ThoughtSpot, the AI-powered Analytics company, today announced that it has signed a definitive agreement to acquire Mode Analytics, a state-of-the-art business intelligence (BI) platform that brings together data and business teams to driving impact, in a cash and stock transaction valued at $200 million. Upon closing of the acquisition, Mode will become a wholly owned subsidiary of ThoughtSpot. By combining their respective technologies into a versatile set of analytics tools, the two companies enable data teams around the world to confidently transform business intelligence with AI and deliver business value quickly, securely, and at scale.
This announcement follows a year of great success for ThoughtSpot and will further accelerate the company’s growth. During the last financial year, ThoughtSpot saw 100% growth in its ARR SaaS, thanks to the company’s success in helping global companies such as Verizon, CVS, Anthem, Capital One , Snowflake, and Comcast, as well as local digital companies like Wellthy, Modern Milkman, and Huel are leveraging their data more efficiently in the cloud.
With the acquisition, ThoughtSpot’s ARR will grow to over $150 million, while also doubling its customer base. With very few duplicate customers, this transaction will create a new opportunity for each company to bring their respective products to customers, while further developing Fashion through its international market presence. ThoughtSpot as well as extensive channel and partner alliances.
Turn data into dollars with extras
Every organization, regardless of size, maturity or industry, knows they need to be data-driven. By putting trusted contextual information in the hands of every employee, companies have seen 10 to 30 times more revenue than their peers. Despite this advantage, the challenge of delivering self-service analytics to business users without overwhelming teams of data remains out of reach for most organizations. Innovative AI promises to accelerate the democratization of data, but with it comes increased pressure on data teams to prepare data and deploy secure, managed systems. and correct for business users.
The combination of ThoughtSpot and Mode enables data teams to transform their business intelligence into AI-driven, while reducing bottlenecks and increasing access to insights that drive business results tangible business. With Mode and ThoughtSpot, companies can move from code-driven analytics to code-free data exploration and back quickly, providing customers with both code speed and flexibility with analytics Managed and reliable self-service.
Data teams at hundreds of innovative companies leverage Mode’s code-first experience to answer new questions quickly as they arise from the business. With connected code-centric tools like SQL, R, and Python, and advanced visualization tools, analysts have the flexibility and choice to work with raw data, from any any cloud data platform, in a very powerful way. Now, by leveraging ThoughtSpot’s industry-leading AI capabilities, data teams will soon have expanded access to AI to make every analyst feel like they’re pair programming with an analyst. best they know, directly in Mode.
They can also quickly and efficiently develop powerful, reusable data models called datasets. This modeled data can then be fed into ThoughtSpot’s visual platform, where every type of user, from executives to frontline decision makers, can use language search nature powered by AI to ask questions about data, get answers, and take action as easily as they chat. with a friend or colleague. And with Mode’s extensive visualization library, business users and data teams have more options to visualize data and communicate insights when creating Liveboards.
Make insights common
Leading organizations want to embed data-driven insights into the processes and tools their teams use every day. With Mode and ThoughtSpot, customers embed this analytics experience in the apps they use or create entirely new data apps. Customers will be able to further extend the new functionality that Mode brings to ThoughtSpot into productivity tools like Slack, Google Sheets, Excel, and Microsoft Teams, embed directly into products and apps with ThoughtSpot Everywhere, or get Use it on the go with ThoughtSpot Monitor for mobile. , allowing business users to access information wherever they make decisions.
For ecosystem partners, acquiring Mode will create new ways for these partners to bring value to the data teams they support. Partners will be able to use SQL to quickly build new self-service analytics capabilities and new use cases. These solutions can then be rapidly deployed to customers, helping them gain insights 10 times faster than any other comparable solution.
“Unless you’ve had your head in the sand, every leader in every organization knows they need to figure out how to leverage generative AI to move more quickly and deliver personalized, bespoke experiences to customers. Failing to do so is tantamount to admitting defeat,”
“For too long, data teams have been held back by the last generation of archaic data visualization 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. Whether you want to be code-free for your business users or code-first for your analytics engineers, now is the time to rethink business intelligence if you want to maximize value from your investments in the modern data stack. If you don’t, your competitors will.”
Sudheesh Nair, CEO, ThoughtSpot.
“Today we celebrate the beginning of a new and exciting chapter, not only for Mode, but for the modern data stack, which has been sorely lacking a truly modern business intelligence platform – until now. As part of ThoughtSpot, we will help supercharge the business impact of data teams, empowering them to deliver trustworthy AI-powered insights to their organizations quickly,”
“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.”
Gaurav Rewari, Mode CEO.
“At Mode, we’ve always focused on helping data analysts, and worked hard to remove the frustrations that interfered with their day-to-day workflows. By providing data teams with an integrated, code-first experience, we’ve enabled our customers to move far more quickly and find much more value in their data than they previously could. Business users, however, haven’t been able to explore data with the same power or flexibility. That’s why we’re combining forces with ThoughtSpot,”
“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. By combining Mode with ThoughtSpot’s natural language search and leading generative AI capabilities, data teams will be able to deliver more than just dashboards; they’ll become the stewards of the generative AI revolution, and lead their companies’ efforts to implement this powerful technology in a way that is safe, reliable, governed, and secure.”
Benn Stancil, Mode Founder and CTO.