ServiceNow, a pre-eminent digital workflow company, has announced plans to acquire task mining firm UltimateSuite. The move is intended to enhance process mining and intelligent automation across ServiceNow's Now Platform.
The acquisition signifies a continuing effort by ServiceNow to fortify its automation and Artificial Intelligence (AI) capabilities, empowering customers to identify process bottlenecks and promote more robust operational efficiencies.
Recognition of the value of these capabilities, particularly in process mining, can be seen in recent growth statistics; software revenue in this sector increased by 46% in 2021. A Gartner study projects these figures will expand to USD $2.3 billion by 2025, demonstrating an impressive compound annual growth rate of 33% from 2020 through 2025. These figures highlight the integral role of process mining in converting insights into actionable strategies.
UltimateSuite's task-mining technology offers actionable insights designed to streamline repetitive work and indicate the potential for automation, a crucial aspect of the process-mining concept. By providing operational intelligence capable of accelerating digital business transformation and improving employee experiences, UltimateSuite enhances ServiceNow's already considerable suite of intelligent automation capabilities.
Eric Schroeder, Vice President of NowX product management at ServiceNow, highlighted the significance of the acquisition of UltimateSuite. He emphasised that the Now Platform serves as the foundation for digital business, and the ongoing focus is on aiding customers in streamlining processes within their daily work routines.
Schroeder pointed out that task mining, a capability facilitated by UltimateSuite, plays a crucial role in providing a more precise and accurate understanding of how people work. The acquisition is seen as an extension of ServiceNow's commitment to empowering customers by enabling them to automate workflows effortlessly, thereby enhancing overall productivity in their business operations.
Eric Schroeder stated, "The Now Platform is the platform for digital business, and we are continually working to help customers remove guesswork and create more intuitive processes in the day-to-day flow of work."
"Task mining is key to revealing a more accurate picture of how people work. With UltimateSuite, we are extending ServiceNow's ability to help customers easily automate workflows and drive productivity."
Robert Samanek, CEO and Founder of UltimateSuite, also shared his perspective on the future under ServiceNow: "We believe that automation, built with the power of our task mining technology, can help employees and businesses expand the potential of their creativity and productivity."
"We are proud to join ServiceNow and integrate UltimateSuite into the Now Platform to drive actionable insights that identify opportunities to transform the way people work."
UltimateSuite, headquartered in Prague, Czech Republic, and established in 2020 by Robert Samanek, has previously received industry recognition from Accenture's Start-Up Accelerator and was nominated to the Microsoft Founders Hub for the innovative potential of its technology. The company's acquisition is a continuation of ServiceNow's pledge to deliver impactful automation and AI-powered solutions to its clients, following the previous acquisitions of G2K and Element AI.
ServiceNow anticipates the acquisition of UltimateSuite will be finalised during the first quarter of 2024. The financial terms of the deal have not been released.