AI
ServiceNow bets $40 million on Indian banking software specialist to expand its financial services push
U.S.
Key takeaways
- ServiceNow invested $40 million in BusinessNext, valuing the firm at $700 million.
- The partnership will combine ServiceNow's workflow platform with BusinessNext's banking expertise to target AI-led operations.
- BusinessNext chose ServiceNow over financial investors to leverage its global sales infrastructure.
U.S. enterprise software company ServiceNow has invested $40 million in Indian banking software specialist BusinessNext, taking a roughly 5% stake and valuing the Noida-based firm at $700 million. The strategic partnership aims to combine ServiceNow's workflow automation with BusinessNext's AI-powered "autonomous banking" platform to expand their financial services reach globally.
In their words
“Think of it as a strategic partnership, which is cemented with funding.”
“India’s financial services sector is at an inflection point - institutions are moving from digital experimentation to full-scale AI-led operations”
By the numbers
- $40M
- Amount invested by ServiceNow in BusinessNext
- $700M
- Valuation of BusinessNext in the latest deal
- 5%
- Approximate stake ServiceNow acquired in BusinessNext
- $32M
- Revenue generated by BusinessNext in latest financial year
- $181M
- Valuation of BusinessNext in 2021
How it unfolded
- BusinessNext founded as CRMNext
- BusinessNext valued at $181 million
- CRMNext renamed to BusinessNext
- ServiceNow invests $40 million in BusinessNext
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#India
#Nishant Singh
#Kulmeet Bawa
#Reserve Bank of India
#State Bank of India
#HDFC Bank
#Avataar Ventures
Common questions
- What happened with BusinessNext?
- ServiceNow invested $40 million in BusinessNext, valuing the firm at $700 million.
- Where can I read the original report?
- Read the full report at techcrunch.
