ThoughtSpot to Acquire Data & Analytics Firm Mode for $200 Million

ThoughtSpot has entered into a definitive agreement for the acquisition of data and analytics startup Mode, for a cash and equity deal valued at $200, the company said in a statement on Monday. 

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.

ThoughtSpot is based in Mountain View, California, and was founded in 2012 by  Ajeet Singh and Amit Prakash who previously worked for Google and Oracle while San Francisco-based Mode, was co-founded by Derek Steer, Benn Stancil and Josh Ferguson in 2013. 

ThoughtSpot allows business owners to use natural language search powered by large language models to ask and answer data questions with confidence to make crucial decisions based on data analysis while Mode comes with its visual explorer that allows users to explore their data visually to build queries. 

The acquisition brings together two companies engaged in business intelligence with distinct approaches. Mode serves data teams and their partners on data science and analytics with code first approach while Thoughtspot allows anyone including non-technical business users, to ask and answer data questions with natural language. The integration of Mode is aimed to accelerate and expand ThoughtSpot’s data workspace.

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With the acquisition, ThoughtSpot's ARR will grow to over $150M, while doubling its customer base, the company said. 

“Whether you want to be code-free for your business users or code-first for your analytics engineers, now is the time to rethink business intelligence if you want to maximize value from your investments in the modern data stack. If you don’t, your competitors will,” said Sudheesh Nair, CEO, ThoughtSpot. 

“Together, we are bridging the gap between data teams and business users in a unified, dependable, and governed platform that meets the evolving needs of the modern data landscape, where data teams are liberated from mundane tasks and business users are empowered to explore freely,” said Gaurav Rewari, Mode CEO.

Data & Analytics Acquisition Spree 

Recently, Databricks announced its definitive agreement to acquire MosaicML, a generative AI platform, in a transaction valued at approximately $1.3 billion. In May 2023, Qlik completed its acquisition of Talend which specialises in data transformation and data quality. 

Read more: ThoughtSpot Raises $100M Series F Funding, $4.2B Valuation To Fuel The Modern Analytics Cloud