Billionaire Ross Lures ServiceNow for South Florida Expansion

Core Viewpoint - ServiceNow Inc. is expanding its operations by opening a new office in West Palm Beach, Florida, which will serve as a significant hub for talent and growth in the artificial intelligence sector [3][6]. Group 1: Expansion Details - ServiceNow is leasing 200,000 square feet (18,600 square meters) in a new development by billionaire Stephen Ross, which will include an artificial intelligence institute and a startup accelerator [2]. - The new office will initially accommodate a few hundred employees, with plans to increase the workforce to 850 over the next five years, focusing on new hires in Florida [5]. - Approximately 20% of the current workforce will transfer to Florida, while 80% of the company's net new jobs will be based there [3]. Group 2: Financial Performance - ServiceNow achieved over $10 billion in annual revenue in 2024 and is projected to reach $13.2 billion in sales in the current year [4]. - The company's market capitalization is currently at $194 billion [5]. Group 3: Strategic Importance - The expansion to West Palm Beach is part of ServiceNow's strategy to embrace bold economic developments and position the city as a destination for technology companies [3][6]. - The new office is expected to catalyze innovation and economic opportunities in West Palm Beach, enhancing its reputation as "Wall Street South" [7]. Group 4: Leadership and Commitment - ServiceNow's CEO, Bill McDermott, will continue to reside in California but will spend significant time in West Palm Beach [4]. - The company maintains a strong commitment to its base in Silicon Valley, ensuring that executive leadership will not fully relocate [3].