Element AI: Element AI to be Sold to US Interests

Silicon Valley software company Service Now (NYSE: NOW), a $100 billion American giant, has announced an agreement to acquire Montreal-based artificial intelligence pioneer Element AI. A statement from ServiceNow did not elaborate on terms of the deal, however TechCrunch has reported this morning that the transaction would be valued around USD 500 million. This is considerably less than the USD 600 to 700 million valuation the company enjoyed when it raised its massive series B just over a year ago in September 2019. In a statement, ServiceNow says that once the acquisition is complete, it will create an AI Innovation Hub in Canada to accelerate customer-focused AI innovation in its "Now Platform", suggesting that this acquisition is also a commitment to the Canadian market. This follows similar investments by ServiceNow to create technology development centers in Chicago, San Diego and..The post Element AI to be Sold to US Interests appeared first on Montreal in Technology.