ThoughtSpot, an innovative company leveraging Artificial Intelligence (AI) for analytics, has announced the completion of its $200m acquisition of Mode Analytics, a contemporary Business Intelligence (BI) platform connecting data teams with business teams to foster significant impact.
The acquisition aims to revolutionise business intelligence through a comprehensive suite of AI-driven analytics tools for global data teams. This move propels ThoughtSpot to exceed an Annual Recurring Revenue (ARR) of $150m and significantly expand its customer base.
Founded in Mountain View, California, ThoughtSpot utilises AI to deliver a modern analytics platform, enabling code-free data exploration and AI-driven monitoring. The company aims to make analytics more accessible and actionable for all users, whether technical or non-technical. On the other hand, Mode Analytics has established itself as a trusted platform bridging data and business teams, enabling data-driven decision making.
By combining forces, ThoughtSpot and Mode Analytics will create an integrated platform to meet the broad spectrum of modern BI needs. The collaboration will range from ad hoc novel analysis with a code-first approach to self-service exploration driven by AI and natural language. This comprehensive solution will enable both data analysts and business users to maximise their data’s value.
The acquisition will raise ThoughtSpot’s ARR to over $150m. The minimal customer overlap indicates new growth opportunities for the joint entity, encompassing scaling its extensive channel partner alliances and geographic footprint. ThoughtSpot is also poised to expand Mode’s offerings, providing data professionals with more capabilities to utilise code-first approaches across their workflows, including SQL, R, and Python.
Sudheesh Nair, CEO of ThoughtSpot said, “The demand for putting the power of AI to work is accelerating, and the joined forces of ThoughtSpot and Mode mean data teams can confidently bring generative AI capabilities to business users – enter the new era of business intelligence. Bridging the gap between data teams and business users in a unified, dependable, governed way, this is something the market has needed for a long time.”
Gaurav Rewari, Mode CEO, commented, “No other technology, including the data visualization players that dominated the last decade of BI, come anywhere close. We’re uniquely positioned to help our customers make trustworthy, generative AI-powered analytics a reality.”
Following the acquisition, existing Mode Analytics customers will receive exclusive offers to purchase ThoughtSpot at a discounted price, and ThoughtSpot customers will be offered similar discounts on Mode Analytics’ products. These offers will be available for a limited time.
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