ServiceNow IncServiceNow invests $40M for 5% stake in BusinessNext, expanding AI partnership in financial services.

ServiceNow has invested $40 million in Indian banking software specialist BusinessNext, taking a roughly 5% stake and valuing the 24-year-old firm at $700 million. The deal gives BusinessNext access to ServiceNow's global sales network as the companies expand their partnership in AI for financial services. BusinessNext, which generated about $32 million in revenue in its latest financial year, serves more than 70 banks across India, Southeast Asia, the Middle East, and the U.S., with about half of its revenue coming from outside India. The company chose ServiceNow over potential financial investors to accelerate its expansion by tapping the U.S. software group's global reach, and the two plan to jointly sell a combination of BusinessNext's customer-facing banking workflows and ServiceNow's back-office automation to financial institutions.
ServiceNow IncServiceNow invests $40M for 5% stake in BusinessNext, expanding AI partnership in financial services.
HDFC Bank Limited ADRBusinessNext receives $40M investment at $700M valuation, gaining access to ServiceNow's global sales network.