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ServiceNow’s Differentiated Software Drives Multiple Organic Growth Vectors in Expanding TAM

Dan Romanoff, CPA Senior Equity Analyst

Business Strategy and Outlook

| Dan Romanoff, CPA |

ServiceNow has been successful thus far in executing on a classic land and expand strategy. First, it built a best-of-breed SaaS solution for IT Service Management (ITSM) based on being modular and flexible, having a superior familiar user interface, offering a way to automate a wide variety of workflow processes, and becoming a platform to serve as a single system of record for the IT function within the enterprise. Having established itself in ITSM and then the much larger IT operations management, or ITOM, market, the firm moved beyond the IT function. The same set of product design features and technologies has allowed ServiceNow to bring its process automation approach to HR service delivery, customer service, and finance. More recently, ServiceNow has been offering higher pricing tiers with an increasing array of features, along with industry specific solutions, which have higher ASPs and help drive revenue growth.

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Business Description

ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management (ITSM), expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service (PaaS).

2225 Lawson Lane
Santa Clara, CA, 95054
T +1 408 501-8550
Industry Software - Application
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 16,881

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