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ServiceNow's Cybersecurity Business Exceeded $1 Billion in Annual Contract Value Last Year, Growing Faster Than Competitors
ServiceNow (NYSE: NOW), known for workflow automation software, announced that its security and risk franchise surpassed $1 billion in annual contract value in the past year. CEO Bill McDermott stated that this segment is growing faster than top cybersecurity companies, with its cyber solutions included in 80% of the company's largest deals. This growth comes as the stock has faced headwinds due to investor skepticism towards SaaS stocks amid the rise of artificial intelligence.
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