ServiceNow announced Monday morning that it plans to acquire Element AI, a company that uses artificial intelligence to analyze text, language, chat, images and other types of queries. Terms of the deal weren't disclosed in a release, but TechCrunch reported that the deal price was around $500 million . ServiceNow declined to comment on the financial terms of the deal. The company was founded in Montreal, and ServiceNow plans to create an AI Innovation Hub in Canada. "The new investment deepens ServiceNow's commitment to the Canadian market," ServiceNow said in its release. Shares of ServiceNow are off 0.6% in Monday morning trading. The stock has gained 86% so far this year as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.30% has risen 12%.