| Updated:
American software firm Servicenow has committed to investing $1.5bn (£1.15bn) into its UK business over the next five years, the New York-listed company announced today at the international investment summit.
Servicenow, a platform that automates and manages business processes, such as customer service and HR, also plans to expand with new office space and grow its current headcount of 1,000 employees.
The company also announced today it is expanding its London and Newport data centres with Nvidia GPU chips to help large language models (LLM) process more data, as demand for AI solutions balloons.
According to Servicenow’s recent AI Maturity Index, developed alongside Oxford Economics, some 85 per cent of UK businesses are planning to ramp up AI investment in the next year.
“The United Kingdom is embracing technology transformation at scale,” said Servicenow chairman and chief executive Bill McDermott. “In this new age of AI, the country continues to be a global leader in driving innovation for the benefit of all its communities.”
He added: “Our investment accelerates the UK’s push to put AI to work, empowering people, enriching experiences, and strengthening societal bonds. Together, Servicenow and our customers across the UK are delivering a future where technology benefits everyone.”
It comes as the government is hosting an international investment summit today in a drive to kickstart economic growth and prove the UK is “open for business”.
Chancellor Rachel Reeves said: “This investment is a huge vote of confidence in the UK’s tech and AI sector, and is exactly the kind we want to see as we grow the economy.
“That’s what the International Investment Summit is all about too. Showing global investors and business that Britain is open for business.”
Prime Minister Keir Starmer has vowed to slash red tape that is stifling investment in the UK at the summit, and other major speakers include Blackrock boss Larry Fink, former Google chairman Eric Schmidt, ex-England manager Gareth Southgate, and Aviva chief Amanda Blanc.
