ServiceNow has acquired G2K, an artificial intelligence (AI) powered managed service provider (MSP), for an undisclosed amount.
This is technology M&A deal number 159 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2022, 2021, and 2020 listed here.
ServiceNow, founded in 2004, is based in Santa Clara, California. The company has 22,941 employees listed on LinkedIn. ServiceNow’s areas of expertise include Service Management, Enterprise Cloud, Custom App Development, Platform, ITSM, Security Operations, Customer Service Management, ITOM, GRC, HR Service Delivery, and digitize workflows.
G2K, founded in 2013, is based in Munich, Germany with additional offices in Berlin, Cairo, Dubai, and Mexico. The company has 218 employees listed on LinkedIn. G2K’s areas of expertise include Improving Situation Awareness, Risk Management, Cutting edge technology, Data Analytics, Cloud, artificial intelligence, internet of things, Smart Retail, Smart Industry, and Smart City.
G2K works primarily with companies in the retail sector, but has clients in other industries as well. The company’s technology allows organizations to connect real-time data across storefronts and other physical spaces for a complete view of operational data. ServiceNow says it plans to add G2K’s smart IoT technology to the Now Platform, enabling businesses to intelligently action digital and in-store data with enterprise-grade workflows.
Through this acquisition and working in partnership with top retail customers, ServiceNow says it plans to develop an AI-powered end-to-end workflow solution with G2K’s technology for the retail industry, with the flexibility to apply to other industries like transportation, healthcare, entertainment, and manufacturing in the future.
ServiceNow Acquires G2K: Introducing AI
Karel van der Poel, senior vice president and general manager at ServiceNow, commented:
“ServiceNow is relentlessly focused on co-creating the future of work with our customers. Retail is just the beginning. This acquisition allows ServiceNow to create even greater simplicity and efficiency for our customers’ growing needs across any industry, from manufacturing and supply chain to transportation and entertainment.”
Omar El Gohary, chief technology officer and co-founder at G2K, said:
"Many retailers are turning to a range of AI point solutions to help reshape retail experiences for employees and customers alike, but this results in fractured operations across the enterprise. Together, G2K and ServiceNow will realize a connected vision for our customers and help transform the world of work for retail and beyond – and we couldn't be more excited about it."
ServiceNow’s M&A History
G2K follows recent acquisitions of Hitch Works and Element AI as part of ServiceNow’s commitment to bring additional layers of AI-driven value to customers. ServiceNow expects to close the acquisition of G2K in Q3’23, subject to the completion of regulatory review. Financial terms of the deal were not disclosed.
Tidal Partners LLC acted as exclusive financial advisor to ServiceNow on the transaction and Baker McKenzie LLP served as legal counsel.
