- O'Melveny's 2025 Momentum Year in Review tracks over US$1.5B in financings and major M&A, with AI, connectivity, and healthcare as leading themes.
- ServiceNow's US$2.85B acquisition of Moveworks highlights rising demand for agentic AI that unifies assistants, enterprise search, and workflow automation at scale.
- NXP's US$243M purchase of Aviva Links signals strategic investment in ASA-compliant in-vehicle connectivity for software-defined vehicles.
- Large rounds in AI and regulated sectors (e.g., Hippocratic AI US$126M Series C, Tabby US$160M Series E) show capital intensity and higher valuations alongside continued execution scrutiny.
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The “Momentum Year in Review” deals catalogue confirms several strategic investment patterns and M&A trends shaping the technology, AI, and health sectors in 2025. Below are key takeaways and implications:
1. AI & Agentic AI Ascendancy. The acquired Moveworks deal (US$2.85B) underscores the value of AI tools that do more than generate insights—they act. ServiceNow is integrating AI assistants, enterprise search, and orchestration across workflows—positioning itself as the end-to-end agentic AI platform for enterprise users.
2. Health & Well-Being Remain Capital Intensive. Generative AI applied to health (e.g., Hippocratic AI’s US$126M Series C), buy-now-pay-later (Tabby), and novel therapeutics (e.g. SciNeuro’s US$53M round) attracted large rounds, reflecting increasing investor confidence in regulated, high-impact sectors.
3. Infrastructure & Connectivity in Automotive Edge. The NXP-Aviva Links deal (US$243M, closed October 2025) is a prime example of investment in ASA compliant connectivity solutions catering to software-defined vehicles; similarly, Tabby, Stratospheric Microballoon (Urban Sky), and wire harness manufacturing (Senra Systems) show surge in capital to support new mobility, IoT, and supply chain infrastructure.
4. Consolidation & Market-Building via Strategic Acquisitions. Beyond ServiceNow, NXP, and Broadcom (e.g., VeloCloud divestiture), there is a growing trend of acquiring companies that solidify product portfolios, accelerate go-to-market, and control critical tech stacks in AI, networking, and health.
5. Valuation & Exit Opportunities Stretch Higher, But Investor Scrutiny Persists. Deals are increasingly priced for scale and potential, rather than current earnings: Moveworks was valued at ~US$2.85B despite just crossing US$100M ARR; Acquisitions are payable in cash and stock; Series C/D rounds in AI/health up to US$160M; PIPE financing in crypto (Sui Foundation US$450M)—all pointing to high capital intensity with increasing expectations of execution.
Supporting Notes
- ServiceNow acquired Moveworks for US$2.85 billion in cash and stock, completed December 15, 2025. It had over 5.5 million users and about 250 mutual customers with ServiceNow prior to closing.
- NXP closed its deal for Aviva Links on October 24, 2025, for US$243 million in cash before adjustments; Aviva Links provides ASA-compliant in-vehicle connectivity.
- The avatar Health AI venture Hippocratic AI raised US$126 million in Series C financing led by Avenir Growth and including CapitalG, General Catalyst, a16z, Kleiner Perkins, and others.
- Tabby, a buy-now-pay-later service provider, raised US$160 million in Series E preferred stock financing with lead investor Blue Pool Capital.
- SciNeuro Pharmaceuticals secured US$53 million in equity financing in 2025, led by LAV and ARCH Venture Partners, targeting neurodegenerative disease treatments.
- ServiceNow by year-end 2024 had nearly 1,000 AI customers and over US$200 million in annual contract value for its “Pro Plus AI” solution.