In 2025, ServiceNow has launched a major acquisition campaign totaling over $12 billion in investments and acquisitions. This aggressive shift is being widely compared to CEO Bill McDermott’s previous strategy at SAP SE, where he utilized a series of large, high-profile mergers to drive growth.
Key 2025 Acquisitions and Investments
Armis ($7.75 billion): Announced in December 2025, this is ServiceNow’s largest-ever acquisition. Armis is a cybersecurity startup specializing in tracking security threats on corporate and connected devices.
Moveworks ($2.8 billion): A major acquisition completed in late 2025 to bolster AI-driven employee support and automation.
Veza ($1 billion+): An acquisition aimed at enhancing identity security and data access governance.
Strategic Investments: Includes a $750 million investment in contact center software provider Gen.
Echoes of the “SAP Strategy”
Analysts and investors have noted “déjà vu” regarding McDermott’s leadership style. While at SAP, McDermott was known for aggressive inorganic expansion, which some investors found controversial.
Pivot from Organic Focus: Previously, ServiceNow emphasized “tuck-in” acquisitions and organic growth. The 2025 “spree” marks a departure from this conservative approach.
Growth Concerns: Some analysts suggest the acquisitions are intended to combat slowing top-line revenue growth, which is projected to dip below 20% in 2026 without these additions.
Corporate Defense: ServiceNow management argues the company remains in a better strategic position than SAP was in the 2010s, asserting they are integrating these tools into a unified platform rather than buying market share.