In 2017, ServiceNow recruited John Donahoe to its CEO post. John by that time was a very well-known executive in the technology sector as well as broader business world. He’s as blue chip as they come – graduating from Dartmouth undergrad then Stanford MBA school and his first job out was with Bain & Company. He remained at Bain for an impressive 23 years eventually rising to President and CEO. From there he went on to eBay, where he became President & CEO and now he’s at the helm of ServiceNow. He’s also presently Chairman of the Board of Paypal.
While his track record speaks for itself, he’s not one to take it easy; he’s always thinking strategically of how he can expand the business he is leading while working with key partners. Most recently, he’s partnered with Google and Deloitte. And both partnerships help position ServiceNow as it steadily climbs towards its long term goal of $10 billion in annual revenues.
With Google, ServiceNow will integrate with Google Cloud so that mutual clients can better manage their information technology systems and benefit from Google’s artificial intelligence tools through ServiceNow’s software. Moreover, the Company announced its financial workflow software will enable companies to more quickly complete quarterly earnings reports.
And with Deloitte, they will jointly develop and market new products based on ServiceNow’s platform. Both companies have extensive existing relationships with enterprise customers across sectors. Such a partnership will help ServiceNow acquire more companies as Deloitte’s partners offer the Company’s financial automation software to its clients.
ServiceNow started out offering a more streamlined process for managing helpdesk tickets and to keep up with growth expectations, expanded into other areas such as financial software and human capital management. With its Finance Operations Management vertical, it aims to speed up the time it takes for a business to close its books. With its New Mobile app, business clients can customize their apps without having to write a line of code.
Since 2017, the year John joined ServiceNow, the Company’s stock has nearly tripled. Perhaps it’s because financials have steadily improved from $1.4 billion in revenue at the start of 2017 to a current revenue run rate of $3.2 billion. Or perhaps it’s because the institutional investors understand the power John has to grow large businesses into even larger ones by leveraging his prior experiences. And bold partnerships is one key ingredient to John’s alchemy.