The acquisition will help ServiceNow to deliver AI services to enterprises.
ServiceNow this week announced it has signed an agreement to acquire Element AI, a Canadian startup. The young company has already become a leading artificial intelligence (AI) company with deep AI capabilities, according to ServiceNow.
Industry watchers say the deal is part of ServiceNow’s strategy to become a major force in automation and artificial intelligence for enterprises.
ServiceNow says that Element AI will help their commitment to build “the world’s most intelligent workflow platform.” This will enable employees to work smarter and faster. It will also streamline business decisions and unlock new levels of productivity, according to the company.
Element AI has developed expertise in applying modern AI to text and language, chat, images, search, question response, and summarization. ServiceNow claims that the acquisition will accelerate AI innovation natively in their Now Platform.
Element AI Co‑founder and Lead Fellow, Dr. Yoshua Bengio, a winner of the 2018 ACM A.M. Turing Award for his pioneering contributions to modern AI, will serve as a technical advisor for ServiceNow.
ServiceNow will set up a new Canadian AI facility
With the acquisition of Element AI, ServiceNow will create an AI Innovation Hub in Canada. The purpose fo the facility will be to accelerate customer‑focused AI innovation in the Now Platform.
ServiceNow says this new investment deepens their commitment to the Canadian market. Canada is a leader in AI research and represents one of the world’s most significant locations for AI talent.
ServiceNow’s AI Innovation Hub in Canada follows similar investments by ServiceNow elsewhere to create technology development centers. These include Chicago, Hyderabad, Kirkland, Wash., San Diego, and Silicon Valley.
ServiceNow Chief AI Officer Vijay Narayanan praised the company’s move. “AI technology is evolving rapidly as companies race to digitally transform 20th century processes and business models,” hesaid.
“ServiceNow is leading this once‑in‑a‑generation opportunity to make work, work better for people. With Element AI’s powerful capabilities and world class talent, ServiceNow will empower employees and customers to focus on areas where only humans excel,” he said.
“That’s a smarter way to workflow.”
ServiceNow expects to complete the acquisition in early 2021.