AGB 2022.11 - ServiceNow (NOW)

Automating Workflows Across the Enterprise

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ServiceNow

ServiceNow is the leading provider of cloud based software for digital workflow automation. The company started with its core IT Service Management (ITSM) offering and then expanded to other areas of IT such as Operations Management, Planning, Risk, etc. ServiceNow has over 7.4k enterprise customers from around the world (and 80% of the Fortune 500), of which over 1.4k generate more than $1M in annual contract value (ACV). After gaining meaningful market share from incumbent players in the ITSM market, the company expanded horizontally into other markets like HR Service Delivery and Customer Service Management (CSM).

ServiceNow was founded by Fred Luddy in 2004 after his previous company, Peregrine Systems, had imploded from an accounting scandal. He was the CTO. After his equity in Peregrine was left worthless, Fred started his next venture. He built a cloud based application that could help simplify employ…