ServiceNow bets $40 million on Indian banking software specialist to expand its financial services push
ServiceNow, the U.S. enterprise software company known for automating workflows like IT service management and HR operations, is betting on an Indian banking software specialist to deepen its push into global financial services.
The company has invested $40 million in BusinessNext, valuing the 24-year-old Indian firm at $700 million and taking a roughly 5% stake. The deal gives BusinessNext access to ServiceNow’s global sales network as the companies expand their partnership in AI for financial services.
ServiceNow’s investment reflects BusinessNext’s growing profile beyond India. The profitable, Noida-based company, 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. Its customers include the Reserve Bank of India, the country’s central bank, and State Bank of India and HDFC Bank, which are India’s largest public- and private-sector lenders, respectively.
About half of BusinessNext’s revenue...
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