ServiceNow, a U.S. enterprise software company, has invested $40 million in BusinessNext, an Indian banking software firm, valuing it at $700 million. This investment gives BusinessNext access to ServiceNow’s global sales network as the companies expand their collaboration in AI for financial services. The deal reflects BusinessNext’s growing influence beyond India, where it serves over 70 banks across multiple regions.
BusinessNext, based in Noida, generated about $32 million in revenue during its latest financial year and serves more than 70 banks in India, Southeast Asia, the Middle East, and the U.S. Its customers include the Reserve Bank of India and major banks like State Bank of India and HDFC Bank. About half of its revenue comes from overseas markets, which are expected to drive much of its future growth. Founder and CEO Nishant Singh chose ServiceNow over potential financial investors to leverage the U.S. software company’s global reach.
Singh described the partnership as a strategic move that would allow BusinessNext to 'borrow' ServiceNow’s sales infrastructure in markets where it has limited presence. The collaboration aims to combine BusinessNext’s banking expertise with ServiceNow’s workflow automation capabilities to offer joint solutions to financial institutions. 'India’s financial services sector is at an inflection point,' said Kulmeet Bawa, ServiceNow’s group vice president for India and SAARC. 'Institutions are moving from digital experimentation to full-scale AI-led operations.'
Source: techcrunch
