ServiceNow (NOW) Up More than 5% Since Veza Acquisition Announcement

​ServiceNow, Inc. (NYSE:NOW) is one of the Best SaaS Stocks to Buy Right Now. On December 2, ServiceNow, Inc. (NYSE:NOW) announced its intent to acquire Veza, which is a leader in Identity Security. The share price has risen by around 5% since the announcement. However, the stock remains down 17.95% year-to-date.

​Management noted that this acquisition targets a critical cybersecurity gap between managing access permissions for humans, machines, and AI agents with the rise of AI-powered threats. With the integration of Veza’s technology, the company aims to improve its Security and Risk products by creating a unified platform. Moreover, the strategic acquisition will also enhance ServiceNow, Inc.’s (NYSE:NOW) AI Control Tower and security suite. The deal is subject to customary regulatory approvals and closing conditions.

​Wall Street also resumed its positive sentiment on the stock following the press release. On December 3, Gregg Moskowitz from Mizuho Securities reiterated a Buy rating on the stock with a $1,150 price target. On the same day, Raimo Lenschow from Barclays also reiterated a Buy rating on the stock with a $1,225 price target.

​Analyst Gregg Moskowitz from Mizuho Securities noted Veza to be an interesting asset for ServiceNow, Inc. (NYSE:NOW), mainly due to the company’s potential combination with ServiceNow’s AI control tower and existing risk and security business. Gregg noted that while the transaction details were not disclosed, the deal is expected to close at over $1 billion. He added that recent checks on Veza indicate that the company has demonstrated good mid-market success in IGA.

ServiceNow, Inc. (NYSE:NOW) provides a platform that integrates workflows, data, and AI to coordinate how work flows across large organizations. The company is headquartered in Santa Clara, California, and reports running tens of billions of workflows each year.

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Disclosure: None. This article is originally published at Insider Monkey.