ThoughtSpot Secures First 100 Enterprise SaaS Customers in 6 Months as Demand for Modern Analytics Cloud Accelerates
Companies around the globe adopt ThoughtSpot as they look to build their business on data
ThoughtSpot, the Modern Analytics Cloud company, reported significant growth milestones for its fully managed SaaS offering. Just six months after receiving SOC 2 Type II attestation, ThoughtSpot now has 100 SaaS enterprise customers, with customers ranging from large enterprises like T-Mobile and Aramark to digital natives like FinLocker, factory14, and Cloud Academy. This demand comes as global enterprises build their businesses on ThoughtSpot’s simple, actionable, and open cloud analytics platform to empower every business person to unearth data-driven insights from anywhere.
ThoughtSpot’s distribution model shifted last year with the introduction of its SaaS platform. Companies can now take advantage of the entire ThoughtSpot platform, individual capabilities like search as a service, or build interactive data apps with the developer platform ThoughtSpot Everywhere through a fully-managed solution from ThoughtSpot. In doing so, organizations can give customers, partners, and employees a true consumer-grade analytics experience for their entire modern data stack.
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“Before ThoughtSpot, we didn’t have a simple way to leverage the data in our central cloud data repository”
ThoughtSpot’s cloud offerings, including SaaS and Embrace, are driving substantial growth for the company. For example:
- Cloud products now make up half of ThoughtSpot’s annual recurring revenue, a milestone achieved in under two years. In the last year, ARR from cloud products grew over 250%.
- In the last year, 85% of new customers purchased cloud products. A quarter of those transactions were six-figure investments.
- To meet the growing demand for cloud-based analytics solutions, ThoughtSpot plans to grow its team 25% in the next fiscal year.
This growth comes on the heels of substantial industry-first innovation across ThoughtSpot’s platform, bolstered by a series of newly issued or allowed patents from the United States Patent and Trademark Office.
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- Token Based Dynamic Data Indexing with Integrated Security to power the relational search at the heart of ThoughtSpot, invented by Amit Prakash, Shashank Gupta, Ajeet Singh, et al.
- Natural Language Question Answering System to make complex search queries viable via natural language, invented by Amit Prakash, Manikanta Balakavi, Paven Piratla, et al.
- Phrase Indexing for true natural language search, invented by Archit Bansal, Ben Limonchik, Rakesh Kothari, and Manikanta Balakavi
- Low-latency Predictive Database Analysis for insights in SpotIQ, invented by Sanjay Agrawal, Antony Chuxiao Chen, and Gunjan Jha
- Query Generation Based on a Logical Data Model, invented by Rakesh Kothari, Amit Prakash, Sandeep Kumar, Archit Bansal et al.
- Lossless Switching Between Search Grammars, invented by Aditya Viswanathan, Ravi Tandon, and Manikanta Balakavi
In addition to launching industry-defining new innovations, ThoughtSpot has deepened relationships with critical players across the cloud ecosystem. These include partnerships with every major cloud platform like Snowflake, Databricks, Google BigQuery, Microsoft Azure Synapse, and Amazon Redshift, integrated offerings with companies like ServiceNow, and industry specific solutions with channel partners.
Compounding a year of success, ThoughtSpot was recognized for its product innovation, workplace culture, and commitment to security. The company received top accolades from Forbes Cloud 100 and Fast Company’s Best Workplaces for Innovators. Gartner also honored ThoughtSpot with its Peer Insight Customers’ Choice for Analytics and Business Intelligence Platforms. Lastly, the company recently achieved ISO 27001 certification for its ongoing commitment to information and data security.
“Before ThoughtSpot, we didn’t have a simple way to leverage the data in our central cloud data repository,” said Vivek Malhotra, Sr. Manager Customer Development Analytics, Unilever. “Now our finance team can easily get granular, actionable insights on underlying sales growth, turnover and more with the scale and speed we need.”
“The pandemic changed everything for businesses. For ThoughtSpot, the impact was existential. Our customers had never needed the power of our platform more, but they needed a new, simpler way to put it in the hands of their entire organization. So, in six months, we ideated, built, and delivered the industry’s first SaaS platform for the Modern Analytics Cloud,” said Sudheesh Nair, CEO of ThoughtSpot. “Just two quarters after we began selling SaaS in earnest, the response from our customers has been incredible. Being an integral part of our customers’ cloud journey has been such a privilege. We don’t take this trust lightly, however. We’re committed to continuing to innovate and push the boundaries on behalf of our customers as we help them build their businesses on data.”
“Innovation is the lifeblood for any company. Seeing the rapid adoption of our cloud offerings has shown just how hungry businesses are for fundamentally new ways to put their data to work. We’re clearly in the midst of a massive change, where companies are rethinking how they leverage data,” said Ajeet Singh, Cofounder & Executive Chairman of ThoughtSpot. “Companies not only want to empower their entire organization to find insights. They want to tap into innovation from across the cloud data ecosystem, operationalize insights to drive real action, and create new revenue streams with data products and services. Seeing our customers achieve these goals quickly as a result of the new capabilities we’ve delivered in such a short time has been incredibly rewarding.”
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