has announced the signing of an agreement to acquire 4Industry, a manufacturing technology application company, and the completion of its acquisition of Smart Daily Management, a digital worker application from EY.
These strategic moves aim to bolster ServiceNow's operational technology (OT) management capabilities and offer enhanced solutions for industries such as manufacturing, energy, and transport & logistics.
The acquisition of 4Industry, which was established in 2018, adds a mobile-enabled application designed to improve the efficiency and user experience of shop floor work through digital tools. Smart Daily Management from EY offers efficiency improvements for daily tasks, contributing to operational excellence for ServiceNow's industrial customers.
The technology and expertise acquired from both companies will contribute to the development of a new Connected Worker solution on the ServiceNow platform, slated for release in 2025.
Lou Fiorello, VP & GM Security and OT at ServiceNow, emphasized the importance of digital transformation in achieving operational excellence and providing better experiences for Connected Workers. He stated that the new acquisitions would integrate best-in-class technology and expertise with the Now Platform, enhancing customers' ability to maintain operations, drive efficiency, and improve quality.
ServiceNow's recent acquisitions include UltimateSuite, G2K, Atrinet's NetACE technology, and Element AI. The acquisition of Smart Daily Management was finalized in early March, with the 4Industry deal expected to close in the coming weeks. Financial details of the transactions have not been disclosed.
The information in this article is based on a press release statement.
InvestingPro Insights
As ServiceNow (NYSE: NOW) continues to expand its reach in the operational technology space through strategic acquisitions, the company's financial metrics provide a glimpse into its market position and future prospects. With a market capitalization of 152.5 billion USD, ServiceNow is a heavyweight in the software industry, and its recent moves are a testament to its growth-oriented strategy.
One of the most notable InvestingPro Data metrics for ServiceNow is its impressive gross profit margin, which stands at 78.59% for the last twelve months as of Q4 2023. This indicates the company's strong ability to manage costs and maximize profitability from its revenue, which totaled 8971 million USD in the same period. Additionally, ServiceNow's revenue growth has been robust, with a 23.82% increase over the last twelve months, highlighting its expanding market influence and the successful integration of new technologies from its acquisitions.
InvestingPro Tips for ServiceNow underscore its position as a prominent player in the software industry, with a significant price uptick of 28.59% over the last six months, reflecting investor confidence in the company's strategy and execution. Moreover, analysts have revised their earnings upwards for the upcoming period, signaling potential for continued financial performance strength.
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