AI giant ThoughtSpot enters city via new buy

Kolkata: The city’s new-age technology domain on Tuesday got a shot in the arm with the entry of global AI-powered analytics major ThoughtSpot. The California-based company announced that it has signed a definitive cash-and-equity deal worth $200 million to acquire Mode Analytics, the business intelligence (BI) platform that has its only India office in Kolkata. Mode will become a wholly owned subsidiary of ThoughtSpot, once the deal closes later this year. San Francisco-based Mode’s 31 employees working in this city will now figure in the rolls of $4.5-billion ThoughtSpot, which was founded in 2012. ThoughtSpot CEO Sudheesh Nair said that expanding its India operations to Kolkata will bolster its generative AI apps and other high-tech products. Replying to a TOI questionnaire, the ThoughtSpot CEO said: “With this acquisition, there’s an opportunity to tap into the talent pools in eastern India as we grow this team to better serve our customers around the world. We will work to integrate Mode into ThoughtSpot, including the team in Kolkata. We are looking forward to building and delivering products from the City of Joy.” According to Nair, Kolkata provides new means of attracting talent. “At our core, ThoughtSpot is all about design and user experience. We have seen Kolkata fast become the design capital of India, just like Berlin is for Germany…I am excited to be tapping into this incredible design talent in the city to give everyone involved in analytics the tools they need to help their organizations thrive,” said the ThoughtSpot CEO on the city’s prospect. Since launching its first office in Bengaluru, ThoughtSpot has announced $150 million investment in India between 2022 and 2027, which includes 30% headcount growth in the market and the opening of its third R&D centre in Thiruvananthapuram in 2022. It acquired companies such as Diyotta (2021) and SagasIT and also opened a new office in Hyderabad. “Each time we expand our footprint, we’re able to tap into a new talent market. By expanding in Kolkata, we’ll be accelerating our own product roadmap and innovation timelines. We’re constantly looking for new team members who want to redefine business intelligence with generative AI.” With this buy, ThoughtSpot expects its annual recurring revenue (ARR) will grow to over $150M, while doubling its customer base. Over the last fiscal year, ThoughtSpot has seen 100% growth in its SaaS ARR.“As part of ThoughtSpot, we will help supercharge the business impact of data teams, empowering them to deliver trustworthy AI-powered insights,” said Mode CEO Gaurav Renwari.
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