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ServiceNow signs acquisition agreement with Passage AI

Author : Pankaj Singh | Published Date : 2020-01-30 

A US-based cloud computing company, ServiceNow recently announced to have entered an agreement to acquire a conversational artificial intelligence platform, Passage AI.

Since the inception of Passage AI in 2016, it has raised USD 10.3 million. The platform aids clients in building chatbots in multiple languages and will facilitate ServiceNow with an automated way to respond to customer inquiries, after the completion of the agreement. Both the companies did not disclose financial terms pertaining to the contract.

ServiceNow reportedly said in a statement that the buyout will advance its goal of supporting all major languages across its Now Platform & products, including Service Portal, ServiceNow Virtual Agent, emerging interfaces, and Workspaces. ServiceNow plans to complete the acquisition by the end of the first quarter of 2020.

Debu Chatterjee, Senior director of AI Engineering, ServiceNow was reportedly quoted saying that building deep learning and conversational AI capabilities into the Now Platform will facilitate a work request initiated in German or an inquiry initiated by a customer in Japanese to be solved by a Virtual Agent.

Bill McDermott, Chief Executive Officer of ServiceNow was reported to state that the company is focused on developing digital products and workflow for the telecom and banking sectors, and that the company is looking forward to expanding by building on its partnerships with major companies like Accenture and Deloitte.

McDermott added saying that by creating industry-specific solutions, which will be delivered through a partner-led model, ServiceNow can better address tough challenges that organizations face in key vertical markets as they aim at digitally transforming their businesses.

Besides the agreement, McDermott also announced that he was stepping down from his role at the leading German software company SAP after 9 years as Chief Executive Officer. He had been expected to remain with SAP to extend assistance in its transition through the end of 2019, however, ServiceNow announced he was beginning with his new role with the company in 2019.
 

Source Credit: https://www.cfo.com/ma/2020/01/servicenow-to-buy-ai-chat-startup-passage-ai/

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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