ServiceNow Acquires Raytion to Enhance AI-Powered Search Capabilities

ServiceNow Acquires Raytion to Enhance GenAI-powered Search and Knowledge Management Capabilities on the Now Platform

ServiceNow (NYSE: NOW), the AI platform for business transformation, today announced it has acquired Raytion to enhance GenAI-powered search and knowledge management capabilities on the Now Platform. Raytion's industry-leading information retrieval technology will enable unified real-time access to business-critical data across multiple enterprise sources for a more powerful, efficient, and personalized AI search experience, all on a single technology platform. The complexity of modern enterprise environments will drive the need for more intelligence about the data, so that organizations can take control of highly distributed, diverse, and dynamic information. With Raytion technology combined with ServiceNow AI Search, users can find the answers they require without having to know exactly where the information is located. Raytion's technology will integrate secure access to information from enterprise data sources and allow ServiceNow's AI Search to provide users with an industry-leading, intelligent search experience and the information they need, all from a single entry point. This includes data within ServiceNow and from third-party systems. "ServiceNow is accelerating work, uniting fragmented data into a single, intelligent platform that helps customers access and share knowledge across their organizations," said Jon Sigler, senior vice president, Platform and AI, at ServiceNow. "Raytion's information retrieval technology will set us apart by making relevant data sources searchable so everyone -- employees, customers, and agents -- get the answers they need, when they need them." Raytion's GenAI-powered search and knowledge management capabilities allow for cross-enterprise data integration, pulling from the full universe of enterprise knowledge that exists in various knowledge repositories, rather than a subset. When combined with the ServiceNow Now Assist GenAI experience, data moves beyond disparate information to now providing users with more comprehensive, relevant search results in one centralized location, helping boost self-service and case deflection. ServiceNow's single data model - which seamlessly integrates people, services, and systems to empower AI capabilities - takes this even further, enabling a more personalized experience for users, drawing on employee history like previous searches and interactions so results are more relevant and tailored to their unique needs. "Enriching GenAI with the specific up-to-date information an employee has access to across all relevant data sources makes not only business processes smarter but the whole enterprise," said Valentin Richter, founder and CEO of Raytion. "The combination of ServiceNow's single platform with Raytion's secure enterprise data integration technology gives businesses a competitive advantage, allowing employees to solve problems and take informed action faster. We're bringing together business-critical information with intelligent GenAI-powered search and reliable data retrieval, all in one place." Since 2001, Germany-based Raytion has been implementing and operating large-scale business solutions for Global 500 companies and organizations worldwide. For ServiceNow, this announcement follows previous acquisitions of Enable OH&S technology, Hitch Works, and 4Facility technology as part of the company's ongoing commitment to drive AI transformation on a global scale, enhance employee experiences, and power the future of work. ServiceNow completed the acquisition of Raytion in July 2024. Financial terms of the deal were not disclosed. Use of forward-looking statements This press release contains "forward-looking statements" about the expectations, beliefs, plans, intentions, and strategies relating to ServiceNow's proposed acquisition of Raytion. Such forward-looking statements include statements regarding future product capabilities and offerings 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, inability or delays in assimilating or integrating Raytion's technology into our platform; inability to retain employees of Raytion after the transaction closes; unanticipated obligations or liabilities related to Raytion's legacy business; potential adverse tax consequences; and disruption to our business and diversion of management attention and other resources. 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 putting AI to work for people. We move with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, human centered approach to deploying our products and services at scale. Our AI platform for business transformation connects people, processes, data, and devices to increase productivity and maximize business outcomes. For more information, visit: www.servicenow.com. © 2024 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. http://www.servicenow.com Source: IDC Worldwide Public Cloud Platform as a Service Forecast, 2023-2027

ServiceNow acquires Raytion to enhance GenAI-powered search

Cloud computing firm ServiceNow (NYSE:NOW) on Wednesday announced that it had acquired Germany-based Raytion to enhance GenAI-powered search and knowledge management capabilities on the Now Platform. Financial terms of the deal were not disclosed. The company added that with Raytion technology combined with ServiceNow AI Search, users can find the answers they require without having to know exactly where the information is located. In the press release, it also mentioned that Raytion's technology will integrate secure access to information from enterprise data sources and allow ServiceNow's AI Search to provide users with an industry-leading, intelligent search experience and the information they need, all from a single entry point. This includes data within ServiceNow and from third-party systems. Shares of the Santa Clara, California-based firm were down 1.24% at $756.00 during premarket trading.

ServiceNow acquires Raytion to boost AI search By Investing.com

SANTA CLARA, Calif. - ServiceNow (NYSE: NYSE:NOW), a leader in digital workflow solutions, has announced the acquisition of the information retrieval technology company Raytion. This strategic move aims to enhance the AI-powered search and knowledge management capabilities on ServiceNow's Now Platform. The integration of Raytion's technology will allow ServiceNow to offer unified, real-time access to business-critical data across various enterprise sources. The goal is to provide a more efficient and personalized AI search experience for users, all through a single platform. With the addition of Raytion, ServiceNow's AI Search will enable users to locate information without needing to know where it is stored, by integrating secure access to both internal and third-party data sources. ServiceNow's senior vice president, Jon Sigler, emphasized that Raytion's technology will distinguish the company by making relevant data sources searchable, ensuring that employees, customers, and agents receive the necessary answers promptly. Valentin Richter, founder and CEO of Raytion, also highlighted the benefits of combining ServiceNow's platform with Raytion's data integration technology, which will allow employees to address issues and make informed decisions more rapidly. The acquisition of Raytion, a company that has provided large-scale business solutions since 2001, complements ServiceNow's recent acquisitions in its ongoing commitment to drive AI transformation globally, enhance employee experiences, and shape the future of work. ServiceNow completed the acquisition in July 2024, although the financial terms have not been disclosed. The acquisition is part of ServiceNow's broader strategy to leverage AI in transforming organizations across industries, maintaining productivity, and achieving business outcomes. As ServiceNow (NYSE: NOW) continues to expand its AI capabilities with the recent acquisition of Raytion, the company's financial health and market position remain of keen interest to investors. According to InvestingPro data, ServiceNow boasts a robust gross profit margin of 78.87% as of the last twelve months ending in Q1 2024, underlining the company's efficiency in managing its cost of goods sold and reinforcing its position as a dominant player in the software industry. This is particularly relevant as the company integrates Raytion's technology, which could further enhance ServiceNow's profitability by streamlining search and knowledge management functions for its customers. Moreover, ServiceNow's market capitalization stands at an impressive $157.22 billion, reflecting strong investor confidence in the company's growth trajectory and strategic initiatives. The company's revenue growth also remains vigorous, with a 24.4% increase over the last twelve months as of Q1 2024, signaling the potential for continued expansion as it integrates Raytion's offerings into its portfolio. For investors evaluating the company's valuation multiples, ServiceNow is trading at a high Price / Book multiple of 19.39 as of the last twelve months ending in Q1 2024. While this may suggest a premium valuation, it's important to consider the company's growth prospects and the transformative potential of its AI-driven solutions. An InvestingPro Tip notes that ServiceNow is trading at a low P/E ratio relative to near-term earnings growth, which could indicate an attractive entry point for investors looking at the company's future earnings potential. For those seeking deeper analysis and additional insights, InvestingPro offers a range of tips to further evaluate ServiceNow's investment potential. With 15 additional InvestingPro Tips available, investors can gain a comprehensive understanding of the company's financial health and market position. To explore these tips and take advantage of a special offer, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.