ThoughtSpot Acquires Mode Analytics for $200M

ThoughtSpot, the AI-powered analytics company, is announcing the recent completion of its acquisition of Mode Analytics, the modern business intelligence (BI) platform that brings data teams and business teams together to drive impact. Resulting in a $200M cash and equity transaction and an increase in ThoughtSpot’s ARR to over $150M, this acquisition will serve to deliver a more comprehensive analytics platform while expanding the companies’ joint reach.

With the acquisition compounding the analytic and BI powers of both enterprises, the ThoughtSpot platform is more comprehensive than ever, according to the company. The platform will now accommodate both data analysts and less technically-inclined business users, enabling these entities to derive maximum value from proprietary data.

“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[ing] 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,” Nair continued.

The platform now covers a wide span of BI needs, including ad hoc novel analysis with a code-first approach, natural language, self-service exploration, and AI-driven monitoring. Shifting from code-first analysis to code-free data exploration has never been easier—all without compromising speed, agility, or governance, according to the company.

“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, CEO of Mode.

“No other technology, including the data visualization players that dominated the last decade of BI, comes anywhere close. We’re uniquely positioned to help our customers make trustworthy, generative AI-powered analytics a reality,” Rewari concluded.

As part of the acquisition, ThoughtSpot is pledging to invest resources in growing Mode’s existing offerings, driving enhanced code-first approach capabilities across SQL, R, and Python workflows.

Beginning today, 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. For existing ThoughtSpot customers, they will receive a similar offer, enabling them to purchase Mode Analytics’ products at a discounted price. Offers will only be applicable for a limited time.

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