ThoughtSpot acquires Mode Analytics for $200 mn, expands India footprint

AI-driven analytics company ThoughtSpot on Tuesday said it has acquired business intelligence (BI) platform Mode Analytics in a cash and equity deal valued at $200 million.

With the acquisition, 31 employees of Mode Analytics in Kolkata will now come onto the rolls of ThoughtSpot.

ThoughtSpot recently announced $150 million investment in India between 2022 and 2027, which includes 30 per cent headcount growth in the market, and follows the opening of its third R&D centre in the region in Thiruvananthapuram in 2022.

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ThoughtSpot’s R&D teams in Bengaluru, Hyderabad and Thiruvananthapuram have been instrumental in delivering innovation resulting in business impact for the company, which is growing at over 100 per cent SaaS ARR (annual recurring revenue) year on year.

The acquisition of Mode Analytics will further drive the business momentum, said the company.

“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,” said Sudheesh Nair, CEO, ThoughtSpot.

With the acquisition, ThoughtSpot’s ARR will grow to over $150 million, while doubling its customer base.

“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, Mode CEO.