120亿美元并购急转弯，ServiceNow正在重走SAP的老路？

Core Viewpoint - ServiceNow has initiated a significant acquisition spree, spending at least $12 billion on mergers and strategic investments this year, including its largest acquisition of $7.75 billion for cybersecurity startup Armis [1][4]. Group 1: Acquisition Strategy - The acquisition of Armis marks ServiceNow's largest deal to date, following a $2.8 billion acquisition of Moveworks and a $750 million investment in Genesys [1][4]. - In addition to the three disclosed large transactions, ServiceNow has completed six other undisclosed acquisitions this year, bringing total spending on acquisitions and investments to over $12 billion [4]. Group 2: Investor Concerns - Investors are worried that ServiceNow may be relying on acquisitions to stimulate growth, especially given CEO Bill McDermott's controversial acquisition history at SAP [2][5]. - Following the announcement of the Armis deal, ServiceNow's stock price has dropped 18% this year, with an additional 12% decline after the news broke [2]. Group 3: Growth Pressure - Despite maintaining rapid revenue growth, ServiceNow faces pressure as analysts predict that sales growth will fall below 20% by 2026, excluding acquisitions [6]. - The company expects to generate over $13 billion in sales this year, a 21% increase from last year, but growth rates are anticipated to stabilize [6]. - McDermott had previously indicated a focus on organic growth and smaller, "bolt-on" acquisitions, contrasting with the current trend of larger deals [6].