Context on ServiceNow 12/21 Press Release Referencing IRS Deal

Summary: ServiceNow today announced a five-year deal with the Internal Revenue Service to provide its low code development platform. The announcement didn't provide a deal value.

Context: The announcement references an award that was signed on Sept. 27, 2021 and added to the Nation Analytics data set the same day. It is valued at $70 million over five years, with $21.5 million of that amount obligated, or allocated, at the time of signing. The initial $21.5 million obligation covers a two-year period of performance (through September 2023).

Companies frequently delay announcements about government business, so it's not particularly unusual to see a press release that lags the award by nearly three months.

Please contact Francessca Chiappinelli with any questions or to arrange an analyst call.