Cutting-edge business automation software developer ServiceNow (NOW 2.58%) easily surmounted the hump of Hump Day. Its share price rose by nearly 3% on the day thanks to news about its partner program. That was more than good enough to top the S&P 500 index’s 0.6% increase.
An important program gets a boost
ServiceNow announced at its annual Sales Kickoff event that it is expanding that program. The company said it has almost quadrupled its investments into aspects of the initiative, including fresh incentives. Additionally, it has lifted two partners, veteran tech companies Infosys and Cognizant, to Global Elite partner status (its highest level of partnership).
The company’s partner program offers participants a suite of discounts and rebates, as well as the chance to earn credits that can be exchanged for services like training.
Of the program’s expansion, the company’s executive vice president of worldwide industries, partners, and go-to-market, Erica Volini, said, “Our continued investment is focused on empowering our partners with the resources they need to grow their business, expand their AI expertise, and deliver incredible outcomes for our shared customers.”
The power of partnerships
ServiceNow harnesses artificial intelligence (AI) to enhance its solutions, hence the recent strong investor interest in the stock. While I don’t believe the latest news from the company represents a game-changing development, I’d find it encouraging if I were a shareholder. It shows that management is actively and assertively taking steps to make its clients “stickier.” This is a competitive field, and any advantage helps.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ServiceNow. The Motley Fool recommends Cognizant Technology Solutions. The Motley Fool has a disclosure policy.