ServiceNow to Buy Montreal AI Startup Element AI

Element AI, startup company in Montreal, is about to be acquired by US based software company based in Santa Clara, California that develops a cloud computing platform.

No financial information was disclosed.

ServiceNow was pleased with the acquisition as they want to move their AI development to setup Innovation hub in Canada.

AI technology is evolving rapidly as companies race to digitally transform 20th century processes and business models. ServiceNow is leading this once-in-a-generation opportunity to make work, work better for people. With Element AI’s powerful capabilities and world class talent, ServiceNow will empower employees and customers to focus on areas where only humans excel – creative thinking, customer interactions, and unpredictable work. That’s a smarter way to workflow.

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Vijay Narayanan

ServiceNow Chief AI Officer

Element AI was founded in October 2016 by Jean-François Gagné and co-founders Yoshua Bengio, Anne Martel, Nicolas Chapados, and Philippe Beaudoin, along with Jean-Sébastien Cournoyer.

Just few years ago Element AI raised the largest Series A in Canada for AI startup at $102 million dollars.

Prime Minister Justin Trudeau was proud of the company’s local roots as he mentioned that he feels great that Element AI is not looking to get bought out.

We have a Canadian company that isn’t celebrating that it got bought out by a big multinational, isn’t celebrating that it’s moving its headquarters to a larger, more important country, but instead, building a partnership in an important country around the world.

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Justin Trudeau

Prime Minister of Canada

The deal will close sometime in the beginning of 2021.