ServiceNow

Last updated

ServiceNow, Inc.
FormerlyGlidesoft (2003–2006)
Company type Public
Industry Enterprise software
Founded2003;21 years ago (2003)
Founders
  • Fred Luddy
  • David Loo
  • Don Goodliffe
  • Bow Ruggeri
  • Patrick Casey
Headquarters Santa Clara, California, U.S.
Area served
Worldwide
Key people
Services
RevenueIncrease2.svg US$8.97 billion (2023)
Increase2.svgUS$762 million (2023)
Increase2.svgUS$1.73 billion (2023)
Total assets Increase2.svgUS$17.4 billion (2023)
Total equity Increase2.svgUS$7.63 billion (2023)
Number of employees
22,668 (December 2023)
Website servicenow.com
Footnotes /references
[1]

ServiceNow, Inc. is an American software company based in Santa Clara, California, that develops a cloud computing platform to help companies manage digital workflows for enterprise operations. Founded in 2003 by Fred Luddy, ServiceNow is listed on the New York Stock Exchange and is a constituent of the Russell 1000 Index and S&P 500 Index. [2] In 2018, Forbes magazine named it number one on its list of the world's most innovative companies. [3]

Contents

History

ServiceNow was founded as Glidesoft, Inc. in 2003 by Fred Luddy, and later incorporated in California in 2004. [4] Luddy had previously served as chief technology officer for Peregrine Systems, an enterprise software company based in San Diego, until 2002. [5] In founding the company, Luddy intended to provide the same services previously available from the then defunct Peregrine Systems. [5]

Luddy was the only employee until mid-2005 [5] when US$2.5 million in venture financing from JMI Equity allowed Glidesoft to hire five additional people. [5] In 2006, the company changed its name to Service-Now.com. [6] In 2007, ServiceNow reported an annual revenue of US$13 million and opened its first Silicon Valley office, in San Jose. [7] 2007 was also the first year that the company "went cash flow positive". [5]

As of January 2011, the company had 275 employees in its San Diego, Chicago, New York, Atlanta, London and Frankfurt offices, as well as a partnership with Accenture who had more than 100 ServiceNow consultants. [5] At this time, the company was sometimes known as "Service-now". [5] By April 2011, the company had named Frank Slootman as chief executive officer. [7]

In June 2012, ServiceNow became a publicly traded company following a US$210 million IPO. Shortly thereafter, the company relocated its headquarters from San Diego to Santa Clara, California. [4] It was taken public by Morgan Stanley one month after it took Facebook public. [8]

In October 2019, the company announced that CEO John Donahoe would be succeeded by Bill McDermott, formerly CEO of SAP SE at the end of the calendar year. [9]

In May 2023, Nvidia announced a partnership with ServiceNow to bring AI services to major corporations. This partnership aims to utilize company-specific data in the new AI service, distinguishing it from the AI advancements made by OpenAI and ChatGPT. [10]

Over a thousand ServiceNow instances were reported to be leaking corporate KB data in 2024. ServiceNow had released an update for ACL's (Access Control Lists) in 2023 but this problem still persisted for Knowledge Base data in 2024. [11]

In the month of October in 2024, the company announced its plans to invest $1.5 billion in the UK [12] Its data centers are located in the cities of London and Newport in that country.

As of Dec 2023, the number of employees in ServiceNow is estimated to be around 23,000. [13]

Acquisitions

Platform

ServiceNow is a platform-as-a-service, that allows for the operation of enterprise and technical management support systems, such as IT service management and help desk functionality. The company's core business revolves around management of "incident, problem, and change" IT operational events. Their fee model was based on a cost per user (seat) per month, with that cost ranging down from US$100. [5]

The platform is packaged into different suites of applications called "modules", which are tailored to various business processes. Some of these areas include Governance, risk management, and compliance, audit, business continuity planning, disaster recovery, vendor management, and environmental, social, and corporate governance. A commonly referred to benefit of the platform is that many of these modules are interconnected, such as the IRM suite (Integrated Risk Management), which will automatically create issues and assign tickets based on various risk and audit findings, findings that can be found through the manual or automated performance of different activities such as evidence requests. There is also a data and information visualization report creator called Performance Analytics.

The ServiceNow platform resides on what is known as the CMDB, Configuration management database. The CMDB holds all enterprise data, including master, transactional, and configuration data. In practical terms, any assets that are part of a business, from data centers, employees, to employee laptops, are known as 'CI Items' in the CMDB. These components, which make up an enterprise, can be configured, tracked, audited, and the relationships between the various CI items can be assessed. [41]

ServiceNow script is written in JavaScript, with database queries being made using a proprietary object-oriented API called Glide. [42] In July 2023, the company released a generative AI speech-to-code feature, which the marketing research firm Valoir estimated could reduce relevant work time by 40 percent. [43]

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References

  1. ↑ "ServiceNow, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. January 25, 2024.
  2. ↑ "ServiceNow Rallies Ahead of Joining the S&P 500".
  3. ↑ "The World's Most Innovative Companies". Forbes.
  4. 1 2 3 Bigelow, Bruce V. (October 3, 2017). "Xconomy: ServiceNow Buys San Diego Specialist in Customer Experience, Design". Xconomy. Retrieved May 11, 2018.
  5. 1 2 3 4 5 6 7 8 Bigelow, Bruce V. (January 11, 2011). "Xconomy: Service-Now CEO Fred Luddy Sees a Clear Path to $1 Billion in Annual Revenue". Xconomy. Retrieved May 11, 2018.
  6. ↑ Abbott, Martin L.; Fisher, Michael T. (August 25, 2016). Scalability Rules: Principles for Scaling Web Sites (2 ed.). Addison-Wesley Professional. p. 59. ISBN   978-0-13-443167-3.
  7. 1 2 Bigelow, Bruce V. (August 9, 2011). "San Diego's ServiceNow Driving Hard as Revenue Soars; Expands to Silicon Valley". Xconomy. Retrieved May 11, 2018.
  8. ↑ Spears, Lee (June 29, 2012). "ServiceNow Advances in Debut After $210 Million IPO". Bloomberg.com. Bloomberg News.
  9. ↑ "ServiceNow Shakeup: No One Saw This Coming". Channelnomics. October 23, 2019. Retrieved October 23, 2019.
  10. ↑ Investors (May 26, 2023). "NVDA Stock: Nvidia, ServiceNow Partnership Involves Generative AI". Investors. Retrieved May 26, 2023.
  11. ↑ "Over 1,000 ServiceNow instances found leaking corporate KB data". BleepingComputer. Retrieved October 16, 2024.
  12. ↑ Browne, Ryan (October 14, 2024). "ServiceNow, Coreweave and others to invest $8.2 billion in UK data centers to fuel AI growth". CNBC. Retrieved October 15, 2024.
  13. ↑ "ServiceNow's workforce by department 2020-2023". Statista. Retrieved October 16, 2024.
  14. ↑ Bigelow, Bruce. "ServiceNow Acquires Dutch Provider of Performance Analytics Software". Xconomy. Retrieved August 22, 2019.
  15. ↑ Goldenberg, Roy (July 9, 2014). "ServiceNow acquires Neebula Systems for $100m". Globes. Retrieved March 4, 2021.
  16. ↑ "ServiceNow Acquires Intrei, Launches New GRC Offering". ITBrief. Retrieved August 22, 2019.
  17. ↑ Clancy, Heather. "ServiceNow snaps up Security Startup". Forbes . Retrieved August 22, 2019.
  18. ↑ Gagliordi, Natalie. "ServiceNow buys DxContinuum to boost enterprise automation services". zdnet. Retrieved August 22, 2019.
  19. ↑ Gagliordi, Natalie. "ServiceNow buys mobile platform startup SkyGiraffe". ZDNet. Retrieved June 7, 2019.
  20. ↑ Gagliordi, Natalie. "ServiceNow beats estimates, acquires VendorHawk". zdnet. Retrieved August 15, 2019.
  21. ↑ Gagliordi, Natalie. "ServiceNow buys AI startup Parlo". ZDNet. Retrieved November 23, 2020.
  22. ↑ "ServiceNow to acquire FriendlyData for its natural language search technology". TechCrunch. October 11, 2018. Retrieved November 23, 2020.
  23. ↑ Deutscher, Maria (May 13, 2019). "ServiceNow picks up mobile app analytics startup Appsee". SiliconAngle. Retrieved August 15, 2019.
  24. ↑ Links, Recommended. "ServiceNow to acquire Fairchild Resiliency Systems to help companies better manage risk at scale". blogs.servicenow.com.
  25. ↑ Deutscher, Maria (January 28, 2020). "Two deals in a week: ServiceNow acquires Passage AI for its deep learning chatbots". SiliconANGLE. Retrieved April 2, 2020.
  26. ↑ "ServiceNow to Acquire Passage AI". www.businesswire.com. January 28, 2020. Retrieved March 16, 2021.
  27. ↑ Miller, Ron (June 20, 2020). "ServiceNow to acquire Belgian configuration management startup Sweagle".
  28. ↑ Gagliordi, Natalie (November 30, 2020). "ServiceNow acquires artificial intelligence startup Element AI". ZDNet .
  29. ↑ Miller, Ron (March 23, 2021). "ServiceNow takes RPA plunge by acquiring India-based startup Intellibot". TechCrunch .
  30. ↑ Dignan, Larry (May 10, 2021). "ServiceNow acquires Lightstep, aims to leverage observability across enterprises". ZDNet .
  31. ↑ Dignan, Larry (August 5, 2021). "ServiceNow acquires database performance company Swarm64". ZDNet .
  32. ↑ Sawers, Pauk (August 11, 2021). "ServiceNow expands into indoor mapping with Mapwize acquisition". VentureBeat .
  33. ↑ Links, Recommended. "Gekkobrain acquisition to streamline ERP migrations, modernize systems of record". blogs.servicenow.com.
  34. ↑ Sawers, Paul (June 3, 2022). "ServiceNow acquires Hitch to bring AI-powered skills mapping to the enterprise". VentureBeat .
  35. ↑ Scannell, Ed (October 6, 2022). "ServiceNow buys Era Software to unify observability strategy". TechTarget .
  36. ↑ Shelly Kramer (May 16, 2023). "ServiceNow Expands Its AI Capabilities with G2K Acquisition: Redefining Retail and Beyond". The Futurum Group. Retrieved August 11, 2023.
  37. ↑ Kovar, Joseph. "ServiceNow To Acquire UltimateSuite In Task-Mining Play". CRN. Retrieved January 15, 2024.
  38. ↑ "ServiceNow to Acquire Task Mining Company UltimateSuite to Enhance Process Mining and Intelligent Automation on the Now Platform". BusinessWire (Press release). December 18, 2023. Retrieved January 15, 2024.
  39. ↑ FinSMEs (March 19, 2024). "ServiceNow Acquires 4Industry; Closes Acquisition of Smart Daily Management". FinSMEs. Retrieved March 19, 2024.
  40. ↑ "ServiceNow acquires Raytion to enhance GenAI-powered search and knowledge management capabilities on the Now Platform". July 24, 2024. Retrieved July 24, 2024.
  41. ↑ "What is a CMDB (Configuration Management Database)?". Data Center. Retrieved August 11, 2023.
  42. ↑ "Product Documentation | ServiceNow".
  43. ↑ "Now Assist GenAI Offers Summarization and Text-To-Code" (Press release).
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