AI-powered analytics firm ThoughtSpot has announced it has signed a definitive agreement to acquire Mode Analytics, the modern Business Intelligence (BI) platform that brings data teams and business teams together to drive impact, in a cash and equity deal valued at $200M.
Upon close of the acquisition, Mode will become a wholly-owned subsidiary of ThoughtSpot. By combining their respective technology as a versatile suite of analytical tools, the two companies are empowering data teams around the world to confidently transform business intelligence with generative AI and deliver value to the business quickly, securely, and at scale.
The announcement comes on the heels of a record breaking year for ThoughtSpot, and will further accelerate the company’s growth. Over the last fiscal year, ThoughtSpot has seen 100% growth in its SaaS ARR, driven by the company’s success in helping both global enterprises like Verizon, CVS, Anthem, Capital One, Snowflake, and Comcast and digital natives like Wellthy, Modern Milkman, and Huel, more effectively leverage their data in the cloud.
“For too long, data teams have been held back by the last generation of archaic data visualization 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. ”
“Today we celebrate the beginning of a new and exciting chapter, not only for Mode, but for the modern data stack, which has been sorely lacking a truly modern business intelligence platform – until now. 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 Gaurav Rewari, Mode CEO.
With the acquisition, ThoughtSpot’s ARR will grow to over $150M, while doubling its customer base. With very little customer overlap, this transaction will create new opportunities for each company to bring their respective products to customers, while further scaling Mode across ThoughtSpot’s international market presence and broad channel and partner alliances.
