ServiceNow’s stock gains on doubling of earnings, strong subscription sales forecast

ServiceNow Inc.’s stock was gaining 2% in extended trading Wednesday after the software company reported quarterly earnings more than doubled on strong subscription sales.

“That’s the economics of the cloud,” ServiceNow Chief Executive Bill McDermott said in an interview Wednesday. “What’s incredible is they have a 99% renewal rate.”

The software company NOW, +1.10% has gained even more momentum from a 25% jump in quarterly subscription sales, to $2.075 billion, and an aggressive push into AI. In May, ServiceNow announced a generative-AI partnership with Nvidia Corp. NVDA, +3.17% to develop customized large language models for data using Nvidia software, services and infrastructure. On Wednesday, ServiceNow, Nvidia and Accenture announced the launch of AI Lighthouse, a program to fast-track the development and adoption of enterprise gen-AI.

Read more: ServiceNow, Nvidia team up on generative AI

ServiceNow posted fiscal second-quarter net income of $1.04 billion, or $5.08 a share, compared with net income of $486 million, or $2.38 a share, in the year-ago quarter. Adjusted earnings were $5.12 a share.

Revenue soared 23% to $2.15 billion, compared with $1.75 billion a year ago. ServiceNow also raised its annual subscription-sales forecast to between $8.58 billion and $8.6 billion. ServiceNow boasted 70 transactions worth more than $1 million in net new annual contract value in Q2, up 30% year-over-year.

Analysts surveyed by FactSet had expected, on average, quarterly net earnings of $2.05 a share on revenue of $2.13 billion. They also forecast $8.5 billion in annual subscription sales for ServiceNow.

Shares of ServiceNow have gained 49% so far this year, while the broader S&P 500  SPX, +1.10% has improved 19%.

ServiceNow Reports Second Quarter 2023 Financial Results

SANTA CLARA, Calif., July 26, 2023--(BUSINESS WIRE)--ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced financial results for its second quarter ended June 30, 2023, with subscription revenues of $2,075 million in Q2 2023, representing 25% year-over-year growth, 25% adjusted for constant currency.

"ServiceNow results were supercharged by unprecedented demand for their organic innovation," said ServiceNow Chairman and CEO Bill McDermott. "We’re in a powerful new ‘AI world,’ where imagination is the only limit. ServiceNow is already seeing their own significant productivity increases with the generative AI solutions we’re releasing to the market, which will rapidly accelerate breakthrough innovation for their customers."

As of June 30, 2023, current remaining performance obligations ("cRPO"), contract revenue that will be recognized as revenue in the next 12 months, was $7.20 billion, representing 25% year-over-year growth and 24% adjusted for constant currency. The company now has 1,724 total customers with more than $1 million in annual contract value ("ACV"), representing 18% year-over-year growth in customers.

Story continues

"Q2 was another strong quarter for ServiceNow as they exceeded the high end of their guidance range for all of their key performance metrics," said ServiceNow CFO Gina Mastantuono. "The better-together story is resonating with C-suites driving larger multi-product deals, as enterprises are looking to consolidate purchasing with strategic platforms like ServiceNow. Their intelligent platform for end-to-end digital transformation uniquely positions us to seize the opportunities in front of us as they continue to deliver durable topline growth and margin expansion on their journey to becoming the defining enterprise software company of the 21st century."

Recent Business Highlights

Second Quarter 2023 GAAP and Non-GAAP Results:

The following table summarizes their financial results for the second quarter 2023:

Second Quarter 2023 GAAP Results

Second Quarter 2023 Non-GAAP Results(1)

Amount

($ millions)

Year/Year

Growth (%)

Amount

($ millions)(3)

Year/Year

Growth (%)

Subscription revenues

$2,075

25%

$2,074

25%

Professional services and other revenues

$75

(20%)

$75

(20%)

Total revenues

$2,150

23%

$2,149

22.5%

Amount

($ billions)

Year/Year

Growth (%)

Amount($ billions)(3)

Year/Year

Growth (%)

cRPO

$7.20

25%

$7.13

24%

RPO

$14.2

24%

$14.0

22.5%

Amount

($ millions)

Margin (%)

Amount

($ millions)(2)

Margin (%)(2)

Subscription gross profit

$1,686

81%

$1,755

85%

Professional services and other gross profit (loss)

($7)

(9%)

$8

11%

Total gross profit

$1,679

78%

$1,763

82%

Income from operations

$117

5%

$544

25%

Net cash provided by operating activities

$580

27%

Free cash flow

$451

21%

Amount

($ millions)

Earnings per

Basic/Diluted

Share ($)

Amount

($ millions)(2)

Earnings per

Basic/Diluted

Share ($)(2)

Net income(4)

$1,044

$5.12 / 5.08

$486

$2.38 / 2.37

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP measures.

(2)

Refer to the table entitled "GAAP to Non-GAAP Reconciliation" for a reconciliation of GAAP to non-GAAP measures.

(3)

Non-GAAP subscription revenues, professional services and other revenues, total revenues, cRPO and RPO are adjusted only for constant currency. See the section entitled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP measures.

(4)

Second quarter 2023 GAAP net income was impacted by the release of $910 million of their valuation allowance on their deferred tax assets as a discrete tax benefit and $55 million as part of the effective tax rate.

Note: Numbers rounded for presentation purposes and may not foot.

Financial Outlook

Our guidance includes GAAP and non-GAAP financial measures. The non-GAAP growth rates for subscription revenues and cRPO are adjusted only for constant currency to provide better visibility into the underlying business trends.

The following table summarizes their guidance for the third quarter 2023:

Third Quarter 2023

GAAP Guidance

Third Quarter 2023

Non-GAAP Guidance(1)

Amount($ millions)(3)

Year/Year

Growth (%)(3)

Constant Currency

Year/Year Growth (%)

Subscription revenues

$2,185 - $2,195

25.5% - 26%

23% - 23.5%

cRPO

25.5%

21.5%

Margin (%)(2)

Income from operations

27%

Amount

(millions)

Weighted-average shares used to compute diluted net income per share

206

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP measures.

(2)

Refer to the table entitled "Reconciliation of Non-GAAP Financial Guidance" for a reconciliation of GAAP to non-GAAP measures.

(3)

Guidance for GAAP subscription revenues and GAAP subscription revenue and cRPO growth rate is based on the 30-day average of foreign exchange rates for June 2023 for entities reporting in currencies other than U.S. Dollars.

The following table summarizes their guidance for the full-year 2023:

Full-Year 2023

GAAP Guidance

Full-Year 2023

Non-GAAP Guidance(1)

Amount($ millions)(3)

Year/Year

Growth (%)(3)

Constant Currency

Year/Year Growth (%)

Subscription revenues

$8,580 - $8,600

24.5% - 25%

24%

Margin (%)(2)

Subscription gross profit

84%

Income from operations

26.5%

Free cash flow

30%

Amount

(millions)

Weighted-average shares used to compute diluted net income per share

206

(1)

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP measures.

(2)

Refer to the table entitled "Reconciliation of Non-GAAP Financial Guidance" for a reconciliation of GAAP to non-GAAP measures.

(3)

GAAP subscription revenues and related growth rate for the future quarters included in their full-year 2023 guidance are based on the 30-day average of foreign exchange rates for June 2023 for entities reporting in currencies other than U.S. Dollars.

Note: Numbers are rounded for presentation purposes and may not foot.

Conference Call Details

The conference call will begin at 2 p.m. Pacific Time (21:00 GMT) on July 26, 2023. Interested parties may listen to the call by dialing (888) 330‑2455 (Passcode: 8135305), or if outside North America, by dialing (240) 789-2717 (Passcode: 8135305). Individuals may access the live teleconference from this webcast.

https://events.q4inc.com/attendee/590657753

An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days. To hear the replay, interested parties may go to the investor relations section of the ServiceNow website or dial (800) 770‑2030 (Passcode: 8135305), or if outside North America, by dialing (647) 362‑9199 (Passcode: 8135305).

Investor Presentation Details

An investor presentation providing additional information, including forward-looking guidance, and analysis can be found at https://investors.servicenow.com.

Upcoming Investor Conferences

ServiceNow today announced that it will attend and have executives present at three upcoming investor conferences.

These include:

The live webcasts will be accessible on the investor relations section of the ServiceNow website at https://investors.servicenow.com and archived on the ServiceNow site for a period of 30 days.

Statement Regarding Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. They encourage investors to carefully consider their results under GAAP, as well as their supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand their business. Please see the tables included at the end of this release for the reconciliation of GAAP and non-GAAP results for gross profit, income from operations, net income, net income per share and free cash flow.

Use of Forward-Looking Statements

This release contains "forward-looking statements" regarding their performance, including but not limited to statements in the section entitled "Financial Outlook." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, their results could differ materially from the results expressed or implied by the forward-looking statements they make.

Factors that may cause actual results to differ materially from those in any forward-looking statements include, among others, experiencing an actual or perceived cyber-security event; their ability to comply with evolving privacy laws, data transfer restrictions, and other foreign and domestic standards related to data and the Internet; errors, interruptions, delays, or security breaches in or of their service or data centers; their ability to maintain and attract key employees and manage workplace culture; alleged violations of laws and regulations, including those relating to anti-bribery and anti-corruption and those relating to public sector contracting requirements; their ability to compete successfully against existing and new competitors; their ability to predict, prepare for and respond promptly to rapidly evolving technological, market and customer developments; their ability to grow their business, including converting remaining performance obligations into revenue, adding and retaining customers, selling additional subscriptions to existing customers, selling to larger enterprises, government and regulated organizations with complex sales cycles and certification processes, and entering new geographies and markets; their ability to develop and gain customer demand for and acceptance of existing, new and improved products and services; their ability to expand and maintain their partnerships and partner programs, including expected market opportunity from such relationships; global economic conditions; fluctuations in the value of foreign currencies relative to the U.S. Dollar; fluctuations in interest rates; their ability to consummate and realize the benefits of any strategic transactions or acquisitions; the impact of the Russian invasion of Ukraine and bank failures on macroeconomic conditions; inflation; and fluctuations and volatility in their stock price.

Further information on these and other factors that could affect their financial results are included in their Form 10-K for the year ended December 31, 2022, their Form 10-Q that will be filed for the quarter ended June 30, 2023 and in other filings they make with the Securities and Exchange Commission from time to time.

We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About ServiceNow

ServiceNow (NYSE: NOW) makes the world work better for everyone. Their cloud-based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And they can all create the future they imagine. The world works with ServiceNow™. For more information, visit: www.servicenow.com.

© 2023 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

ServiceNow, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Revenues:

Subscription

$

2,075

$

1,658

$

4,099

$

3,289

Professional services and other

75

94

147

185

Total revenues

2,150

1,752

4,246

3,474

Cost of revenues (1):

Subscription

389

287

743

562

Professional services and other

82

102

166

196

Total cost of revenues

471

389

909

758

Gross profit

1,679

1,363

3,337

2,716

Operating expenses (1):

Sales and marketing

832

722

1,655

1,395

Research and development

521

444

1,013

858

General and administrative

209

175

408

354

Total operating expenses

1,562

1,341

3,076

2,607

Income from operations

117

22

261

109

Interest income

74

12

134

17

Other expense, net

(17

)

(5

)

(33

)

(12

)

Income before income taxes

174

29

362

114

(Benefit from) provision for income taxes

(870

)

9

(832

)

19

Net income

$

1,044

$

20

$

1,194

$

95

Net income per share - basic

$

5.12

$

0.10

$

5.86

$

0.47

Net income per share - diluted

$

5.08

$

0.10

$

5.83

$

0.47

Weighted-average shares used to compute net income per share - basic

204

201

204

201

Weighted-average shares used to compute net income per share - diluted

205

203

205

203

(1) Includes stock-based compensation as follows:

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Cost of revenues:

Subscription

$

50

$

39

$

96

$

75

Professional services and other

15

18

29

34

Operating expenses:

Sales and marketing

120

113

246

218

Research and development

145

126

280

241

General and administrative

67

56

127

109

ServiceNow, Inc.

Condensed Consolidated Balance Sheets

(in millions)

June 30, 2023

December 31, 2022

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

1,663

$

1,470

Short-term investments

3,084

2,810

Accounts receivable, net

1,093

1,725

Current portion of deferred commissions

401

369

Prepaid expenses and other current assets

362

280

Total current assets

6,603

6,654

Deferred commissions, less current portion

777

742

Long-term investments

2,740

2,117

Property and equipment, net

1,148

1,053

Operating lease right-of-use assets

656

682

Intangible assets, net

191

232

Goodwill

821

824

Deferred tax assets

1,551

636

Other assets

436

359

Total assets

$

14,923

$

13,299

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

171

$

274

Accrued expenses and other current liabilities

893

975

Current portion of deferred revenue

4,613

4,660

Current portion of operating lease liabilities

90

96

Total current liabilities

5,767

6,005

Deferred revenue, less current portion

45

70

Operating lease liabilities, less current portion

635

650

Long-term debt, net

1,487

1,486

Other long-term liabilities

63

56

Stockholders’ equity

6,926

5,032

Total liabilities and stockholders’ equity

$

14,923

$

13,299

ServiceNow, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Cash flows from operating activities:

Net income

$

1,044

$

20

$

1,194

$

95

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

136

105

262

206

Amortization of deferred commissions

112

86

218

169

Stock-based compensation

397

352

778

677

Deferred income taxes

(911

)

(1

)

(904

)

(3

)

Other

(3

)

4

(2

)

19

Changes in operating assets and liabilities, net of effect of business combinations:

Accounts receivable

16

(51

)

635

511

Deferred commissions

(121

)

(100

)

(280

)

(237

)

Prepaid expenses and other assets

(72

)

(26

)

(136

)

(72

)

Accounts payable

(44

)

71

(90

)

140

Deferred revenue

(129

)

(65

)

(89

)

(44

)

Accrued expenses and other liabilities

155

38

(104

)

(165

)

Net cash provided by operating activities

580

433

1,482

1,296

Cash flows from investing activities:

Purchases of property and equipment

(132

)

(151

)

(297

)

(244

)

Business combinations, net of cash acquired

—

(57

)

—

(57

)

Purchases of investments

(1,599

)

(1,112

)

(2,821

)

(1,774

)

Purchases of non-marketable investments

(16

)

(35

)

(46

)

(136

)

Sales and maturities of investments

1,073

554

1,953

1,131

Other

—

1

13

—

Net cash used in investing activities

(674

)

(800

)

(1,198

)

(1,080

)

Cash flows from financing activities:

Repayments of convertible senior notes attributable to principal

—

(88

)

—

(94

)

Proceeds from employee stock plans

—

1

117

106

Taxes paid related to net share settlement of equity awards

(94

)

(91

)

(206

)

(241

)

Net cash used in financing activities

(94

)

(178

)

(89

)

(229

)

Foreign currency effect on cash, cash equivalents and restricted cash

(1

)

(44

)

—

(49

)

Net change in cash, cash equivalents and restricted cash

(189

)

(589

)

195

(62

)

Cash, cash equivalents and restricted cash at beginning of period

1,859

2,259

1,475

1,732

Cash, cash equivalents and restricted cash at end of period

$

1,670

$

1,670

$

1,670

$

1,670

ServiceNow, Inc.

GAAP to Non-GAAP Reconciliation

(in millions, except per share data)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Gross profit:

GAAP subscription gross profit

$

1,686

$

1,371

$

3,356

$

2,727

Stock-based compensation

50

39

96

75

Amortization of purchased intangibles

19

18

37

36

Non-GAAP subscription gross profit

$

1,755

$

1,427

$

3,489

$

2,837

GAAP professional services and other gross loss

$

(7

)

$

(8

)

$

(19

)

$

(11

)

Stock-based compensation

15

18

29

34

Non-GAAP professional services and other gross profit

$

8

$

10

$

10

$

23

GAAP gross profit

$

1,679

$

1,363

$

3,337

$

2,716

Stock-based compensation

65

56

125

108

Amortization of purchased intangibles

19

18

37

36

Non-GAAP gross profit

$

1,763

$

1,437

$

3,499

$

2,860

Gross margin:

GAAP subscription gross margin

81

%

83

%

82

%

83

%

Stock-based compensation as % of subscription revenues

2

%

2

%

2

%

2

%

Amortization of purchased intangibles as % of subscription revenues

1

%

1

%

1

%

1

%

Non-GAAP subscription gross margin

85

%

86

%

85

%

86

%

GAAP professional services and other gross margin

(9

%)

(9

%)

(13

%)

(6

%)

Stock-based compensation as % of professional services and other revenues

20

%

19

%

20

%

18

%

Non-GAAP professional services and other gross margin

11

%

10

%

7

%

12

%

GAAP gross margin

78

%

78

%

79

%

78

%

Stock-based compensation as % of total revenues

3

%

3

%

3

%

3

%

Amortization of purchased intangibles as % of total revenues

1

%

1

%

1

%

1

%

Non-GAAP gross margin

82

%

82

%

82

%

82

%

Income from operations:

GAAP income from operations

$

117

$

22

$

261

$

109

Stock-based compensation

397

352

778

677

Amortization of purchased intangibles

22

20

42

40

Business combination and other related costs

8

5

15

10

Non-GAAP income from operations

$

544

$

399

$

1,096

$

836

Operating margin:

GAAP operating margin

5

%

1

%

6

%

3

%

Stock-based compensation as % of total revenues

18

%

20

%

18

%

20

%

Amortization of purchased intangibles as % of total revenues

1

%

1

%

1

%

1

%

Business combination and other related costs as % of total revenues

—

%

—

%

—

%

—

%

Non-GAAP operating margin

25

%

23

%

26

%

24

%

Net income:

GAAP net income

$

1,044

$

20

$

1,194

$

95

Stock-based compensation

397

352

778

677

Amortization of purchased intangibles

22

20

42

40

Business combination and other related costs

8

5

15

10

Income tax expense effects related to the above adjustments

(75

)

(68

)

(150

)

(141

)

Discrete income tax benefit from the release of a valuation allowance on deferred tax assets (1)

(910

)

—

(910

)

—

Non-GAAP net income

$

486

$

329

$

969

$

681

Net income per share - basic and diluted:

GAAP net income per share - basic

$

5.12

$

0.10

$

5.86

$

0.47

GAAP net income per share - diluted

$

5.08

$

0.10

$

5.83

$

0.47

Non-GAAP net income per share - basic

$

2.38

$

1.63

$

4.76

$

3.39

Non-GAAP net income per share - diluted

$

2.37

$

1.62

$

4.73

$

3.35

GAAP weighted-average shares used to compute net income per share - basic

204

201

204

201

GAAP and Non-GAAP weighted-average shares used to compute net income per share - diluted

205

203

205

203

Free cash flow:

GAAP net cash provided by operating activities

$

580

$

433

$

1,482

$

1,296

Purchases of property and equipment

(132

)

(151

)

(297

)

(244

)

Business combination and other related costs

3

5

3

5

Non-GAAP free cash flow

$

451

$

287

$

1,188

$

1,057

Free cash flow margin:

GAAP net cash provided by operating activities as % of total revenues

27

%

25

%

35

%

37

%

Purchases of property and equipment as % of total revenues

(6

%)

(9

%)

(7

%)

(7

%)

Business combination and other related costs as % of total revenues

—

%

—

%

—

%

—

%

Non-GAAP free cash flow margin

21

%

16

%

28

%

30

%

(1)

GAAP net income for the three and six months ended June 30, 2023 was impacted by a $910 million release of a valuation allowance on their deferred tax assets as a discrete tax benefit.

Note: Numbers are rounded for presentation purposes and may not foot.

ServiceNow, Inc.

Reconciliation of Non-GAAP Financial Guidance

Three Months Ending

September 30, 2023

GAAP operating margin

8

%

Stock-based compensation expense as % of total revenues

18

%

Amortization of purchased intangibles as % of total revenues

1

%

Business combination and other related costs as % of total revenues

—

%

Non-GAAP operating margin

27

%

Twelve Months Ending

December 31, 2023

GAAP subscription gross margin

81

%

Stock-based compensation expense as % of subscription revenues

2

%

Amortization of purchased intangibles as % of subscription revenues

1

%

Non-GAAP subscription margin

84

%

GAAP operating margin

7

%

Stock-based compensation expense as % of total revenues

18

%

Amortization of purchased intangibles as % of total revenues

1

%

Business combination and other related costs as % of total revenues

—

%

Non-GAAP operating margin

26.5

%

GAAP net cash provided by operating activities as % of total revenues

37

%

Purchases of property and equipment as % of total revenues

(7

)%

Business combination and other related costs as % of total revenues

—

%

Non-GAAP free cash flow margin

30

%

Note: Numbers are rounded for presentation purposes and may not foot.

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Innovating on Innovation: GuardRails Software on ServiceNow

CALGARY, AB / ACCESSWIRE / August 14, 2023 / Dyna Software Inc., a tech company from Canada, has been leading highly needed innovation in the ServiceNow software vendor space with their flagship product GuardRails. CEO and Founder Ron Browning stated at the latest ServiceNow Knowledge conference, "…We have been on a journey for five years now seeking to help ServiceNow customers reduce their risk in managing the platform while also reducing their cost of supporting and growing it. This all leads to move innovative business use of ServiceNow…"

Further explaining how GuardRails helps ServiceNow customers, Ron Browning added, "…it is no surprise to anyone that the cost to support and manage a well used ServiceNow platform only increases. Using their experiences operating and consulting on ServiceNow, they developed features focused on bringing artificial intelligence fueled automation to key, time consuming tasks handled by every ServiceNow support team."

While ServiceNow has been charging ahead with tremendous innovation in the workflow software arena, it appears companies producing software products like GuardRails are starting to become highly valuable innovators to the ServiceNow customer and partner communities.

Jeff Vosburgh, VP of Strategic Partnerships, explained, "GuardRails was intentionally designed to help both ServiceNow customers and ServiceNow partners, which are critical to the overall market growth of ServiceNow as a software product. They have placed great emphasis on collaborating with partners to strengthen their ability to reach and help more customers with their success."

As ServiceNow continues its growth and bring more business focused software products and features to customers, support teams of these customers have a growing worry: The broader business use of the software requires more support capacity, development strength, and ultimately increases the risk to stability. Wider spread enterprise use of software has inherent risk and mitigating this risk is quickly becoming a major area of focus for ServiceNow customers trying to innovate and enhance their business automation needs with ServiceNow.

"…We focus on the governance, management, and risk of development on the ServiceNow platform. For their customers, their confidence is increased when considering the broadened use of the platform in a business context. Their product enables intelligent visibility of risk in a manner that offers proactive action as well as education. This combination means their customers have the ability to proactively identify and address risk. It also means their customers are able to address the increased need of stronger ServiceNow development skill capabilities in their support resources," said Dyna Wang, the CTO of the company.

About ServiceNow

ServiceNow, Inc. is an American software company based in Santa Clara, California that provides it's customers a cloud computing platform to help manage digital workflows for enterprise operations. Over the past ten years, ServiceNow has positioned itself as a definitive leader in workflow automation with their emphasis on enterprise and industry focused software products for their platform. With many customers as early adopters, the growth of the platform has maintained a steep upwards trajectory. As a result of its popularity and effectiveness, an ecosystem of partners and independent software developers for the platform has developed and strengthened in parallel. Customers of ServiceNow today typically seek the assistance of this ecosystem community to help enable their use and stability of ServiceNow within their organizations. More information about ServiceNow can be found on their website: www.servicenow.com.

About Dyna Software Inc.

Dyna Software Inc is unique software engineering company in a space that seems to be growing with both need and value for ServiceNow customers. They have a focus on the enablement of ServiceNow customers to better manage, support and grow their use of ServiceNow. You can find their Development Operations Automation and Governance software, GuardRails on the ServiceNow Store (store.servicenow.com).

Contact:

Ron Browning Chief Executive Officer +15877168131 ron.browning@dynasoftwareinc.com

SOURCE: Dyna Software Inc.

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