ThoughtSpot, an AI-powered analytics company, has acquired Mode Analytics, a modern business intelligence (BI) platform that connects data and business teams for greater impact, it says in a cash and stock transaction worth US$200 million. Announced.
With this acquisition, ThoughtSpot strengthens its position as an industry leader, enabling the next generation of AI-powered collaborative business intelligence (BI). ThoughtSpot and Mode Analytics have teamed to provide a complete platform that covers the full spectrum of modern BI needs, from ad-hoc de novo analytics with a code-first approach to natural language, self-service exploration, and AI-driven monitoring. . A comprehensive solution enables both data analysts and business users to extract maximum value from their data. Controlled and trusted self-service analytics enables organizations to quickly move from code-first analytics to code-free data exploration without sacrificing speed and flexibility.
The acquisition will bring ThoughtSpot’s ARR to over $150 million and provide new growth opportunities for the combined company, including minimal customer overlap and further expansion of extensive channel partner alliances and geographic footprint. Opportunities continue to be offered. ThoughtSpot is also committed to investing resources to expand Mode’s current offering and give data professionals even more ways to leverage code-first approaches such as SQL, R and Python in their workflows.
“The demand for putting the power of AI to work is accelerating, and the joined forces of ThoughtSpot and Mode means 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,”
“The beauty of this acquisition is we’ve tackled the same core problem in BI – making it useful to every employee, technical and nontechnical – from opposite ends. We are committed to continuing to push the boundaries on both ends of the spectrum. With the incredible talent and knowledge Mode’s team brings, especially for data teams, we’re going to leverage our combined R&D muscle to make Mode’s offerings even stronger for data teams.”
Sudheesh Nair, CEO of ThoughtSpot.
“In my two decades working in the BI space, now is the first time that we can finally deliver on the promise of true self-service analytics for any user. We’ve reached an inflection point with the rise of data teams at companies of all sizes, from digital natives to the global 2000; innovations in search pioneered by ThoughtSpot that have served as the great unlock for business users; and the proliferation of generative AI, which we’re collectively committed to infusing everywhere in our combined platform,”
“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.”
Gaurav Rewari, Mode CEO.
Both companies have developed industry-leading data and analytics solutions with strong revenue growth and remarkable customer bases.
Combination to Double Down on Modern Data Stack Investments
Today, all existing Mode Analytics customers will receive an exclusive offer to purchase ThoughtSpot at a discounted price for ThoughtSpot Analytics and ThoughtSpot Everywhere in Essentials, Pro, and Enterprise editions.
All ThoughtSpot customers will receive an exclusive offer to purchase Mode Analytics products at a discounted price. Offer will be available for a limited time.