ThoughtSpot, the AI-Powered Analytics company, today announced that it had completed its acquisition of Mode Analytics, the modern Business Intelligence (B.I.) 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 (B.I.) to life. ThoughtSpot and Mode Analytics deliver a complete platform spanning modern B.I. 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, 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 A.I. to work is accelerating, and the joined forces of ThoughtSpot and Mode means data teams can confidently bring generative A.I. 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 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 B.I. – making it useful to every technical and nontechnical employee 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 will leverage our combined R&D muscle to make Mode’s offerings even stronger for data teams.”
“In my two decades working in the B.I. 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 A.I., 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 B.I., come anywhere close. We’re uniquely positioned to help our customers make trustworthy, generative AI-powered analytics a reality.”