ThoughtSpot, the trailblazing AI-Powered Analytics firm, has announced its definitive agreement to purchase Mode Analytics, the modern BI platform that integrates data and business teams to amplify impact, in a cash and equity transaction valued at $200m.
With this acquisition, Mode Analytics is set to become a fully-owned subsidiary of ThoughtSpot. This merger aims to combine the technical strengths of both companies, offering a powerful suite of analytical tools to enable global data teams to confidently revolutionise business intelligence with generative AI, swiftly and securely.
ThoughtSpot is in the limelight for their record-breaking performance in the last fiscal year, exhibiting a 100% growth in its SaaS ARR. This growth has been spurred by their successful assistance to global enterprises such as Verizon, CVS, Anthem, Capital One, Snowflake, Comcast, and digital natives like Wellthy, Modern Milkman, and Huel to utilise their data more efficiently in the cloud. The company anticipates that the acquisition will further boost their growth, taking their ARR to over $150m and doubling their customer base.
The joint forces of ThoughtSpot and Mode Analytics offer a transformational opportunity for businesses to turn data into impactful insights, paving the way for revenue growth of 10-30% faster than their counterparts. This synergy also aims to alleviate the prevalent challenges of delivering self-service analytics for business users and preparing data for secure and accurate systems, driven by generative AI.
Both ThoughtSpot and Mode Analytics envisage a future where data-driven insights are pervasive, embedded into everyday processes and tools, thereby empowering businesses to derive tangible results. They aspire to make these insights readily available on mobile, enhancing the decision-making process.
ThoughtSpot CEO, Sudheesh Nair, passionately shared his perspective: “For too long, data teams have been held back by the last generation of archaic data visualisation tools like Tableau that forced them to endlessly tweak and update dashboards. With this acquisition, we’re giving both data teams and business users the tools they need to efficiently and quickly turn data into insights and those insights into actions.”
Mode CEO, Gaurav Rewari, shared his excitement for the acquisition, saying: “Together, we are bridging the gap between data teams and business users in a unified, dependable, and governed platform that meets the evolving needs of the modern data landscape, where data teams are liberated from mundane tasks and business users are empowered to explore freely.”
Mode Founder and CTO, Benn Stancil, explained the motivation behind the move, “Together, we’ll not only continue to help our customers accelerate the work that their data teams are already doing, but also deepen its impact. They’ll become the stewards of the generative AI revolution.”
The acquisition is set to close later this year, subject to customary closing conditions, including Mode stockholder approval. For more information, an upcoming webinar has been scheduled for July 13th.
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