ServiceNow Refinances $4B in Debt and Taps Experian’s Data Edge as AI Agent Push Accelerates

ServiceNow shares jumped 5% to close at $95.07 on Friday, defying a broader market selloff that dragged down the S&P 500, Dow Jones, and Nasdaq. The rally came in the same week the company unveiled two significant moves: a $4 billion bond refinancing and a global AI partnership with Experian aimed at solving one of the biggest bottlenecks in enterprise AI adoption — reliable, real-time data.

The company placed senior notes with maturities stretching from 2028 to 2056 and coupons ranging from 4.25% to 6.30%. Net proceeds of roughly $3.94 billion will be used to repay bank loans originally taken on to finance the Armis acquisition. By swapping floating-rate bank debt for fixed-rate, long-dated bonds, ServiceNow is locking in predictable financing costs and removing interest-rate uncertainty from its balance sheet.

On May 15, ServiceNow and Experian announced a multi-year global partnership to embed Experian’s Ascend platform directly into ServiceNow’s AI workflows. The integration gives autonomous AI agents access to Experian’s decision intelligence without requiring users to leave existing enterprise processes. Initial use cases target heavily regulated areas such as employee onboarding, third-party risk management (including fraud and identity verification), and model lifecycle governance. Cathy Mauzaize, ServiceNow’s EMEA president, said the partnership gives companies the tools to move AI beyond experimentation into safe, scalable deployments. Keith Little, president of Experian Software Solutions, added that the combination allows organizations to operate with confidence in new industries and workflows.

Should investors sell immediately? Or is it worth buying ServiceNow?

The operational backdrop remains solid: first-quarter subscription revenue rose 22% year over year to $3.67 billion. Current remaining performance obligations — a key forward-looking gauge of future revenue — climbed 22.5% to $12.64 billion. However, deal delays in the Middle East trimmed about 75 basis points from quarterly growth. Gross margin held at 77.5%, and EBITDA margin came in at 25.2%.

After the rally, ServiceNow’s market capitalization stands near $98 billion. The stock trades at a price-to-earnings ratio of 56.9 and a price-to-sales multiple of 7.4. Institutional investors own 87% of shares, while short interest is 4.79%. Technically, analysts see support around $90 and resistance near $105 — still well below the 52-week high of $211.48. The next potential catalyst is COO Amit Zavery’s appearance on Tuesday at the J.P. Morgan Global Technology Conference, where he is expected to discuss the company’s shift to usage-based pricing, which now accounts for more than half of new business and could reshape revenue dynamics in the medium term.

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