The financial terms of the deal have not been disclosed.
G2K, headquartered in Munich, Germany, with additional offices in Berlin, Cairo, Dubai, and Mexico, offers cutting-edge technology solutions in areas such as data analytics, cloud computing, artificial intelligence (AI), and the internet of things (IoT). The company primarily serves clients in the retail sector but also has a presence in other industries.
With this acquisition, ServiceNow plans to integrate G2K’s smart IoT technology into its Now Platform, enabling businesses to leverage real-time and in-store data through enterprise-grade workflows. The aim is to develop an AI-powered end-to-end workflow solution specifically tailored to the needs of the retail industry.
However, ServiceNow also envisions potential applications of the technology in other sectors, including transportation, healthcare, entertainment, and manufacturing.
Karel van der Poel, senior vice president and general manager at ServiceNow, highlighted the company’s focus on co-creating the future of work with its customers. He emphasized that the acquisition of G2K will enable ServiceNow to provide greater simplicity and efficiency across industries beyond retail.
Omar El Gohary, chief technology officer and co-founder of G2K, expressed excitement about the partnership and the opportunity to transform the world of work for the retail industry and beyond.
The acquisition of G2K follows ServiceNow’s recent acquisitions of Hitch Works and Element AI, which reflect the company’s commitment to delivering AI-driven value to its customers. The deal with G2K is expected to close in the third quarter of 2023, pending regulatory review.
Tidal Partners LLC served as ServiceNow’s exclusive financial advisor, while Baker McKenzie LLP acted as legal counsel for the transaction.