ServiceNow, the U.S.-based enterprise software company, has invested $40 million in BusinessNext, an Indian banking software specialist, to expand its financial services portfolio. The deal values BusinessNext at $700 million and cements a strategic partnership focused on AI-driven workflow automation.

The investment reflects BusinessNext’s growing international footprint, serving over 70 banks across India, Southeast Asia, the Middle East, and the U.S., including major lenders such as the Reserve Bank of India and State Bank of India. With half its revenue outside India, overseas markets are expected to drive future growth.

BusinessNext’s founder and CEO, Nishant Singh, opted for ServiceNow over financial investors to accelerate expansion by leveraging its global sales network. The partnership aims to combine BusinessNext's autonomous banking platform with ServiceNow's workflow automation expertise, targeting full-scale AI-led operations in India's financial sector.

Kulmeet Bawa, ServiceNow’s group vice president and managing director for India and SAARC, highlighted the strategic importance of this collaboration in an AI-driven era. Singh emphasized that BusinessNext built its platform from the ground up with AI at its core, ensuring regulatory compliance through private infrastructure.

The deal underscores the ongoing evolution of enterprise software towards greater integration of artificial intelligence and highlights ServiceNow’s commitment to expanding its reach into banking systems.