ServiceNow, Inc. Thesis

ServiceNow provides a cloud-based platform to automate IT and business workflows. Its moat is its single data model and platform (the Now Platform), which allows customers to easily build and deploy new applications, creating high switching costs. The growth driver is the expansion from its core IT Service Management (ITSM) market into other enterprise functions like HR, Customer Service, and Creator Workflows, as well as the integration of AI capabilities. The investment thesis is that ServiceNow is becoming the central 'platform of platforms' for automating work across the enterprise.