ServiceNow bets $40 million on Indian banking software specialist to expand its financial services push
ServiceNow's investment gives BusinessNext a strategic partner to expand its AI-powered banking software globally.
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ServiceNow, a U.S. enterprise software company, invested $40 million in BusinessNext, an Indian banking software specialist, taking roughly a 5% stake in the firm. BusinessNext serves over 70 banks across India, Southeast Asia, the Middle East, and the U.S., with about half its revenue coming from outside India. The partnership allows BusinessNext to access ServiceNow's global sales network while combining ServiceNow's workflow automation capabilities with BusinessNext's banking expertise and AI-driven platform for financial institutions. This deal reflects pressure on traditional software vendors from customers seeking AI-native alternatives and ServiceNow's strategy to expand its financial services position through investments and partnerships.
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