ServiceNow CEO says digital transformation is the ‘alternative of this era’

As companies adopted new digital capabilities to function amid the coronavirus pandemic, ServiceNow reached a milestone amongst a key shopper base, CEO Bill McDermott mentioned on CNBC Monday.

In the third quarter, the cloud providers supplier signed its 1,000th buyer contract valued above $1 million yearly — that is double the quantity the firm recorded a yr in the past.

“We were probably about half of that [last year],” McDermott informed “Mad Money” host Jim Cramer in an interview. “We’ve made quite a move into the C-suite.”

ServiceNow, whose digital workflows have been a scorching commodity amongst entities scrambling to regulate to the digital world, landed a quantity of giant offers in the third quarter, which ended Sept. 30. Some of these enterprise contracts embrace the NBA, WNBA and Dell, in addition to offers with federal and state governments.

ServiceNow reported its finest quarter amongst federal businesses, together with 9 federal prospects with greater than $10 million of annualized contract worth, which measures the anticipated income of every buyer annually.

The Department of Veterans Affairs in April gave ServiceNow the largest deal on the firm’s report, a five-year $96 million order to modernize the company’s IT infrastructure. The firm additionally counts the U.S. Air Force and U.S. Army amongst its shoppers.

“Today, digital transformation is the opportunity of this generation,” McDermott mentioned.

Shares of ServiceNow rose 1.44% Monday to $533.25. The inventory is up nearly 89% this yr.

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Written by Business Boy


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