AI driven Modern Cloud Analytics provider ThoughtSpot to buy Diyotta

AI-powered Modern Cloud Analytics startup ThoughtSpot announced its intent to acquire the North Carolina-based Serverless data integration platform, Diyotta.

Diyotta is founded by the Vyas in the year 2011 by the Vyas, Sripathi, and Ravindra. The company offers IT software to automate the movement and integration of big data on Hadoop, NoSQL, and massively parallel processing platforms.

ThoughtSpot offers a search and AI-driven analytics platform. The business-intelligence analytics search software allows users to explore, analyze and share real-time business analytics data. Based on different media reports, ThoughtSpot IPO was also planned in 2020 but the plan was disrupted due to the COVID-19 pandemic. In early 2020, the company even hired its first CFO Mohit Daswani.

In March 2021, ThoughtSpot secured a $20 Million equity investment from Snowflake. To date, ThoughtSpot has secured a total of $563.7M in funding over 8 rounds.

ThoughtSpot also launched its low-code development platform called ThoughtSpot Everywhere. The new low-code platform can be used to build interactive data apps.

Sumeet Arora, Chief Development Officer, ThoughtSpot, said, "We’ve been fans of the work Diyotta has done to help their customers solve some of the toughest challenges involved in integrating their data into their business workflows. Diyotta’s team understands the dynamic, nuanced ecosystem and unique problems companies face in transforming how they leverage their data to drive processes and change decision-making. As we unlock more value for our customers with the Modern Analytics Cloud, Diyotta’s experience and shared vision for bringing together people, processes, and data was a perfect complement."

Sanjay Vyas, CEO & Cofounder, Diyotta, said, "Both ThoughtSpot and Diyotta have large, shared enterprise customers, and with this merger, we are looking to provide more comprehensive applications in order to make cloud analytics seamless. Companies today run on data. It’s at the core of every modern organization. By joining forces with ThoughtSpot, we’re going to be able to expand how we help these businesses empower their entire team with data. The Modern Analytics Cloud democratizes the most cutting-edge innovations in the data ecosystem by putting them in the hands of every employee. I’m incredibly excited to help advance that important mission."

The Diyotta is ThoughtSpot's second acquisition announcement in a time period of fewer than two months. 

In March, ThoughtSpot announced its intent to acquire SeekWell. The company intends to integrate SeekWell technology to leverage natural language search for the data. The integration will allow the ThougtSpot platform to retrieve data from cloud data warehouses, modify it with productivity applications like Google Spreadsheets, then automatically and seamlessly sync it back to business applications like Salesforce.

Diyotta's acquisition will help customers to deploy ThougtSpot in their modern cloud architecture. Diyotta will also expand ThougtSpot's ecosystem for the Modern Analytics Cloud. The acquisition will also help ThoughtSpot with the integrations of modern data platforms, AI and ML services, and data applications built by web developers, notes the announcement.

Post-Diyotta deal, ThoughtSpot will add 60 new employees to its research and development team in India and North America.

Apart from that, the Diyotta development center in Hyderabad is expected to help the ThoughtSpot expand its footprint in India. The acquisition will also help ThoughtSpot’s enterprise customers build data stacks for customers, employees, and partners using the actionable analytics platform, notes the announcement.