Cloud analytics firm ThoughtSpot acquires BI platform Mode Analytics for $200M

Cloud analytics firm ThoughtSpot has entered into an agreement with Mode Analytics, a business intelligence (BI) platform, to acquire the company in a cash and equity transaction valued at $200 million.

The aim of this partnership is to empower data teams worldwide to revolutionise business intelligence using generative AI, by combining their respective technologies to offer a comprehensive suite of analytical tools.

“For too long, data teams have been held back by the last generation of archaic data visualisation tools like Tableau that forced them to endlessly tweak and update dashboards. 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,” Sudheesh Nair, CEO of ThoughtSpot, said in a statement.

ThoughtSpot's decision to acquire Mode Analytics follows a successful year, during which the company experienced significant growth. In the previous fiscal year, ThoughtSpot said it 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 harnessing their data more effectively in the cloud.

Through this transaction, ThoughtSpot anticipates its ARR to surpass $150 million, while doubling its customer base. Additionally, it will open up new avenues for both companies to introduce their products to customers, while expanding Mode Analytics' reach across ThoughtSpot's international market presence, as well as its broad channel and partner alliances.

Mode Analytics is a BI platform that can help companies with modern data stacks and transform data into a competitive advantage for businesses across various sectors and stages. It enables more efficient and impactful analysis, thereby enhancing data maturity.

“As part of ThoughtSpot, we will help supercharge the business impact of data teams, empowering them to deliver trustworthy AI-powered insights to their organisations quickly,” said Gaurav Renwari, CEO of Mode.

“Together, we are 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, where data teams are liberated from mundane tasks and business users are empowered to explore freely," he added.

As part of the acquisition, Mode Analytics will operate as a wholly-owned subsidiary of ThoughtSpot. Furthermore, this strategic move allows ThoughtSpot to extend its presence to Kolkata, with 31 employees from Mode Analytics joining the ranks of the cloud analytics firm in that city.

Founded by Indian immigrants Ajeet Singh and Amit Prakash, ThoughtSpot is actively developing its core products in India, Nair told YourStory in an earlier interview. The company's research and development teams in Bengaluru, Hyderabad, and Thiruvananthapuram have built ThoughtSpot Everywhere, its fastest-growing product.

In September last year, the cloud analytics firm announced $150 million investment across its operations in India over the next five years. This investment aims to fuel continuous product innovation through its research and development teams in the country.