PALO ALTO, Calif., March 2, 2017 /PRNewswire/ -- ThoughtSpot, the search-driven analytics company, today announced it exceeded growth targets for its' fiscal year ended January 31, 2017 with 270% growth in customers. Legacy BI vendors are losing ground as customers shift their technology budgets toward new modern BI platforms focused on making analytics easier for business people - and not just IT data experts.
"This has been a breakout year for ThoughtSpot with tremendous customer growth, key executive hires, $60M in new funding, and our debut in the Gartner 2017 Magic Quadrant for BI and Analytics," said Ajeet Singh, co-founder and CEO of ThoughtSpot. "We've seen customer adoption skyrocket with over 3 million ad hoc searches performed on our platform. Our rapid growth validates the market's desire for a search-driven analytics solution that brings data-driven decisions to every person at every level of an organization."
Leading Fortune 500 brands in retail, financial services, manufacturing and healthcare are turning to ThoughtSpot's Relational Search technology to make it easier for non-technical business people to analyze their company data in seconds. Fast growing list of customers include leading brands Amway, Scotiabank, Sterling National Bank, Celebrity Cruises, CMC Markets, Miami Children's Hospital, and several other Fortune 500 customers.
"ThoughtSpot is helping us revolutionize patient care and streamline hospital operations," said Ed Martinez, CIO of Miami Children's Health. "With ThoughtSpot, our frontline hospital staff, clinicians and executive team are able analyze millions of rows of Healthcare data to answer their own questions in minutes. Search-driven analytics has given us the ability to access data that we never could before."
Customer & Sales Growth
Increased sales and returning customers accelerated ThoughtSpot's growth in 2016. Key milestones included:
- Grew customer base by 270%, with 28% of customers coming from Fortune 500.
- Drove average deal size well into the six-figures.
- Closed multiple seven-figure deals.
- Increased customer adoption with over 3 million total ad hoc searches on the platform, saving an estimated 5 million hours of data analyst time and $250 million in labor costs.
- Delivered rapid business value resulting in 40% of customers increasing their investment by 220% within the first year.
- Broadened partner program and launched notable new partnerships with HPE, Epson, and Peak Indicators.
In 2016, ThoughtSpot significantly expanded its London-based EMEA team, and opened an office in Seattle, Washington. To further accelerate growth, ThoughtSpot appointed several new executives.
- Brian Blond joins as Chief Revenue Officer. Blond previously directed the sales teams at Tealium, a Southern California based software company, and Vitrue, a social media publishing software group recently acquired by Oracle.
- Tom Weeks joins as Chief Customer Officer. Tom was previously the VP of Customer Success & Digital Strategy at Apigee Corp, an API management and predictive analytics software company based in Silicon Valley.
- Davy Nys joins as the GM of EMEA. Davy was previously the VP of Global Strategic Sales at Pentaho, a BI software company recently purchased by Hitachi Data Systems.
- Marc Odenweller joins as VP Global Channels. Marc was previously the VP of Strategic Partner Sales at Delphix, a database virtualization company, and the VP of Americas Sales - Analytics & PaaS at TIBCO Software, an integration and analytics software company.
ThoughtSpot also announced Series C funding from top venture capital firms General Catalyst, Geodesic Capital, and Hewlett Packard Pathfinder, growing total investment in the company to $100M. In addition to the investment from HP Pathfinder, ThoughtSpot joined HP's Partnership program and formed a strategic partnership with Hewlett Packard Enterprise (HPE). ThoughtSpot and HPE now co-sell a joint solution, where ThoughtSpot's Relational Search software runs on HPE infrastructure, and HPE is a reseller of ThoughtSpot's search-driven analytics solution.
Awards and Accolades
ThoughtSpot has earned industry accolades and honors over the past year including: Gartner 2017 Magic Quadrant for BI & Analytics Platforms, Gartner 2016 Cool Vendor in Analytics, San Francisco Business Journal Best Places to Work 2016, and Innovation Enterprise's "Most Innovative Data Solution".
ThoughtSpot is a next generation analytics platform powered by the World's first Relational Search engine. ThoughtSpot's search-driven analytics lets business people analyze their company data in seconds. ThoughtSpot's new breed of BI architecture and in-memory calculation engine was built from the ground up to make it easy to analyze billions of rows of data across multiple data sources, while delivering sub-second performance and enterprise-wide governance. ThoughtSpot connects with any on-premise, cloud, big data, or desktop data source and deploys 85% faster than legacy technologies. With ThoughSpot, BI & Analytics teams have cut their reporting backlogs by over 90% and enabled thousands of daily decisions throughout their organizations. ThoughtSpot has built the world's most advanced, yet easy-to-use number-crunching machine with a singular mission - to deliver access to data and insights at "human scale." For more information please visit thoughtspot.com.