ServiceNow To Buy Logik.ai For AI-powered CPQ Solution For Undisclosed Terms; Stock Down

(RTTNews) - ServiceNow Inc. (NOW), an AI platform for business transformation, announced Thursday that it has signed a definitive agreement to acquire Logik.ai, a provider of AI-powered, and composable Configure, Price, Quote or CPQ solution.

The financial terms of the deal were not disclosed. The transaction is subject to customary regulatory approvals and closing conditions.

ServiceNow noted that Logik.ai's best-in-class capabilities for sales and commerce will expand its growing CRM footprint and empower sales organizations to close deals faster, boost productivity levels, and achieve greater efficiency.

The acquisition is expected to accelerate ServiceNow's momentum in Sales and Order Management or SOM, the critical process that governs the commercial lifecycle from opportunity management, quoting, and order placement, through fulfillment and delivery, to renewals and expansions.

The company further expects that ServiceNow CRM & Industry Workflows, already ServiceNow's fastest-growing business, plus Logik.ai's best-in-class capabilities for AI-powered selling, will drive new levels of performance in sales and commerce for customers.

In pre-market activity on the NYSE, ServiceNow shares were losing around 5.3 percent to trade at $780.16.