American cloud computing company ServiceNow announced on Wednesday that it entered into an agreement to acquire Israeli startup Loom Systems, the developer of an AI-powered log analysis software platform.
The financial details of the agreement were not disclosed.
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Loom Systems was founded in 2015 by CEO Gabby Menachem, CTO Ronny Lehmann and VP of Product Dror Mann. The company has raised $16 million to date in funding rounds led by Jerusalem Venture Partners (JVP), along with investments from Meron Capital, Global Brain, and Flint Capital.
Loom Systems is based in Tel Aviv, with offices San Francisco and JVP’s International Cyber Center in New York City.
“Today, IT departments struggle to meet performance expectations and keep pace with the growth in demand for new, great digital services,” said Jeff Hausman, vice president and general manager of IT Operations Management at ServiceNow, in a statement. “By bringing together Loom Systems’ ability to analyze log and metrics data with ServiceNow’s AIOps and workflow automation capabilities, IT departments will be able to proactively pinpoint and resolve operational issues, enabling seamless experiences for their customers and employees.”
“As a strategic partner to the world’s largest enterprises, ServiceNow is enabling digital transformation and driving customer success,” said Gabby Menachem, CEO of Loom Systems. “By joining forces, we have the unique opportunity to bring together our AI innovations and ServiceNow’s AIOps capabilities to help customers prevent and fix IT issues before they become problems. We are excited to join the ServiceNow team to help IT organizations respond at the speed of today’s digital business.”
JVP Founder and Chairman Erel Margalit said: “We congratulate Loom Systems Founders and the Team for this great success. The acquisition of Loom Systems by ServiceNow, a leading digital workflow company, reinforces the quality of the technology that Loom Systems has created in such a short time. Israeli technology is the frontrunner of world in AI technology, and by supporting these companies, more and more Israeli start-ups can continue scaling and integrating into global markets.”