ServiceNow, the US enterprise software firm best known for automating IT service and HR workflows, has invested $40 million in BusinessNext, an Indian banking software specialist, valuing the company at $700 million and giving ServiceNow a roughly 5% stake. The deal deepens ServiceNow's push into global financial services by combining BusinessNext's customer-facing banking expertise with ServiceNow's strength in workflow automation and back-office systems, with the two firms planning to sell the combined offering jointly to financial institutions. BusinessNext chose ServiceNow over financial investors specifically to gain access to its global sales network and accelerate expansion into markets where it currently has limited presence.

BusinessNext, founded in 2002 in Noida and previously known as CRMNext until 2022, is profitable and generated around $32 million in revenue last year, serving more than 70 banks across India, Southeast Asia, the Middle East and the US, including clients such as the Reserve Bank of India, State Bank of India and HDFC Bank. About half its revenue already comes from outside India. The company employs over 1,300 people, was last valued at $181 million in 2021, and has raised more than $60 million from investors including Avataar Ventures, Norwest Venture Partners and Ascent Capital. The investment comes as ServiceNow expands its financial services portfolio through acquisitions and partnerships amid growing customer scrutiny of traditional SaaS pricing against AI-native alternatives.