ThoughtSpot, an AI-powered analytics company, has signed a definitive agreement to acquire Mode Analytics, a business intelligence (BI) platform that brings data teams and business teams together to drive impact, in a cash and equity deal valued at $200 million.
Upon the close of the acquisition, Mode will become a wholly-owned subsidiary of ThoughtSpot.
By combining their respective technologies as a versatile suite of analytical tools, the companies will empower data teams to transform business intelligence with generative AI and deliver value to the business.
With the acquisition, ThoughtSpot’s ARR will grow to more than $150 million, while doubling its customer base.
With very little customer overlap, the transaction will create opportunities for each company to bring its respective products to customers, while scaling Mode across ThoughtSpot’s international market presence and broad channel and partner alliances.
The combination of ThoughtSpot and Mode lets data teams transform their business intelligence to be AI-first, while reducing bottlenecks and increasing access to insights that drive tangible business results.
With Mode and ThoughtSpot, companies can go from code-first analysis to code-free data exploration and back again, giving customers the speed and flexibility of code with governed, trusted self service analytics.
Data teams at hundreds of innovative companies leverage Mode’s code-first experience to answer novel questions as quickly as they arise from the business.
With connected, code-first tools like SQL, R, and Python and advanced visualization tools, analysts have flexibility and choice to work with raw data, from any cloud data platform, in highly impactful ways.
For partners across the ecosystem, the Mode acquisition creates ways for these partners to provide value to the data teams they support. Partners will be able to use SQL to build self-service analytics capabilities and use cases. These can be deployed to customers, enabling them to get insights ten times faster than any other comparable solution.
The acquisition of Mode is subject to customary closing conditions, including the receipt of Mode stockholder approval, and is expected to close later this year. For more information, sign up for the companies’ upcoming webinar on July 13.
