ThoughtSpot Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS and CLOUD TOP 500 Market Report

ThoughtSpot Strengths, Domain Expertise, and Key Differentiators

ThoughtSpot is a next-generation analytics platform powered by the World's first Relational Search engine. ThoughtSpot combines a new relational search engine for data analytics with a custom-built, in-memory relational data cache to provide sub-second response times to search queries run over billions of rows of data. It helps customers bring speed to data analysis by answering natural language questions about the data without having to understand how to formulate a SQL query. As a person enters questions, ThoughtSpot translates that question into SQL, then displays a chart with data related to the question, all almost instantly.

ThoughtSpot reported 108% revenue growth for the fiscal year ending January 31, 2020. The company’s growth was driven by significant adoption by organizations in every industry vertical, as enterprises look beyond the rapidly consolidating data visualization market to the next generation of analytics, powered by search, artificial intelligence, and the cloud, to transform their business.

ThoughtSpot Recent Developments

ThoughtSpot has demonstrated remarkable momentum over the past two years, showcasing its agility and innovation in response to market demands. The year 2023 has seen ThoughtSpot's transition into a prominent player in the Software-as-a-Service (SaaS) space, the successful launch and scaling of its SaaS offering, and the inception and expansion of a new embedded analytics product line with ThoughtSpot Everywhere.

Powered by generative AI, ThoughtSpot has introduced groundbreaking features that cater to a diverse user base, ranging from technical data teams to casual business users, enabling seamless engagement with Business Intelligence (BI) by individual preferences. This inclusive approach has resonated with customers across various segments and geographies, leading to widespread adoption of ThoughtSpot's platform and redefining decision-making processes through data-driven insights.

In May 2021, ThoughtSpot has launched ThoughtSpot Everywhere. ThoughtSpot Everywhere is t low-code embedded analytics platform that allows developers and product leaders to build interactive data apps and incorporate any service available in the Modern Analytics Cloud, including search and AI-driven analytics, directly into their apps, products, and services. In doing so, companies can give their customers and partners access to the entire modern data stack through consumer-grade analytics.

ThoughtSpot Mergers and Acquisitions (M&A) Activities

In July 2023 ThoughtSpot acquired Mode Analytics. Mode Analytics, renowned for its modern Business Intelligence (BI) platform facilitating collaboration between data teams and business units, was acquired in a $200M cash and equity transaction. This strategic acquisition not only propels ThoughtSpot's Annual Recurring Revenue (ARR) to over $150M but also opens up new avenues for growth, characterized by minimal customer overlap and promising opportunities to expand channel partner alliances and geographic reach.

With this transformative acquisition, ThoughtSpot is poised to enhance its position as a leading player in the analytics space, offering comprehensive solutions that drive impactful business insights and foster collaborative decision-making processes.

In May 2021, ThoughtSpot Acquires Diyotta to Expand Ecosystem for the Modern Analytics Cloud. The acquisition also dramatically expands ThoughtSpot’s R&D team, growing the ThoughtSpot R&D team by 25% globally with more than 60 new employees joining.

ThoughtSpot Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying ThoughtSpot applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of ThoughtSpot and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified SpotIQ, ThoughtSpot Everywhere customers.

ThoughtSpot Key Enterprise and Cloud Applications

SpotIQ, ThoughtSpot Everywhere

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ThoughtSpot Direct vs Indirect sales

ThoughtSpot Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified ThoughtSpot Customers

No. of ThoughtSpot Customers: 2000

No. of ThoughtSpot Enterprise Applications Customers: 2000

No. of ThoughtSpot Cloud Customers: x

No. of ThoughtSpot Cloud Subscribers: x

The company boasts a customer base of nearly 2000 large enterprises, comprising prominent brands such as Amway, Scotiabank, Sterling National Bank, Celebrity Cruises, CMC Markets, Miami Children's Hospital, and several other Fortune 500 companies.

ThoughtSpot Market Opportunities, M&A and Geo Expansions

In March 2023 ThoughtSpot unveiled a groundbreaking integration with GPT-3, the widely acclaimed large language model (LLM) developed by OpenAI. This strategic collaboration aims to democratize analytics, fostering accessibility, trust, and scalability through the power of artificial intelligence.

The launch of ThoughtSpot Sage is a revolutionary search experience that seamlessly combines LLMs like GPT-3 with ThoughtSpot's proprietary search technology. By harnessing the capabilities of advanced natural language processing (NLP) and generative AI, ThoughtSpot Sage empowers every employee, irrespective of their technical proficiency, to harness the potential of AI-powered analytics.

In November 2021, ThoughtSpot has raised a $100M Series F funding round at a new $4.2B valuation, more than doubling the company’s previous valuation and bringing the company’s total funding to $674M. The round was led by new investor March Capital and joined by existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC. The funding gives the company a great deal of flexibility moving forward, including the possibility of acquiring companies to fill in missing pieces or to expand the platform’s capabilities.

ThoughtSpot Risks and Challenges

The financial and accounting details in moving from on-premises and hybrid software models to the cloud are complex.

ThoughtSpot Ecosystem, Partners, Resellers and SI

VoiceBase has embarked on a strategic partnership with ThoughtSpot, a key player in the analytics industry. This collaboration aims to redefine the landscape of enterprise data analytics by introducing innovative search capabilities tailored to voice data. Leveraging ThoughtSpot's expertise in delivering actionable insights and VoiceBase's advanced AI technologies, enterprises can expect to streamline their data analysis processes and gain valuable insights from voice data more efficiently than ever before.

In a move to expand its global footprint, ThoughtSpot made a strategic entry into the French market in March 2020, marking a significant milestone in its international expansion strategy. By establishing a presence in Paris, ThoughtSpot aims to tap into the thriving French market and cater to the growing demand for advanced analytics solutions among enterprises in the region.

While ThoughtSpot primarily relies on its direct sales team to drive revenue, the company also maintains strategic partnerships with industry-leading organizations such as Keyrus, Informatica, Knowledgent, RichRelevance, Teradata, and Trace3. These partnerships enable ThoughtSpot to extend its reach, enhance its product offerings, and deliver comprehensive solutions that address the diverse needs of its customers.

ThoughtSpot Cloud Infrastructure Insights

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• ThoughtSpot Public Cloud and Infrastructure (IaaS)
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Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: