Six years ago, ServiceNow’s market share in IT service management stood at 10%. By last year, the cloud-based platform, which helps IT teams run an organization’s technology infrastructure, had leaped to 40%. ServiceNow claims 42% of the 2,000 largest global companies among its customer base; better yet, it has a 97% retention rate. While this growth has come without much profit—think of it as an IT Amazon—sales have risen almost 700% over the past five years, and the company aims to hit $4 billion in revenue, a 130% jump from today’s mark, by 2020.
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ServiceNow wants to quadruple its revenue by 2020.
Once focused strictly on IT process management, it now helps 2,500-plus customers with everything from supply chain optimization to facilities requests. We talk to CEO Frank Slootman.