ServiceNow to acquire Artificial Intelligence startup Element AI

ServiceNow is now going to acquire Element AI, a company with deep expertise in Artificial Intelligence capabilities. 

The financial details of the transaction were not disclosed. The acquisition is expected to close by early 2021.

Element AI is founded by Anne Martel and Gabriel Duford in 2016. It is an AI company that gives organizations unparalleled access to cutting edge technology.

ServiceNow Chief AI Officer Vijay Narayanan, said, "AI technology is evolving rapidly as companies race to digitally transform 20th century processes and business models. 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 – creative thinking, customer interactions, and unpredictable work. That’s a smarter way to workflow."

Element AI Founder and CEO, Jean-Francois Gagné, said, "Element AI’s vision has always been to redefine how companies use AI to help people work smarter. ServiceNow is leading the workflow revolution and we are inspired by its purpose to make the world of work, work better for people. ServiceNow is the clear partner for us to apply our talent and technology to the most significant challenges facing the enterprise today."

With the help of this acquisition deal, Element AI capabilities will enhance ServiceNow’s commitment to building an intelligent workflow platform. It will further help in streamlining business decisions, along with enabling employees to work smarter and reach new levels of productivity, notes the announcement.

ServiceNow will create an AI innovation hub in Canada to scale customer-focused AI innovation in the Now Platform. The Innovation Hub will follow some of the similar investments by ServiceNow to create next-generation technology development centers in Kirkland, San Diego, Hyderabad, Chicago, and Silicon Valley.

Element AI practitioners and scientists will bring expertise in applying the modern AI to text and chat, images, language, question response, search, and summarization and will accelerate AI innovation natively in the Now Platform.

Post-acquisition deal, Dr. Yoshua Bengio, the Co-founder of Element AI will serve as a technical advisor for ServiceNow.