01/22/2020 | Press release | Distributed by Public on 01/22/2020 08:11
SANTA CLARA, CA ‑ January 22, 2020 - ServiceNow (NYSE: NOW), the leading digital workflow company making work, work better for people, today announced it has signed an agreement to acquire Loom Systems, an Israel‑based AIOps company. The transaction will extend ServiceNow's AIOps capabilities, giving customers deeper insights into their digital operations so they can prevent and fix IT issues at scale before they become problems.
'Today, IT departments struggle to meet performance expectations and keep pace with the growth in demand for new, great digital services,' said Jeff Hausman, vice president and general manager of IT Operations Management at ServiceNow. 'By bringing together Loom Systems' ability to analyze log and metrics data with ServiceNow's AIOps and workflow automation capabilities, IT departments will be able to proactively pin‑point and resolve operational issues, enabling seamless experiences for their customers and employees.'
Loom Systems extends ServiceNow's IT Service Management (ITSM) and IT Operations Management (ITOM) solutions, which help companies unlock productivity and drive operational efficiency on a single platform. With Loom Systems, ServiceNow will increase customers' ability to apply AI to their knowledge base of issues and fixes for better insights into root causes and allow them to automate remediation tasks, reducing the number of Level 1 IT incidents.
Enterprises undergoing digital transformation often face new problems that can't be defined in advance. Loom Systems helps automate manual processes, mitigate operational issues in new environments and maintain a high standard of availability for customers and employees. Within hours, IT teams will be able to identify issues that may not have surfaced using traditional log management tools.
'As a strategic partner to the world's largest enterprises, ServiceNow is enabling digital transformation and driving customer success,' said Gabby Menachem, CEO of Loom Systems. 'By joining forces, we have the unique opportunity to bring together our AI innovations and ServiceNow's AIOps capabilities to help customers prevent and fix IT issues before they become problems. We are excited to join the ServiceNow team to help IT organizations respond at the speed of today's digital business.'
Loom Systems was founded in 2015 by CEO Gabby Menachem, CTO Ronny Lehmann and Vice President of Product Dror Mann.
ServiceNow expects to complete the acquisition by the end of Q1 2020. Financial terms of the deal were not disclosed.
This press release contains forward‑looking statements about the expectations, beliefs, plans, intentions and strategies relating to ServiceNow's acquisition of Loom Systems. Such forward‑looking statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. These statements reflect the current beliefs of ServiceNow and are based on current information available to ServiceNow as of the date hereof. ServiceNow does not assume any obligation to update the forward‑looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. The forward‑looking statements in this press release are subject to various risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those expressed in such forward‑looking statements. These risks and uncertainties include, without limitation, the inability to assimilate or integrate Loom Systems' technology into our platform; the inability to retain key employees of Loom Systems after the transaction closes; unanticipated expenses related to Loom Systems' acquired technology; potential adverse tax consequences; disruption to our business and diversion of management attention and other resources; and potential unknown liabilities associated with Loom Systems' business.
ServiceNow (NYSE: NOW) is making the world of work, work better for people. Our cloud‑based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.
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Sara Day, ServiceNow
Kendall Toyne, ServiceNow