ThoughtSpot is acquiring its competitor Mode for $200 million (182 million euros). In doing so, the provider of an AI-based Business Intelligence (BI) platform ultimately aims to expand the functionality of its platform further.
According to ThoughtSpot, the combination of both AI-based BI platforms should give business end-users a complete overview of the lifecycle of their data. From initial exploration into this data to managed self-service analytics. Ultimately, this should enable insight-based decisions.
New functionality
The acquisition of the Mode platform will also soon offer end users of the ThoughtSpot platform new functionality. These include a tool that allows administrators to write SQL queries and run analytics using Python and R.
For this, Mode now offers the feature that allows users to write a snippet in Python, R or SQL code for analyzing data. The results of this, visualized, can be viewed directly in the same interface.
In addition, other code-based Mode properties can be used to organize raw data into structured data sets. Furthermore, the integration is going to ensure that the functionality of the acquired BI platform is directly accessible through ThoughtSpot’s generative AI tool.
Doubling customer base
With the acquisition, ThoughtSpot says it is doubling its existing installed base at once. In addition, the customer base has little overlap, so there are several up-sell and cross-sell opportunities. ThoughtSpot is paying for the acquisition in cash and from equity. The deal is expected to close later this year.
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