US digital workflow company ServiceNow (NYSE: NOW) has acquired Israeli IT repair company Loom Systems. Financial details about the deal were not disclosed. The acquisition comes just three months after Loom Systems, which has developed an AIOps solution for predicting and solving IT flaws, raised $10 million. The company has raised $16 million to date from investors including Flint Capital, Meron capital, JVP and Global Brain Corporation.
The company was founded in 2015 by Gabby Menachem, Ronny Lehmann and Dror Mann and has 30 employees in Tel Aviv, San Francisco and the JVP cybersecurity center in New York.
Loom's Tel Aviv offices are expected to become ServiceNow's Israel development center. ServiceNow has a market cap of $60 billion and specializes in providing cloud based solutions for the automation of enterprise computer network operations. With ServiceNow's platform, companies can create suitable applications adapted for their organizations' computer services.
In 2014, ServiceNow acquired Israeli startup Neebula Systems for $100 million. ServiceNow also launched operations in Israel in 2012 under the management of Limor Afik.
ServiceNow VP and general manager IT operations management Jeff Hausman said, "Today, IT departments struggle to meet performance expectations and keep pace with the growth in demand for new, great digital services. By bringing together Loom Systems’ ability to analyze log and metrics data with ServiceNow’s AIOps and workflow automation capabilities, IT departments will be able to proactively pin-point and resolve operational issues, enabling seamless experiences for their customers and employees."
Menachem said, "As a strategic partner to the world’s largest enterprises, ServiceNow is enabling digital transformation and driving customer success. By joining forces, we have the unique opportunity to bring together our AI innovations and ServiceNow’s AIOps capabilities to help customers prevent and fix IT issues before they become problems. We are excited to join the ServiceNow team to help IT organizations respond at the speed of today’s digital business."
Loom Systems was represented in the deal by Advs. Yair Geva, Yael Hauser and Lior Katz of Herzog Fox & Neeman Law Office.
Published by Globes, Israel business news - en.globes.co.il - on January 22, 2020
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