Building for Success: The ServiceNow Story
The Montgomery Summit, on March 3rd and 4th, provides an opportunity to forge ahead into the new normal, to make big bets on what is to come, and to revisit the triumphs of those companies who have withstood the myriad challenges of the past year and remained on top.
One such company, which we have been privileged to know since its very beginning and which we are pleased to present as a keynote at the Summit this year, is ServiceNow. ServiceNow was founded by Fred Luddy in his San Diego home in 2003. I remember spending time with Fred that summer, when the goals and motivation for the now enormously successful ServiceNow was contained in nothing more than a 3×5 notecard:
Since the inception of ServiceNow, the goals and motivation for the company outlined on Fred’s 3×5 card have not faltered. As Fred put it in a Forbes interview hosted by me and Rich Karlgaard in October, “in 1983 those were good goals, in 2003 those were good goals, and in 2020 those are still good goals.”
The company went public in 2012, opening at a $2 billion valuation, and today the market cap has surpassed $114 billion. The impressive growth is due to both an unwavering commitment to Fred’s original goals for the company and to the outstanding executive leadership that has taken ServiceNow to new heights at each phase of growth. Frank Slootman, now CEO of Snowflake, was appointed CEO of the company after its initial phase of massive innovation in 2011. He took the company public while establishing operational excellence and scalability. John Donahoe, now CEO of Nike, followed Slootman to lead the company through a new chapter of innovation. Today, ServiceNow has entered its fourth phase of growth and there’s nobody better suited for the job than Bill McDermott.
During his tenure at SAP, Bill grew the value of the company from $39 billion to $156 billion. He is an incredible engine for growth and ServiceNow has benefitted from his expertise during the pandemic. ServiceNow is among the few companies to have out-performed expectations during this period, growing its workforce by 26%, increasing subscription revenues by a whopping 32% in just three months, and closing 89 transactions with more than $1 million in net new annual contract value in the last quarter of 2020.
How has he accomplished such early success? Like Fred, Bill put together a five-point plan for the company and stuck to it. Under Bill’s leadership, ServiceNow has gone from an IT-vendor to an enterprise-wide solution, and just in time.
In this hybrid working world, companies increasingly look for solutions to help their employees be more productive. ServiceNow is primed to help companies succeed in this COVID environment with their easy to use, cloud-native, and quick time-to-value solution.
EY is among the many companies leveraging ServiceNow’s platform. Carmine Di Sibio, EY Global Chairman and CEO, will interview Bill in front of a live audience for his virtual keynote address. Carmine, a leader in EY’s alliances strategy, was eager to partner with ServiceNow to achieve their vision for exceptional employee experiences defined by efficiency.
EY and ServiceNow are uniquely positioned to help clients transform their enterprise services through an integrated business solution built on ServiceNow’s cloud-based platform and informed by EY’s end-to-end business transformation expertise. Together, they offer an integrated, technology-enabled, and business-led approach to enterprise service management and business automation services.
To learn more about ServiceNow and what it takes to build great and lasting success, join us for The Montgomery Summit on March 3rd and 4th. To view our incredible lineup of keynote speakers, register for a plenary pass at no cost at the following link: https://cvent.me/mqWNGX.
