Max readers, if you're caught up in the Discord, skip to section 4. The first three sections were already posted in there.
Earnings Reviews from this season:
- CrowdStrike & MongoDB Earnings Reviews.
- Zscaler Earnings Review.
- Datadog & Palo Alto Earnings Reviews.
- Zscaler Earnings Review.
- Sea Limited Earnings Review.
- On Holdings Earnings Review.
- Nu Holdings Earnings Review.
- The Trade Desk Earnings Review.
- Lemonade & Duolingo Earnings Reviews.
- Palantir & Hims Earnings Reviews.
- Cava Earnings Review.
- DraftKings Earnings Review.
- Microsoft & Cloudflare Earnings Reviews.
- Uber Earnings Review.
- Shopify & Coupang Earnings Reviews.
- Meta Earnings Review.
- Alphabet Earnings Review.
- Apple, ServiceNow & Starbucks Earnings Reviews.
- Amazon & Mercado Libre Earnings Reviews.
- PayPal Earnings Review.
- Tesla Earnings Review.
- SoFi Earnings Review.
- Netflix Earnings Review.
- Taiwan Semi Earnings Review.
My Current Portfolio & Performance.
Table of Contents
1. ServiceNow (NOW) – M&A
ServiceNow is an AI workflow automation leader. Their AI control tower offers a central dashboard for monitoring, maintaining and optimizing AI agents. It makes AI work completion & triaging intuitive to show enterprises how to maximize return on investment and boost AI efficiency “from project inception to retirement.”
And while this is nice, it’s missing most of a key ingredient. Accelerating pace of enterprise AI adoption will require ensuring those clients can embrace this exciting new technology without crippling security trade-offs. That’s a big source of friction right now, as companies are often required to choose between modernization of assets and protection of those assets. NOW dabbles in security, but it hasn’t been a main focus to date. Veza changes this. It’s meant to fix that trade-off with an identity security focus, and the timing is very good. Identity demand is enjoying a revival at the moment. That’s why CyberArk just set net new ARR records, why Palo Alto is spending a fortune to buy them and why CrowdStrike is increasingly focused on this growth opportunity as well. Agents represent a new form of identity to secure. And this machine-based form can scale exponentially faster than human-based identities while accessing information from around the digital ether more expeditiously than people can. That’s both exciting as a source of productivity and new identity demand… and also anxiety-provoking as a vast extension of the overall attack surface.
Enter Veza. Their asset graph can visually lay out and contemplate identity access points across human and machine-based assets. They make sense of the massive attack surface so it is manageable rather than chaotic. It handles permissions, access requests and powers “end-to-end visibility that legacy solutions can’t match.” With Veza, companies have full knowledge of who (or what) has access to which systems and an ability to fix improper access in real time. All of this happens from a central dashboard that provides end-to-end visibility and will perfectly complement AI Control Tower’s existing capabilities. This Control Tower will now be the orchestrator AND the protractor of proliferating agents, providing a clear source of incremental cross-selling, enhanced customer value, rising lifetime value and higher retention. This makes NOW an even more powerful point solution consolidator in the large world of workflows.
I like this move a lot. It’s not a tiny purchase, but it’s not massive either. The company was most recently valued at $800M by private markets this April and delivered 100% Y/Y ARR growth in 2024. Estimates for 2025 revenue widely range from $60M-$250M. Veza gives NOW significant incremental value to provide customers in ways that are highly relevant and related to its existing offering. This is a great source of total addressable market (TAM) expansion without veering too far from NOW’s established lane.