ServiceNow acquired Canadian artificial intelligence startup Element AI. Through this acquisition, the workflow expert hopes to further expand its AI technology and apply it to its product portfolio.
Through the acquisition of Canadian start-up Element AI, ServiceNow aims to acquire more artificial intelligence technology and knowledge to make its smart workflow platform smarter. This will enable employees to work smarter and faster, simplify their business decisions and find new productivity opportunities.
More specifically, artificial intelligence must enable end users to quickly present and summarize relevant information, make content and dialogue easy to understand, make predictions and recommendations, take corrective actions, and automate repetitive tasks.
Elemental artificial intelligence technology
Element AI’s technology mainly focuses on introducing AI into text, language, chat, images, query answers and summaries. Therefore, ServiceNow hopes to add this specific intelligent technology to its platform and accelerate the development of artificial intelligence solutions and applications for it. ServiceNow also hopes to retain the knowledge of Element AI and the talent that the startup has.
Artificial Intelligence Innovation Center
ServiceNow also established an artificial intelligence innovation center in Canada through this acquisition. It aims to accelerate the development of artificial intelligence solutions and applications for individual customers. With this, ServiceNow also expanded these centers to Canada. ServiceNow’s other AI innovation centers are located in Chicago, Hyderabad, Kirkland, San Diego and Silicon Valley.
More artificial intelligence acquisitions
The acquisition of Element AI will be completed early next year and is ServiceNow’s largest acquisition to date. Although no financial details were disclosed, the value of the acquisition is estimated at US$500 million. Earlier this year, ServiceNow acquired three other artificial intelligence experts: Loom Systems, Passage AI, and Sweagle.
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