SANTA CLARA, Calif .– (WIRE OF BUSINESS)-ServiceNow (NYSE: NOW) today announced that it has signed an agreement to acquire Hitch Works, a skills mapping and intelligence company. Hitch will add a new layer of AI-enabled capability insights to the industry-leading Now Platform to help customers address talent gaps by linking employee learning and development to workforce planning. Companies will be able to more effectively match people to projects – all from one platform.
Employee experience is more important than ever. According to IDC, CEOs in North America believe that managing the talent skills gap is the biggest risk that will affect business in 2022.1 Faced with high employee turnover and an accelerated pace of change, companies are now under intense pressure to attract, train, and retain a worker who can respond to evolving business needs. With Hitch’s AI and ML capabilities, managers can determine which employees are best suited for projects based on skills and interests.
“If skills are the new money for the business, insight into these skills is essential in driving talent retention and adapting to evolving business needs,” said Gretchen Alarcon, vice president and general manager of HR Service Delivery, ServiceNow. “But management practices have historically been siloed, with many solution points and fragmented processes not working together. At Hitch, ServiceNow will streamline intelligence skills into a platform to help business leaders match employees to meaningful work. ”
Hitch was founded by HR-industry veteran Kelley Steven-Waiss, who served as CHRO and CIO of HERE Technologies before Hitch was founded. The company is led by CEO Heather Jerrehian, a successful serial entrepreneur and one of the founders of venture capital firm, How Women Invest. Both leaders are expected to remain with ServiceNow after the acquisition.
“AI -powered intelligence is the foundation for the future of work,” Jerrehian said. “Joining forces with ServiceNow allows us to measure our capabilities and talent mobility solutions in a global ecosystem of business leaders, managers, and employees. Together we will make work more meaningful and purposeful for employees and deliver better business results for companies. ”
ServiceNow will build on Hitch’s capabilities on the Now Platform, starting with its Employee Workflow solutions, where Hitch’s ability to strengthen employee engagement and productivity across the enterprise is a natural extension. ServiceNow also expects to later expand Hitch’s features across its entire portfolio for customer service, IT, and developers.
“A productive and dedicated worker is the greatest asset of an organization,” Steven-Waiss said. “As we emerge from the pandemic and face the challenges of the Great Resignation, employee experience is the key difference in winning talent in the 21st century. ServiceNow will advance Hitch’s vision of creating the next generation of workforce and skills solutions. ”
Together, ServiceNow and Hitch will help companies provide equal access to job and development opportunities, regardless of who an employee knows or how well they network. This acquisition is another investment that ServiceNow is making to enhance employee experiences and strengthen the future of work by unlocking intelligence skills on a single platform within an ongoing workflow. Over the past year, ServiceNow has added new solutions to its Employee Workflow portfolio to support employees at every stage of their careers, including Employee Journey Management, enabling employee learning and feedback into the workflow .
ServiceNow expects the acquisition to close in Q2 2022. To learn more about Hitch and how ServiceNow will deliver skills intelligence and learning systems for the modern workforce, visit the ServiceNow blog.
1 Origin: IDC’s Worldwide CEO Survey, 2022: The CEO Tech Agenda in a Digital-First World, Part 1-Big Themes, Business Priorities, and Risks, Doc # US48898922, March 2022
Use of future statements
This press release contains “forward-looking statements” regarding the expectations, beliefs, plans, intentions, and strategies associated with Hitch Works Inc.’s acquisition of ServiceNow. Such forward-looking statements include statements about future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by expected statements. If any such risks or uncertainties materialize or if any of the assumptions prove to be incorrect, our results may differ materially from the results expressed or implied by the statements we make. We have no obligation, and we do not intend, to update the statements in the future. Factors that may cause actual results to differ from those in any forward-looking statement, without limitation, include the inability to assimilate or integrate Hitch’s technology into our platform; the inability to retain Hitch employees after the transaction closes; unexpected costs related to Hitch’s acquired technology; potentially bad tax consequences; disruption to our business and shifting the attention of management and other resources; and potentially unknown liabilities associated with Hitch’s business. Additional information on factors that may affect our financial and other results is included in the filings we make with the Securities and Exchange Commission from time to time.
About ServiceNow
ServiceNow (NYSE: NOW) makes the world a better place for everyone. Our cloud-based platforms and solutions help organizations digitize and consolidate so they can find smarter, faster, more efficient ways to streamline workflows. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we can imagine. The world works with ServiceNowTM. For more information, visit: www.servicenow.com.
© 2022 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.