ServiceNow earns Fortune 500 recognition for second straight year
We’ve done it again! On behalf of ServiceNow Chairman and CEO Bill McDermott, our executive leadership team and our board of directors, I’m thrilled to announce that ServiceNow has secured a spot on the prestigious Fortune 500 ® list for the second year running. We’re honoured to be part of an elite group of the largest, most influential companies in the United States.
Since our initial public offering in 2012, ServiceNow has outperformed the market and operated at a sustained rule of 50+, also quadrupling our market cap in the last six years. In 2023 alone, we rocketed to an impressive $10 billion in cumulative annual contract value, which few software companies have ever realised.
Highlighting our bright future, we also grew our remaining performance obligations, essentially our total backlog, at a constant currency compound annual growth rate of 29% over the last four years to $18 billion in 2023. This was bolstered by the success of our first set of generative AI (GenAI) solutions, Now Assist, which quickly became the fastest-selling new product in ServiceNow’s 20-year history.
Our success isn’t an accident. It takes intention and a disciplined approach of dreaming big about where we want to be in three, five and even 10 years—and what it takes to get there. Our values remain the driving force behind our achievements. ServiceNow’s 24,000 employees remain hungry and humble and ready to wow our customers every day.
The journey to business transformation
Just two decades ago, ServiceNow founder Fred Luddy set out to improve the way work gets done, solving mundane IT problems through automation. It’s a vision that has both sustained and expanded our ambitions. We’re now 8,100-plus global customers strong, and we continue to build on Fred’s vision as ServiceNow impacts every corner of the enterprise.
You see, AI is only as powerful as the platform it’s built on. ServiceNow is the AI platform for business transformation made for this moment. We harness the power of customer and business data to deploy AI throughout an organisation. This means people are freed from mundane work to focus on what really matters: business impact.
Bill McDermott has said, “We’re putting AI to work for people. We’re fundamentally changing the enterprise software industry, and we’re doing that because it needs to be disrupted. It’s half a century now of doing things in a similar fashion. This is the time for exponential change. We integrate with the past. And we create the future.”
Our winning mindset
ServiceNow has the ambitious goal of being the defining enterprise software company of the 21st century. And we are well on our way.
Our industry-defining innovation is driven by the best product and engineering talent in the business. ServiceNow employees lead through our People Pact to fulfil our purpose together by making the world work better for everyone. This has made ServiceNow a major destination for top talent.
In the last year alone, ServiceNow received more than 1 million job applications. We were also recognised with 35 workplace awards, including Fortune 100 Best Companies to Work For and Fortune World’s Most Admired Companies, and we ranked No. 5 overall on the American Opportunity Index.
I’m more optimistic about ServiceNow’s future than ever. We’re a winning company because of our culture of innovation and the people who bring that vision to life every day. This ranking is truly a hallmark of our shared success. As Bill would say, we’re just getting started!
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