ThoughtSpot Acquires Mode Analytics to Redefine Business Intelligence with Trusted Generative AI

WHO: ThoughtSpot and Mode Analytics

ThoughtSpot, the AI-Powered Analytics company, has announced the acquisition of Mode Analytics, a modern Business Intelligence (BI) platform, in a cash and equity deal valued at $200M. With this acquisition, Mode will become a wholly-owned subsidiary of ThoughtSpot. ThoughtSpot is known for its AI-powered analytics platform, while Mode Analytics specializes in bringing data teams and business teams together to drive impact through its BI platform.

WHAT: Empowering Data Teams with Generative AI for Business Intelligence

By combining the strengths of ThoughtSpot and Mode Analytics, data teams worldwide will have the tools to transform business intelligence using generative AI. The acquisition brings together a versatile suite of analytical tools that enable data teams to deliver self-service analytics to business users, collaborate efficiently, and connect data investments to tangible business outcomes. The integration of generative AI into business intelligence empowers data teams to unlock valuable insights quickly, securely, and at scale.

WHY: Overcoming Challenges and Accelerating Data Democratization

Organizations recognize the importance of leveraging data to drive business growth. However, delivering self-service analytics to business users while avoiding overwhelming data teams has been a challenge. The introduction of generative AI promises to accelerate data democratization, but data teams face the additional pressure of preparing data and deploying secure and accurate systems to business users. The combination of ThoughtSpot and Mode Analytics addresses these challenges by enabling data teams to transform business intelligence into an AI-first approach, reducing bottlenecks, and providing governed, trusted self-service analytics.

HOW IT WORKS: Code-First to Code-Free Data Exploration with AI Capabilities

Mode Analytics offers a code-first experience, allowing data teams to quickly answer complex questions using SQL, R, Python, and advanced visualization tools. Analysts have the flexibility to work with raw data from any cloud data platform and gain impactful insights. With the integration of ThoughtSpot's AI capabilities, data teams will have expanded access to AI assistance, enabling analysts to feel like they are collaborating with the best analysts in the field. Additionally, data teams can develop reusable data models called datasets, which can be served in ThoughtSpot's intuitive platform, allowing users at all levels to leverage AI-powered natural language search and make data-driven decisions effortlessly.

CUSTOMERS: Expanding Access and Embedding Insights Everywhere

The acquisition of Mode Analytics by ThoughtSpot opens up new opportunities for customers to embed analytics experiences within their existing tools and processes. Users can embed the functionality of Mode and ThoughtSpot into productivity tools like Slack, Google Sheets, Excel, and Microsoft Teams. Additionally, the capabilities of Mode can be embedded directly into products and apps using ThoughtSpot Everywhere, or accessed on the go with ThoughtSpot Monitor for Mobile. This enables business users to access insights wherever they make decisions, enhancing productivity and driving data-driven decision-making.

FUNDING: Strengthening ThoughtSpot's Growth and Market Presence

ThoughtSpot has experienced significant growth, with a 100% increase in its SaaS ARR over the last fiscal year. The acquisition of Mode Analytics will further accelerate ThoughtSpot's growth, increasing its ARR to over $150M and doubling its customer base. The transaction creates new opportunities for both companies to expand their product offerings to customers and scale Mode Analytics internationally through ThoughtSpot's market presence and partner alliances.

KEY TAKEAWAY: Transforming Business Intelligence with Generative AI

ThoughtSpot's acquisition of Mode Analytics marks a significant milestone in the evolution of business intelligence. By combining their technology, the companies empower data teams to redefine business intelligence with generative AI. This integration addresses the challenges faced by data teams in delivering self-service analytics to business users while ensuring secure and governed systems. Through the seamless integration of Mode and ThoughtSpot, organizations can unlock the full potential of their data and enable data-driven decision-making at scale. Embracing generative AI-driven business intelligence is essential for organizations seeking to maximize the value of their investments in the modern data stack and gain a competitive advantage in today's data-centric business landscape.