ThoughtSpot Inc, a US-based data analytics startup started by Indian-origin entrepreneurs, is set to acquire business intelligence platform Mode Analytics for $200 million (around Rs 1,600 crore) in a cash and equity deal.
ThoughtSpot has signed a definitive pact to snap up Mode. With this buyout, ThoughtSpot will now expand its footprint to Kolkata, it said in a statement on Tuesday.
The announcement comes just in over two months after ThoughtSpot acqui-hired Bengaluru’s analytics consulting and services company Sagas IT Analytics in April.
ThoughtSpot, which counts Lightspeed Ventures, Future Fund, Khosla Ventures, General Catalyst and Sapphire Ventures as among its investors, was founded in 2012 by IIT-Kanpur alumni Ajeet Singh and Amit Prakash, and a few other Indian-origin techies. The startup enables everyone within an organization to limitlessly engage with live data regardless of their cloud data platform, making it easy to achieve granular, actionable insights through live analytics.
London-based Mode Analytics, founded in 2014, is a business intelligence platform that unites data teams with business teams to build analytics that drive business outcomes.
“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, chief executive at ThoughtSpot.
“As part of ThoughtSpot, we will help supercharge the business impact of data teams, empowering them to deliver trustworthy AI-powered insights to their organizations quickly,” said Gaurav Renwari, chief executive at Mode Analytics.
In September last year, ThoughtSpot Inc said it will be investing $150 million across its operations in India over the next five years.
