ServiceNow has announced it has signed an agreement to acquire artificial intelligence (AI) powered platform G2K to transform retail and other industries.
G2K’s technology allows organizations to connect real-time data across storefronts and other physical spaces for a complete view of operational data. ServiceNow plans to add G2K’s smart IoT technology to the Now Platform, enabling businesses to intelligently action digital and in-store data with enterprise-grade workflows.
Many organizations still struggle to turn vast amounts of data into actions that have business impact. This is especially true for retailers that have the unique challenge of managing operations based on a wide variety of digital and in-store data streams across thousands of stores, employees, and customers, and must be able to connect data back to central operations.
Through this acquisition and working in partnership with top retail customers, ServiceNow plans to develop an AI-powered end-to-end workflow solution with G2K’s technology for the retail industry, with the flexibility to apply to other industries like transportation, healthcare, entertainment and manufacturing in the future.
“ServiceNow is relentlessly focused on co-creating the future of work with our customers,” said Karel van der Poel, senior vice president and general manager at ServiceNow. “Retail is just the beginning. This acquisition allows ServiceNow to create even greater simplicity and efficiency for our customers’ growing needs across any industry, from manufacturing and supply chain to transportation and entertainment.”
“Many retailers are turning to a range of AI point solutions to help reshape retail experiences for employees and customers alike, but this results in fractured operations across the enterprise,” said Omar El Gohary, chief technology officer and co-founder at G2K. “Together, G2K and ServiceNow will realize a connected vision for our customers and help transform the world of work for retail and beyond – and we couldn’t be more excited about it.”
G2K’s technology gives retailers the ability to connect real-time data across storefronts and other physical spaces and uses AI to translate that data into insights that allow organizations to take action. G2K can help businesses plan inventory based on demand, improve on-site customer experiences, address in-store maintenance or other mechanical issues, and increase employee productivity.
By integrating these end-to-end physical capabilities within the Now Platform, ServiceNow becomes one of the only leading companies providing enterprise-grade retail workflows, enabling businesses to seamlessly bridge the physical world into a digital workflow platform.
Founded by Karsten Neugebauer and Omar El Gohary in 2013, G2K employs 200+ employees across Berlin, Cairo, Dubai, Mexico, and is headquartered in Munich, Germany. The company belongs to the Top 100 Most Innovative Companies in Germany and won the Reta Award for Top Supplier Retail in the category “Best Enterprise Solution” at Euroshop 2023.
G2K follows recent acquisitions of Hitch Works and Element AI as part of ServiceNow’s commitment to bring additional layers of AI-driven value to customers. ServiceNow expects to close the acquisition of G2K in Q3’23, subject to the completion of regulatory review. Financial terms of the deal were not disclosed.
Tidal Partners LLC acted as exclusive financial advisor to ServiceNow on the transaction and Baker McKenzie LLP served as legal counsel.