ServiceNow announced it has agreed to acquire Seattle‑based VendorHawk Inc., a leader in Software‑as‑a‑Service management, in an all‑cash transaction expected to close this month. With VendorHawk, ServiceNow is rapidly expanding its capabilities in software asset management, which drives transparency into software licenses and costs.
“We are off to a great start to the year, continuing the momentum from our record‑breaking finish to 2017,” said John Donahoe, ServiceNow president and chief executive officer. “Our performance was strong worldwide. We are driving digital transformation for our customers, enabling great employee and customer experiences that make it easier to get work done and deliver better business outcomes.”
- Subscription revenues of $543.3 million in Q1 2018, representing 40% year‑over‑year growth
- 21 transactions over $1 million in net new annual contract value in Q1 2018
- 536 total customers with over $1 million in annual contract value, representing 43% year‑over‑year growth
“Subscription revenues grew 40% year‑over‑year,” said Michael Scarpelli, ServiceNow chief financial officer. “Outperformance in the quarter was driven by 21 transactions greater than $1 million in net new annual contract value and continued strength from our entire product portfolio.” (ServiceNow/mc/hfu)
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