ServiceNow (NOW) said Monday it has signed a definitive agreement to acquire Moveworks for $2.85 billion.

"The acquisition will combine ServiceNow's agentic AI and automation strengths with Moveworks' front-end AI assistant and enterprise search technology to unlock new experiences for every employee for every corner of the business," ServiceNow said in a press release.

The $2.85 billion deal, which is expected to close in the second half of the year, is subject to customary purchase price adjustments and is payable in a combination of cash and stock, ServiceNow said.