Digital workflow company ServiceNow has signed an agreement to acquire artificial intelligence (AI) powered platform G2K to transform retail and other industries in order to better connect data streams back into central IT operations to bridge the physical and digital worlds together.
Founded by Karsten Neugebauer and Omar El Gohary in 2013, G2K employs more than 200 employees across Berlin, Cairo, Dubai, Mexico, and Germany where it is headquartered.
G2K’s technology is designed to allow organisations to connect real-time data across storefronts and other physical spaces for a “complete view” of operational data. It 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 organisations to take action.
The technology also sees use in helping 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 said it 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.
The acquisition is also designed to allow ServiceNow to develop an AI-powered end-to-end workflow solution with G2K’s technology, starting with the retail industry. ServiceNow believes that retailers 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.
ServiceNow plans to add G2K’s smart internet of things (IoT) technology to its core Now Platform, enabling businesses to intelligently action digital and in-store data with enterprise-grade workflows.
Through the acquisition and working in partnership with top retail customers, ServiceNow will develop an AI-powered end-to-end workflow solution, connecting the intelligence of G2K onto the Now Platform and create opportunities for companies looking to connect data from physical assets such as devices and sensors with central IT operations. It believes that the solution is relevant across any industry, not just with retail but also in the future with manufacturing, entertainment, transportation and healthcare.
“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, commenting on the acquisition.
“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 realise 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.”
Financial terms of the deal have not been disclosed, but ServiceNow expects to close the acquisition of G2K in the third quarter of 2023, subject to the completion of regulatory review. The G2K move follows similar recent acquisition of Hitch Works and Element AI as part of ServiceNow’s aim to bring additional layers of AI-driven value to customers.