ServiceNow, Inc. – Leader in Digital TransformationServiceNow, Inc.BATS:NOWFreedomHoldingServiceNow, Inc. (NOW) is an American company founded in 2004 and headquartered in Santa Clara, California. It specializes in developing cloud platforms for business process automation and digital workflows, including IT service management (ITSM), IT operations (ITOM), security (SecOps), as well as customer, HR, and creator workflows. Its key product is Now Platform, which, thanks to built-in AI tools and generative AI agents (Now Assist, AI Control Tower), enables comprehensive digital transformation for enterprises. ServiceNow’s clients include the largest global corporations and government organizations that use its solutions to optimize operational efficiency and reduce costs. The company holds leading positions in the global enterprise software market, competing with Microsoft, Salesforce, and Oracle, and plays a strategic role in advancing the ecosystem of AI-first applications and workflow automation. Investment Thesis Key beneficiary of digital transformation. ServiceNow remains a structural leader in enterprise software thanks to its unique platform that unifies core business workflows and rapidly integrates generative AI technologies. The main drivers of future growth include: large-scale adoption of AI solutions (Now Assist and Control Tower), which are becoming standard for large enterprises and initiating a new upgrade cycle; rapid rollout of the premium-priced Pro Plus SKU (on average ~30% higher), creating longterm upsell potential; expansion beyond ITSM into Customer, Employee, Security, and Creator Workflows, each of which has the potential to become a $2 billion run-rate business; growing role of ServiceNow as a strategic partner amid software consolidation and vendor rationalization, confirmed by the growth of large customers to 528 companies with annual contract value (ACV) greater than $5 million. ServiceNow is building the leading platform for enterprise AI agents. A key growth driver is the adoption of AI agents and agentic platforms, where the company is already establishing leadership. Solutions such as Now Assist and AI Control Tower show explosive momentum: major deals exceed $20 million in ACV, and agent feature usage has grown more than ninefold in recent months. As enterprise customers shift toward “agentic workflows,” ServiceNow is becoming the standard infrastructure for orchestrating and managing AI agents — akin to an “operating system” for the enterprise environment. The market potential here is enormous: agentic solutions can go beyond ITSM and extend into Customer, Employee, and Security workflows. The company is already laying the foundation for $1 billion in ACV from Now Assist by 2026, but the actual TAM is significantly higher, as agentic models can radically transform business automation. This positions ServiceNow as one of the main beneficiaries of the corporate shift toward AI-first architecture. Strengthening of the ServiceNow ecosystem is reflected in the expansion of strategic partnerships with leading cloud providers (AWS, Microsoft, Google Cloud) and deeper integration with their services, enhancing network effects and increasing platform attractiveness for enterprise clients. Joint solutions and tighter integration with hyperscaler infrastructure simplify deployment, accelerate scaling, and increase the value of Now Platform as a centralized system for automating business processes. In the long term, this ensures higher adoption and sustainable growth through deeper penetration with existing customers and acquisition of new ones. 12-month target price for NOW shares is $1,160, representing about 30% upside versus the closing price of $886.75 on Friday, August 22. Recommendation: Buy.