ServiceNow 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
ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced it has signed an agreement to acquire artificial intelligence (AI) powered platform G2K to transform retail and other industries. G2K’s technology allows organizations to connect real-time data across storefronts and other physical spaces for a complete view of operational data. ServiceNow 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.
Many organizations still struggle to turn vast amounts of data into actions that have business impact. This is especially true for retailers that have the unique challenge of managing operations based on a wide variety of digital and in-store data streams across thousands of stores, employees, and customers, and must be able to connect data back to central operations. Through this acquisition and working in partnership with top retail customers, ServiceNow 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 is relentlessly focused on co-creating the future of work with our customers,” said Karel van der Poel, senior vice president and general manager at ServiceNow. “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.”
“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,” said Omar El Gohary, chief technology officer and co-founder at G2K. “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.”
G2K’s technology gives retailers the ability to connect real-time data across storefronts and other physical spaces and uses AI to translate that data into insights that allow organizations to take action. G2K can help businesses plan inventory based on demand, improve on-site customer experiences, address in-store maintenance or other mechanical issues, and increase employee productivity. By integrating these end-to-end physical capabilities within the Now Platform, ServiceNow becomes one of the only leading companies providing enterprise-grade retail workflows, enabling businesses to seamlessly bridge the physical world into a digital workflow platform.
Founded by Karsten Neugebauer and Omar El Gohary in 2013, G2K employs 200+ employees across Berlin, Cairo, Dubai, Mexico, and is headquartered in Munich, Germany. The company belongs to the Top 100 Most Innovative Companies in Germany and won the Reta Award for Top Supplier Retail in the category “Best Enterprise Solution” at Euroshop 2023.
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.
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 G2K pending regulatory review. 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 G2K’s technology into our platform; inability to retain employees of G2K after the transaction closes; unanticipated obligations or liabilities related to G2K’s legacy business or transitional services in connection with the separation of certain legacy G2K operations; 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.
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