ServiceNow, a US-based workflow automation company, has invested $40 million in BusinessNext, an Indian banking software specialist. The deal aims to strengthen ServiceNow's push into the financial services sector.
BusinessNext develops AI-powered banking software that helps financial institutions automate tasks. The investment will provide BusinessNext with a strategic partner to expand its technology globally, according to a report by TechCrunch.
The partnership is expected to combine ServiceNow's workflow platform with BusinessNext's banking expertise. ServiceNow has been focusing on industries like finance, healthcare, and telecom in recent years. This investment is part of its strategy to deepen its presence in the banking industry.
BusinessNext will use the funds to grow its team and accelerate product development. The company already serves several banks and aims to reach more clients worldwide with ServiceNow's support.
Neither company has disclosed further details about the deal or how the partnership will evolve. Analysts see this move as a step toward more integration between workflow automation and specialised banking software.
ServiceNow, founded in 2004, is known for its cloud-based platform that helps companies manage digital workflows. BusinessNext was founded in 2015 and has quickly become a notable player in banking software.
This investment highlights the growing demand for AI solutions in banking, as lenders seek to improve efficiency and customer service.