ServiceNow CEO Bill McDermott has responded to concerns about the company's acquisition strategy, stating that it is built on 22 years of enterprise AI data. The company has acquired AI firms Moveworks, Veza, and Armis in quick succession, with some believing the acquisitions were an attempt to bridge a growth gap. McDermott emphasised that these acquisitions were not bought to address a shortfall, but were investments in technology and talent. ServiceNow's stock is down 38% year to date and 61% below all-time highs due to concerns over the demand for SaaS-based tools and services driven by AI. The firm's Q1 revenue was $3 billion, an increase of 19% year over year and above management guidance.