With Mode and ThoughtSpot, data teams can deliver self-service analytics to business users using a flexible and efficient code-first approach, and easily collaborate with these stakeholders to make data investments meaningful and tangible. can quickly lead to meaningful business outcomes.
MOUNTAIN VIEW, Calif., June 26, 2023 (Globe Newswire) — ThoughtSpot, an AI-powered analytics company, today acquires Mode Analytics, a modern business intelligence (BI) platform that empowers data teams announced that it has signed a final contract. and business teams worked together to drive impact with $200 million worth of cash and equity deals. Upon completion of the acquisition, Mode will become a wholly owned subsidiary of ThoughtSpot. By combining their respective technologies into a versatile suite of analytics tools, the companies will transform business intelligence with generative AI that data teams around the world can confidently deliver to deliver value to businesses quickly, securely and at scale. make it possible.
The announcement comes on the heels of a record year for ThoughtSpot and will further accelerate the company’s growth. Last year, ThoughtSpot helped global companies such as Verizon, CVS, Anthem, Capital One, Snowflake, Comcast, and Wellthy, Modern Milkman, and Huel make better use of their data in the cloud.
The acquisition brings ThoughtSpot’s ARR to over $150 million and doubles its customer base. With little customer overlap, the deal creates new opportunities for each company to offer their respective products to customers, while further expanding ThoughtSpot’s international market presence and mode across extensive channels and partnerships can do.
Turn data into money with complementary features
All organizations, regardless of size, maturity, or industry, recognize that they need to build their business on data. By providing every employee with credible and contextual insights, the company increased revenue 10-30% faster than his peers. Despite these benefits, the challenge of providing self-service analytics to business users without overburdening data teams remained out of reach for most organizations. Generative AI promises to accelerate the democratization of data, but with added pressure on data teams to prepare data and deploy governed, secure, and accurate systems to business users.
Combining ThoughtSpot and Mode enables data teams to transform business intelligence AI-first, while reducing bottlenecks and increasing access to insights that drive tangible business outcomes. With Mode and ThoughtSpot, enterprises can quickly move from code-first analytics to code-free data exploration, and quickly return to original analytics, with governed, trusted, self-service analytics to drive code velocity and You can offer your customers both flexibility.
Data teams at hundreds of innovative companies rely on Mode’s code-first experience to quickly answer new business questions. Connected Code-First and advanced visualization tools like SQL, R, and Python give analysts the flexibility to manipulate raw data from any cloud data platform in highly impactful ways. and you can have a choice. Today, by leveraging ThoughtSpot’s industry-leading AI capabilities, data teams will soon have greater access to AI, allowing every analyst to pair-program with the best analyst they know in mode. You will feel like you are there.
You can also quickly and efficiently develop robust, reusable data models called datasets. This modeled data is delivered to ThoughtSpot’s intuitive platform, where all types of users, from executives to front-line decision makers, use AI-powered natural language search to chat. You can ask data, get answers, and take action as easily as you can. with friends and colleagues. Mode’s extensive visualization library also gives business users and data teams more options for visualizing data and communicating insights when building Liveboards.
instill insight
Leading-edge organizations want to bring data-driven insights into the processes and tools their teams use every day. With Mode and ThoughtSpot, customers can embed this analytics experience into their apps or build entirely new data apps. Customers can further extend the new capabilities Mode brings to ThoughtSpot to productivity tools like Slack, Google Sheets, Excel, and Microsoft Teams, embed them directly into their products and apps with ThoughtSpot Everywhere, and ThoughtSpot Monitor for Mobile. You can use it and use it on the go. , making insights accessible wherever business users make decisions.
For partners across the ecosystem, the acquisition of Mode opens up new ways to deliver value to the data teams they support. Partners will be able to rapidly build new self-service analytics capabilities and use cases using SQL. These can be quickly deployed to customers, giving her insight 10 times faster than other comparable solutions.
thoughts from above
“Unless they’re scratching their heads, leaders in any organization know they need to figure out how to leverage generative AI to act faster and deliver personalized, bespoke experiences to their customers. To not do so would be an admission of defeat,” said ThoughtSpot CEO Sudheesh Nal. “For too long, data teams have been held back by the previous generation of outdated data visualization tools like Tableau, requiring endless tweaking and updating of dashboards. provides both data teams and business users with the tools they need to efficiently and quickly turn data into insight and turn that insight into action.Whether you want to be code-free for business users, for analytics engineers If you want to maximize the value from your investment in a modern data stack, even if it’s code-first, now is the time to rethink business intelligence.If you don’t, your competitors will.”
“Today we celebrate the beginning of a new and exciting chapter not only for Mode, but also for the modern data stack that has so far been sorely lacking a truly modern business intelligence platform. helps data teams maximize their business impact and deliver trusted AI-powered insights to organizations faster,” said Mode CEO Gaurav Rewari. “Together, we bridge the gap between data teams and business users with an integrated, trusted, and governed platform that meets the evolving needs of the modern data environment. It frees us up from tedious tasks and frees our business users to explore.”
“At Maud, we have always focused on empowering data analysts and worked hard to remove the frustration that hinders their day-to-day workflow. , customers are able to act much faster and derive far more value from their data than ever before, but business users do not have the same power or flexibility to explore it. That’s why we’re joining forces with ThoughtSpot,” said Mode Founder and CTO Benn Stancil. “Together, we will not only continue to help our customers accelerate the work their data teams are already doing, but also deepen their impact. Combining AI capabilities empowers data teams to deliver more than just dashboards: they become stewards of the generative AI revolution, making this powerful technology safe, reliable, manageable and secure. We will lead our own efforts to implement it in a way that is
The Maud acquisition is subject to customary closing conditions, including approval by Maud shareholders, and is expected to close later this year. For more information, register for the webinar on July 13th.
About ThoughtSpot
ThoughtSpot is an AI-powered analytics company. Our mission is to build a more fact-based world with the easiest-to-use analytics platform. ThoughtSpot empowers anyone to confidently ask and answer data questions using natural language search powered by language models at scale. ThoughtSpot empowers anyone in your organization with unlimited engagement with live data from popular cloud data platforms, making it easy to create and interact with granular, ultra-personalized and actionable insights. increase. Customers can leverage both ThoughtSpot’s web and mobile applications to improve decision-making for all employees making decisions anytime, anywhere. ThoughtSpot’s low-code platform for developers, ThoughtSpot Everywhere, customers can also embed AI-powered analytics into their products and services to monetize data and keep users engaged and coming back. can do. Organizations such as T-Mobile, BT, Snowflake, Exxon, Daimler, Medtronic, Hulu, Royal Bank of Canada, Nasdaq, OpenTable, Huel, and the Nationwide Building Society are using ThoughtSpot to transform how employees and customers use data. is using Try ThoughtSpot today and see for yourself.
About modes
Mode is a modern business intelligence (BI) platform and the first solution built around how modern data teams work. Mode clears the way from data to insight, taking decision-making to the next level in every part of your organization. As an integrated intelligence layer, Mode maximizes his ROI of modern data stacks, turning data into a competitive advantage for leading companies across all sectors and stages. Data leaders use modes to drive more efficient, high-impact analysis and increase data maturity through true self-service.
A photo accompanying this announcement can be found at https://www.globenewswire.com/NewsRoom/AttachmentNg/8df0d867-66e9-4864-843c-0a802fe5f04e.
Spokesperson:
Ryan Mathison
Vice President of Content and Communications, ThoughtSpot
ryan.mattison@thoughtspot.com
