- Combined versatile suite of analytics tools will transform business intelligence with generative AI for data teams around the world
- As a result of this acquisition, ThoughtSpot will surpass $150M ARR and double customer base
MOUNTAIN VIEW, Calif., July 19, 2023 (GLOBE NEWSWIRE) -- ThoughtSpot, the AI-Powered Analytics company, today announced that it has completed its acquisition of Mode Analytics, the modern Business Intelligence (BI) platform that brings data teams and business teams together to drive impact, in a $200M cash and equity transaction.
The acquisition strengthens ThoughtSpot’s position as the industry leader, bringing the next generation of collaborative, AI-first business intelligence (BI) to life. Together, ThoughtSpot and Mode Analytics deliver a complete platform spanning the entire spectrum of modern BI needs, from ad hoc novel analysis with a code-first approach, to natural language, self-service exploration and AI-driven monitoring. With one comprehensive solution, both data analysts and business users can extract maximum value from their data. Companies can quickly change from a code-first analysis to code-free data exploration without sacrificing speed and flexibility, with governed, trusted, self-service analytics.
As a result of this acquisition, ThoughtSpot’s ARR will grow to over $150M, and with minimal customer overlap, new growth opportunities remain ahead for the combined company, including the potential to further scale its broad channel partner alliances and geographic footprint. ThoughtSpot is also committing to investing resources to expand Mode’s current offerings, giving data professionals even more capabilities to utilize code-first approaches across their workflows, including SQL, R, and Python.
“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,” said Sudheesh Nair, CEO of ThoughtSpot. “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.”
“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,” said Gaurav Rewari, Mode CEO. “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.”
Both companies have already built leading data and analytics solutions with strong revenue growth and a notable customer base.
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 across Essentials, Pro, and Enterprise editions.
All ThoughtSpot customers will receive an exclusive offer to purchase Mode Analytics’ products at a discounted price. Offers will be available for a limited time.
Learn more about the exclusive offers and book a meeting today.
About ThoughtSpot
ThoughtSpot is the AI-Powered Analytics company. Our mission is to create a more fact-driven world with the easiest to use analytics platform. ThoughtSpot delivers a complete platform for the modern data stack spanning the entire spectrum of business intelligence needs, from ad hoc novel analysis with a code-first approach, to code-free self-service exploration and AI-driven monitoring powered by natural language. With ThoughtSpot, every user, technical and non-technical, can limitlessly engage with live data in any popular cloud data platform the way they want to, making it easy to create and interact with granular, hyper-personalized, and actionable insights. Customers can take advantage of both ThoughtSpot’s web and mobile applications to improve decision-making for every employee, wherever and whenever decisions are made. With ThoughtSpot’s low-code developer-friendly platform, ThoughtSpot Everywhere, customers can also embed this modern data experience directly in their products and services, monetizing their data and engaging users to keep them coming back for more. Organizations like T-Mobile, BT, CVS, Snowflake, Daimler, Medtronic, Pepsico, Hulu, Royal Bank of Canada, Nasdaq, OpenTable, Huel, and Nationwide Building Society rely on ThoughtSpot to transform how their employees and customers take advantage of data. Try ThoughtSpot today and see for yourself.
PR contact:
Lindsay Noonan
Director of Communications, ThoughtSpot
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a36ccbf-08a5-4802-a2bf-6c1da468cedd
