Enterprise software producer ServiceNow has agreed to purchase Loom Systems, an Israel-based backed by real estate developer Mitsui Fudosan, for an undisclosed sum.
Founded in 2015, Loom has developed a software platform that applies artificial intelligence to IT operations – a system known as AIOps – enabling enterprise customers to predict and problems in IT infrastructure during cloud migration or digital transformation.
Jerusalem Venture Partners led a $6m series A round for the company in 2017, investing alongside Mitsui Fudosan’s 31Ventures Global Innovation Fund and Meron Capital. All three returned for a $10m series B led by Flint Capital in November 2019.
Gabby Menachem, chief executive of Loom Systems, said: “As a strategic partner to the world’s largest enterprises, ServiceNow is enabling digital transformation and driving customer success.
“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 organisations respond at the speed of today’s digital business.”
