ThoughtSpot acquires BI platform Mode Analytics for $200 million

• ByStartupStory     |    June 27, 2023

Cloud analytics firm ThoughtSpot has announced its agreement to acquire business intelligence (BI) platform Mode Analytics in a cash and equity transaction valued at $200 million. This partnership aims to empower data teams worldwide to transform business intelligence using generative AI by combining their respective technologies to offer a comprehensive suite of analytical tools.

Sudheesh Nair, CEO of ThoughtSpot, expressed the need for data teams to break free from outdated data visualization tools and embrace more efficient and effective solutions. “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,” said Nair in a statement.

The decision to acquire Mode Analytics comes after a successful year for ThoughtSpot, which experienced significant growth. In the previous fiscal year, the company achieved a 100% increase in Software-as-a-Service Annual Recurring Revenue (SaaS ARR), driven by its ability to assist global enterprises and digital natives in leveraging their data more effectively in the cloud. Through this acquisition, ThoughtSpot anticipates exceeding $150 million in ARR and doubling its customer base.

The partnership will also provide new opportunities for both companies to introduce their products to customers. Mode Analytics will benefit from ThoughtSpot’s international market presence, broad channel, and partner alliances, expanding its reach. Mode Analytics is a BI platform that helps companies transform data into a competitive advantage, enhancing data maturity and enabling more efficient and impactful analysis across various sectors and stages.

Gaurav Renwari, CEO of Mode Analytics, shared his excitement about joining forces with ThoughtSpot. “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,” said Renwari. He emphasized the importance of 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.

As part of the acquisition, Mode Analytics will become a wholly-owned subsidiary of ThoughtSpot. The strategic move also enables ThoughtSpot to extend its presence to Kolkata, with 31 employees from Mode Analytics joining the cloud analytics firm in that city. ThoughtSpot, founded by Indian immigrants Ajeet Singh and Amit Prakash, is actively developing its core products in India. The company’s research and development teams in Bengaluru, Hyderabad, and Thiruvananthapuram have been instrumental in the development of ThoughtSpot Everywhere, its fastest-growing product.

ThoughtSpot recently announced a $150 million investment in its Indian operations over the next five years to fuel continuous product innovation through its research and development teams in the country.

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