New Delhi, June 27: AI-driven analytics company ThoughtSpot on Tuesday said it has acquired business intelligence (BI) platform Mode Analytics in a cash and equity deal valued at $200 million.

With the acquisition, 31 employees of Mode Analytics in Kolkata will now come onto the rolls of ThoughtSpot. TCS Bribes-for-Jobs Scandal: Consultancy Firm Fires Four Officials As Rs 100 Crore Corruption Case Unravels, Says Report.

ThoughtSpot recently announced a USD  150 million investment in India between 2022 and 2027, which includes 30 per cent headcount growth in the market and follows the opening of its third R&D centre in the region in Thiruvananthapuram in 2022.

ThoughtSpot’s R&D teams in Bengaluru, Hyderabad and Thiruvananthapuram have been instrumental in delivering innovation resulting in business impact for the company, which is growing at over 100 per cent SaaS ARR (annual recurring revenue) year on year.

The acquisition of Mode Analytics will further drive the business momentum, said the company.

“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, CEO, ThoughtSpot.

With the acquisition, ThoughtSpot's ARR will grow to over $150 million, while doubling its customer base. India To Surpass Rs 120,000 Core in Mobile Exports in Fiscal Year 2023–24, Apple Boost To Cross 50% Share.

“As part of ThoughtSpot, we will help supercharge the business impact of data teams, empowering them to deliver trustworthy AI-powered insights to their organisations quickly,” said Gaurav Renwari, Mode CEO.

(The above story first appeared on LatestLY on Jun 27, 2023 12:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).