Tensor Ventures has announced its first exit after its portfolio company UltimateSuite had been acquired by the US-based company ServiceNow. The 100% share acquisition will help ServiceNow to bolster its automation and AI capabilities.
- UltimateSuite was founded in 2020 by Robert Samanek and is headquartered in Prague. The company provides AI-powered, business process analysis that helps companies boost their operational efficiencies. Companies like Société Générale, Generali, Nielsen, Volkswagen, Financial Services are among its clients.
- ServiceNow is a major player with a market cap approximately $140 billion. The company offers a cloud‑based platform and solutions to help digitize and unify organizations. ServiceNow expects to close the acquisition of UltimateSuite in Q1 of 2024. The amount of the deal was not disclosed.
“Task mining is key to revealing a more accurate picture of how people work. With UltimateSuite, we are extending ServiceNow’s ability to help customers easily automate workflows and drive productivity,”
Eric Schroeder, vice president of NowX product management at ServiceNow, commented.
- The acquisition aims to strengthen ServiceNow’s process mining solutions, bolstering automation and capabilities to help customers uncover bottlenecks and drive operational efficiencies.
- The deal is also the first ever exit for the Czech VC fund Tensor Ventures, who was one of the two investors in the company, alongside Michal Poplar-Rostoc, and the sole VC fund involved in this acquisition.
