The cloud-based IT services firm ServiceNow is committed to building the world's most intelligent workflow platform to enable employees to work smarter and faster and one of the ways the company believes it can do this is through artificial intelligence (opens in new tab).
This is why ServiceNow (opens in new tab) has announced that it has signed an agreement to acquire Element AI which has deep AI capabilities and is home to some of the world's brightest AI minds. In addition to being a pioneer in the AI industry, the company has world-class scientists and practitioners with expertise in applying AI to text, chat, images, search, question response and summarization that will be used to accelerate AI innovation in ServiceNow's Now Platform.
Once the acquisition is complete following closing conditions and regulatory approval, Element AI co-founder and lead fellow Dr. Youshua Bengio will serve as a technical adviser for ServiceNow.
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Chief AI officer at ServiceNow Vijay Narayanan provided further insight on how the Element AI acquisition will allow the company to improve the way in which employees work in a press release (opens in new tab), saying:
"AI technology is evolving rapidly as companies race to digitally transform 20th century processes and business models. ServiceNow is leading this once‑in‑a‑generation opportunity to make work, work better for people. With Element AI’s powerful capabilities and world class talent, ServiceNow will empower employees and customers to focus on areas where only humans excel – creative thinking, customer interactions, and unpredictable work. That’s a smarter way to workflow."
Through its acquisition of Element AI, ServiceNow will create an AI Innovation Hub in Canada with the aim of accelerating customer-focused AI innovation in its Now Platform. This new investment will also strengthen the company's commitment to the Canadian market which is a leader in AI research and represents one of the world's most significant locations for AI talent (opens in new tab).
In the past, ServiceNow has created technology development centers in Chicago, Hyderabad, Kirkland, San Diego and Silicon Valley just as it plans to do with its new AI Innovation Hub in Canada.
The company has seen strong demand for its AI-powered products including IT Service Management Pro, Customer Service Management Pro and HR Service Delivery Pro. By embedding purpose-build AI and analytics capabilities into its Now Platform and workflow products, ServiceNow enables enables enterprises to find and summarize relevant information, understand content and conversations, make predictions and recommendations, take optimal actions and automate repetitive tasks.
The acquisition of Element AI is the company's latest strategic investment to accelerate AI innovation in its Now Platform after acquiring Loom Systems, Passage AI and Sweagle earlier this year. ServiceNow expects its acquisition of Element AI to be completed in early 2021.
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