ServiceNow announced today that it has acquired Loom Systems, an Israeli startup specializing in AIOps. The companies have not announced the purchase price.
IT operations collect tons of data through a range of monitoring and logging tools, far too much for a team of people to keep up. For this reason, there are startups like Loom that turn to AI to solve the problem. It can find problems and patterns in the data that would be difficult or impossible for humans to find. Applying AI to operational data in this way has become known as AIOps.
service now is primarily a company that tries to digitize the service process, but this manifests itself. IT service operations play a major role in this. Organizations can monitor their systems, wait for a problem to occur, and then try to track down and fix the cause. But you can also use the power of artificial intelligence to identify and neutralize potential system health threats before they become major problems. This can bring an AIOps product like Loom to the table.
Jeff Hausman, Vice President and General Manager for IT Operations Management at ServiceNow, sees Loom's strengths in merging with ServiceNow's existing tools to support the operation of IT systems. "We will use Loom Systems" Log analysis capabilities that enable customers to analyze data, automate troubleshooting, and reduce L1 incidents, ”he told TechCrunch.
Gabby Menachem, co-founder and CEO of Loom, sees a similar value proposition. "By joining forces, we have a unique opportunity to bring our AI innovations and ServiceNow's AIOps capabilities together to help customers avoid and fix IT problems before they become problems," he said in an explanation.
According to PitchBook data, Loom has raised $ 16 million since its launch in 2015. The last round of $ 10 million was in November 2019. Today's deal is expected to close at the end of this quarter.