ThoughtSpot, an AI-powered analytics platform, has announced its acquisition of Mode Analytics, a business intelligence startup, for $200 million in cash and stock. This acquisition marks ThoughtSpot’s fourth purchase and will make Mode a wholly owned subsidiary of ThoughtSpot.
By integrating Mode’s capabilities into its platform, ThoughtSpot aims to enhance its generative AI apps, expand its customer base, and increase its annual recurring revenue.
Mode Analytics, founded in 2013 by Derek Steer, Benn Stancil, and Josh Ferguson, focuses on providing business intelligence and big data analytics capabilities to help data scientists improve decision-making. The company has raised $81 million in venture capital and counts major brands like Anheuser-Busch, Zillow, Lyft, Bloomberg, and VMware among its customers.
The acquisition by ThoughtSpot will enable Mode to leverage its integrated, code-first experience to deliver even more value to data teams.
ThoughtSpot, based in Mountain View, California, was founded in 2012 by a team of engineers with experience at Google, Oracle, and other Silicon Valley companies. The company’s platform allows non-technical users to conduct data analyses and offers self-service analytics with AI and machine learning capabilities.
By combining their products, ThoughtSpot aims to provide customers with new ways to create analytics applications and visualize data, maximizing the value of their investments in the modern data stack.
The acquisition of Mode Analytics by ThoughtSpot reflects the ongoing consolidation in the big data analytics sector. Companies like Databricks and Snowflake have also recently made significant acquisitions, indicating a trend of industry consolidation amidst challenging macroeconomic conditions.
As businesses increasingly seek advanced analytics solutions, these acquisitions allow companies to strengthen their offerings and position themselves for future growth in the evolving data analytics market.