Element AI significantly enhances ServiceNow’s
commitment to building the world’s most intelligent workflow
platform, making work, work better for people
ServiceNow to establish an AI Innovation Hub in
Canada
Element AI Co-founder, Dr. Yoshua Bengio,
winner of the 2018 Turing Award, will serve as a technical advisor
for ServiceNow
ServiceNow (NYSE: NOW) today announced it has signed an
agreement to acquire Element AI, a leading artificial intelligence
(AI) company with deep AI capabilities and some of the world’s
brightest AI minds. Element AI will significantly enhance
ServiceNow’s commitment to build the world’s most intelligent
workflow platform, enabling employees to work smarter and faster,
streamline business decisions, and unlock new levels of
productivity.
A pioneer in the AI industry, Element AI has world-class
scientists and practitioners who will bring expertise in applying
modern AI to text and language, chat, images, search, question
response, and summarization and will accelerate AI innovation
natively in the Now Platform. Element AI Co-founder and Lead
Fellow, Dr. Yoshua Bengio, a winner of the 2018 ACM A.M. Turing
Award for his pioneering contributions to modern AI, will serve as
a technical advisor for ServiceNow.
With the acquisition of Element AI, ServiceNow will create an AI
Innovation Hub in Canada to accelerate customer-focused AI
innovation in the Now Platform. The new investment deepens
ServiceNow’s commitment to the Canadian market, which has long been
a leader in AI research and represents one of the world’s most
significant locations for AI talent. ServiceNow’s AI Innovation Hub
in Canada follows similar investments by ServiceNow to create
technology development centers in Chicago, Hyderabad, Kirkland,
Wash., San Diego, and Silicon Valley.
“AI technology is evolving rapidly as companies race to
digitally transform 20th century processes and business models,”
said ServiceNow Chief AI Officer Vijay Narayanan. “ServiceNow is
leading this once-in-a-generation opportunity to make work, work
better for people. With Element AI’s powerful capabilities and
world class talent, ServiceNow will empower employees and customers
to focus on areas where only humans excel – creative thinking,
customer interactions, and unpredictable work. That’s a smarter way
to workflow.”
ServiceNow has seen strong demand for its AI-powered products
such as IT Service Management Pro, Customer Service Management Pro,
and HR Service Delivery Pro. With practical, purpose-built AI and
analytics capabilities embedded into its Now Platform and workflow
products, ServiceNow enables enterprises to surface and summarize
relevant information, understand content and conversations, make
predictions and recommendations, take optimal actions, and automate
repetitive tasks.
“Element AI’s vision has always been to redefine how companies
use AI to help people work smarter,” said Element AI Founder and
CEO, Jean-Francois Gagné. “ServiceNow is leading the workflow
revolution and we are inspired by its purpose to make the world of
work, work better for people. ServiceNow is the clear partner for
us to apply our talent and technology to the most significant
challenges facing the enterprise today.”
The acquisition of Element AI is ServiceNow’s latest strategic
investment to accelerate AI innovation in the Now Platform. In
March, ServiceNow hired Narayanan and launched Now Intelligence, a
set of powerful AI capabilities to help customers scale insight to
action. Element AI is ServiceNow’s fourth AI acquisition in 2020,
following Loom Systems, Passage AI, and Sweagle.
The Element AI team are leaders in the AI community and have
pioneered modern AI over the last decade. Element AI was founded in
2016 by CEO Jean-Francois Gagné, Anne Martel, Nicolas Chapados,
Jean-Sebastien Cournoyer, Yoshua Bengio, and Philippe Beaudoin.
ServiceNow expects to complete the acquisition in early
2021.
Use of Forward-Looking Statements
This press release contains “forward–looking statements” about
the expectations, beliefs, plans, intentions and strategies
relating to ServiceNow’s acquisition of Element AI and Canadian
market. Such forward–looking statements include statements
regarding future product capabilities and offerings and AI
Innovation Hub 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 the forward‑looking statements. If any such risks or
uncertainties materialize or if any of the assumptions prove
incorrect, our results could differ materially from the results
expressed or implied by the forward‑looking statements we make. We
undertake no obligation, and do not intend, to update the
forward‑looking statements. Factors that may cause actual results
to differ materially from those in any forward‑looking statements
include, without limitation, the inability to assimilate or
integrate Element AI’s technology into our platform; the inability
to retain key employees of Element AI after the transaction closes;
unanticipated expenses related to Element AI’s acquired technology;
potential adverse tax consequences; disruption to our business and
diversion of management attention and other resources; and
potential unknown liabilities associated with Element AI’s
business. Further information on factors that could 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) is making the world of work, work better
for people. Our cloud-based platform and solutions deliver digital
workflows that create great experiences and unlock productivity for
employees and the enterprise. For more information, visit:
www.servicenow.com.
© 2020 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.
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Media Relations Sara Day (650) 336-3123 press@servicenow.com
Investor Relations Darren Yip (925) 388-7205
ir@servicenow.com
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