ServiceNow $12 Billion Deal Spree Is ‘Deja Vu’ of CEO’s SAP Days

After years of eschewing big mergers, ServiceNow Inc. is on a deal spree. It has spent at least $12 billion this year on acquisitions or strategic investments.

The action has some investors on edge about whether the software company is starting to lean on deals to spur growth, particularly given Chief Executive Officer Bill McDermott’s history leading a series of controversial mergers during his tenure running SAP SE.

ServiceNow on Tuesday announced its largest-ever acquisition, an agreement to buy cybersecurity startup Armis for $7.75 billion. Armis, which specializes in identifying and tracking security threats on corporate devices, makes sense ...