ServiceNow announced the acquisition of Czech Republic based task mining company UltimateSuite. This provides the company a new way to comprehend how work flows through a business. Although the price was not disclosed, the 3-year-old startup had raised €768,000 (approximately $839,000).
Task mining is a part of process mining and is a rapidly growing worldwide market helping companies understand work flow to identify bottlenecks and enhance efficiency. Celonis, a leading startup in the same space, has raised $2.4 billion and was valued at $13 billion as of October 2022. Although UltimateSuite is substantially smaller, it gives ServiceNow another tool in its task mining arsenal, says Eduardo Chiocconi, VP and GM for process mining at ServiceNow.
Prior to the acquisition, ServiceNow had the capability to drill down into a workflow but lacked the ability to get down to the user task level. Chiocconi told TechCrunch, “UltimateSuite task mining is coming in to help us with exactly that.” The addition of UltimateSuite is enabling ServiceNow to build more efficient business processes. “Insight without action has little value, so the idea is to provide the ability to automate some of those inefficiencies for better streamlining that end-to-end business process,” Chiocconi added.
The plan is to merge UltimateSuite functionality into ServiceNow’s process mining capabilities, surfacing it as an organic extension of process mining. This is the third acquisition for ServiceNow over the last several years, following its acquisitions of AI-powered workflow tool G2K in May and Element AI, a Canadian startup at the end of 2020.