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- Moveworks
Moveworks Acquisition, Valuation, Funding & Investors
Moveworks was acquired by ServiceNow for $2.9B in March 2025, a 28.5x multiple on $100M of revenue.
Moveworks revenue at acquisition
$100M
Last twelve months · Mar 2025
Moveworks revenue multiple at acquisition
28.5x
EV/Revenue · Mar 2025
Cumulative funding Moveworks raised
$305M
across 3 funding rounds
About Moveworks
Moveworks is a Mountain View-headquartered AI company providing enterprise chatbots for employee support. Its Reasoning Engine processes natural language queries across Slack, Microsoft Teams, and ServiceNow to resolve IT tickets, HR requests, and workflow automations. Clients including Databricks, Broadcom, Hearst, and Palo Alto Networks report 50% reductions in support volume since implementation.
Founded
2016
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jun 2021)
Valuation
$2.1B (Jun 2021)
Moveworks Acquisition
Moveworks was acquired by ServiceNow for $2.9B on 10 March 2025.
The acquisition price implies a 28.5x revenue multiple on $100M of revenue.
Before the acquisition Moveworks had raised $305M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 10 Mar 2025 | Strategic M&A | $2.9B | 28.5x |
Moveworks Valuation
Moveworks is currently valued at $2.1B, based on its Series C in June 2021.
The $200M round was led by Alkeon Capital and Tiger Global, with participation from ICONIQ Capital, Kleiner Perkins, Lightspeed Venture Partners, Sapphire Ventures and Bain Capital.
Moveworks' valuation has grown 5.4x from $390M at its Series B in November 2019 to $2.1B in June 2021, across 2 priced rounds.
Moveworks valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2021 | Series C | $2.1B | 21.0x |
| Nov 2019 | Series B | $390M | 19.5x |
Moveworks Revenue
Moveworks' latest recorded revenue is $100M, as of its Series C in June 2021. At a $2.1B valuation, that implies a 21.0x revenue multiple.
Revenue grew from $20M in November 2019 to $100M in June 2021, while the revenue multiple moved from 19.5x to 21.0x.
Moveworks revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2021 | $100M | $2.1B | 21.0x | Series C |
| Nov 2019 | $20M | $390M | 19.5x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Moveworks Funding History
Moveworks has raised a total of $305M across 3 funding rounds.
Moveworks' first fundraising round was a $30M Series A in April 2019. The most recent completed round was a $200M Series C in June 2021.
Moveworks funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series C | Alkeon Capital (lead); Tiger Global (lead); ICONIQ Capital; Kleiner Perkins; Lightspeed Venture Partners; Sapphire Ventures; Bain Capital | $200M | $2.1B | Moveworks is an AI platform providing an agentic AI copilot for enterprise support automation, resolving IT, HR, and other employee requests through conversational AI, reducing helpdesk tickets for large enterprises. The company raised $200M in its Series C round in June 2021, led by Alkeon Capital and Tiger Global, with participation from Bain Capital Ventures, ICONIQ Growth, Kleiner Perkins, Lightspeed Venture Partners, and Sapphire Ventures, achieving a $2.1B post-money valuation—a 338% increase from the prior round. Total funding across rounds reached approximately $305M-$315M by that point. The round reflected strong investor confidence in Moveworks' growth potential amid rising demand for AI-driven enterprise solutions tackling digital debt and employee productivity challenges. While specific 2021 traction metrics like revenue or ARR near the round date are not disclosed in sources, the valuation positioned Moveworks as a leader in AI support automation. Investors contributed significantly, with late-stage capital comprising the bulk of the $200M raise. Post-round developments include sustained expansion, with ARR surpassing $100M by late 2024 (up from $55.6M earlier that year), serving over 350 global customers and 5M employees, and 860% YoY revenue growth in 2023. Moveworks was acquired by ServiceNow in April 2025 for $2.85B (expected close H2 2025), its largest deal ever, at a 20x-25x ARR multiple, though late-round 2021 investors likely saw limited returns due to high entry valuation and dilution. |
| Nov 2019 | Series B | ICONIQ Capital (lead); Kleiner Perkins (lead); Sapphire Ventures (lead); Comerica Bank’s Technology; Lightspeed Venture Partners; Bain Capital Ventures; John Thompson | $75M | $390M | Moveworks, an AI-powered enterprise platform specializing in autonomous IT support and employee experience automation, announced its $75 million Series B funding round on November 14, 2019, led by ICONIQ Capital, Kleiner Perkins, and Sapphire Ventures, with participation from Lightspeed Venture Partners, Bain Capital Ventures, Comerica Bank, and a personal investment from John W. Thompson. This oversubscribed round brought total funding to $105 million following a prior $30 million Series A, enabling expansion of its machine learning and natural language understanding platform that resolves employee IT tickets autonomously. The company had recently exited stealth mode, securing customers like Align Technology, LinkedIn, Symantec, Belkin, Stitch Fix, and AppDynamics, alongside existing clients Broadcom, Medallia, Autodesk, and Nutanix, where it autonomously handled 30-40% of daily IT issues. The post-money valuation stood at $390 million, as detailed in subsequent analyses, reflecting strong investor confidence in its AI capabilities for streamlining IT operations and employee interactions. CEO Bhavin Shah highlighted the platform's real-time learning and deployment sophistication, positioning Moveworks ahead of peers in enterprise AI. The funding supported platform evolution and customer acquisition amid rapid momentum, with the company employing 115 people and serving dozens of enterprise clients by late 2019. This round preceded significant growth, including a Series C in June 2021 at $2.1 billion valuation after raising $200 million led by Tiger Global and Alkeon, representing a 5.4x increase, and total funding reaching $315 million by 2024. Moveworks continued expanding beyond IT support to broader employee workflows integrated with tools like Slack, Microsoft Teams, ServiceNow, and SharePoint. |
| Apr 2019 | Series A | Lightspeed Venture Partners; Bain Capital Ventures | $30M | - | Moveworks raised $30 million in a Series A funding round in April 2019 led by Bain Capital Ventures and Lightspeed Venture Partners. The company develops an AI-powered solution for autonomously resolving employee IT support issues, such as provisioning applications and resetting passwords, aiming to eliminate the need for IT staff on routine tasks. This round fueled Moveworks' early progress in enterprise AI support. Subsequent funding included a $75 million Series B in November 2019, contributing to a total of around $305 million raised across early rounds, followed by a $200 million Series C in June 2021 that achieved a $2.1 billion valuation. Investors in later rounds included Kleiner Perkins, Sapphire Ventures, ICONIQ Growth, Tiger Global, and Alkeon Capital. Moveworks serves large enterprises like Unilever, Instacart, Siemens, Toyota, Broadcom, DocuSign, Palo Alto Networks, Autodesk, Hearst, and Nutanix, focusing on companies with 1,000+ employees and delivering autonomous resolution rates of around 40%, exceeding 50% for mature customers. It operates on a SaaS model with pricing based on employee count, yielding six- to seven-figure annual contracts. The company experienced significant growth, reporting $100 million ARR in 2024 with 860% revenue growth in 2023, and was acquired by ServiceNow for $2.85 billion in a deal announced in 2025, reflecting over 20x its 2024 revenue. |
Who has invested in Moveworks?
10 investors have backed Moveworks across its funding rounds, including Lightspeed Venture Partners, Kleiner Perkins, Bain Capital Ventures, ICONIQ Capital, Sapphire Ventures and Tiger Global.
Lead investors include Alkeon Capital, Tiger Global, ICONIQ Capital, Kleiner Perkins and Sapphire Ventures.
Moveworks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Apr 2019 | ||
| 2 | Lead | Nov 2019 | ||
| 2 | Lead | Nov 2019 | ||
| 2 | Lead | Nov 2019 | ||
| 2 | Participant | Apr 2019 | ||
| 1 | Participant | Nov 2019 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
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Start Free TrialMoveworks Competitors
Moveworks competitors include listed companies like Ncino and Razor Labs, and private ones like Motive, HoneyBook, Certus Core and Hippocratic AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $501M | - | $3.1B | 6.1x | ||
| Private | $80M | - | $2.4B | 30.0x | ||
| Private | - | - | $3.4B | - | ||
| Private | - | - | $3.5B | - | ||
| Publicly listed | $595M | $65M | $2.3B | 4.0x | ||
| Publicly listed | $11M | ($5M) | $72M | - |
Moveworks Public Comps
Moveworks is no longer listed, but its public comps include Intapp, Affle 3i, Ncino, Haizhi, C3.ai, Wenge AI, TRS Information Technology, PCITECH, Topicus and Presight AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $93M | ($30M) | 21.5x | 16.3x | (67.1x) | (440.4x) | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $60M | ($20M) | 27.6x | - | (82.7x) | - | |||
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
| $1.5B | $53M | 0.8x | 0.9x | 24.1x | - | |||
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Common questions about Moveworks
| When was Moveworks founded? | Moveworks was founded in 2016. |
| Where is Moveworks headquartered? | Moveworks is headquartered in San Francisco, CA, United States. |
| Is Moveworks publicly listed? | No, Moveworks was acquired by ServiceNow in March 2025. |
| Who acquired Moveworks? | Moveworks was acquired by ServiceNow in March 2025. |
| How much was Moveworks acquired for? | Moveworks was acquired for $2.9B in March 2025, a 28.5x revenue multiple. |
| What is Moveworks' valuation? | Moveworks was last valued at $2.1B in its Series C in June 2021. |
| How much funding has Moveworks raised? | Moveworks has raised $305M across 3 funding rounds. |
| What was Moveworks' last funding round? | Moveworks' last funding round was a $200M Series C in June 2021, led by Alkeon Capital and Tiger Global. |
| Who are Moveworks' investors? | Moveworks' investors include Lightspeed Venture Partners, ICONIQ Capital, Kleiner Perkins, Sapphire Ventures, Bain Capital Ventures, Comerica Bank’s Technology, Tiger Global, Bain Capital, Alkeon Capital and John Thompson. |
| What is Moveworks' revenue? | Moveworks' latest recorded revenue is $100M (June 2021). |
| What is Moveworks' revenue multiple? | Moveworks' latest valuation implies a 21.0x revenue multiple ($2.1B valuation on $100M of revenue). |
| Which companies are comparable to Moveworks? | Companies comparable to Moveworks include Motive, HoneyBook, Certus Core, Hippocratic AI, Ncino and Razor Labs. |
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