ServiceNow Invests $40 Million in Indian Banking Software Firm
US enterprise software company ServiceNow has invested $40 million in India-based BusinessNext to bolster its financial services push.
ServiceNow, the U.S. enterprise software firm known for automating workflows, is investing $40 million in Indian banking software specialist BusinessNext. The deal, which values the 24-year-old company at $700 million, aims to deepen ServiceNow's engagement in the global financial services sector.
This investment grants BusinessNext access to ServiceNow's worldwide sales network, enhancing their partnership in applying AI to financial services. BusinessNext, a profitable company based in Noida, serves over 70 banks across India, Southeast Asia, the Middle East, and the U.S., including major institutions like the Reserve Bank of India.
Approximately half of BusinessNext's revenue currently comes from outside India, with international markets projected to drive future growth. The company chose ServiceNow over other financial investors to accelerate its expansion by leveraging the U.S. software group's global reach.
BusinessNext focuses on customer-facing banking workflows, while ServiceNow specializes in workflow automation and back-office systems. The companies intend to jointly offer these combined solutions to financial institutions.