A lot can happen in 18 months. In a startup, that’s even more true.
Here at ThoughtSpot, where we’re known for innovation at a breakneck pace, that feels like a lifetime.
So much transformation, so little time
It’s hard to think back to a time before our SaaS platform was in the market, changing the innovative brands build their business on data. And yet, I’m reminded that it was in fact just a year and a half ago that ThoughtSpot brought the world’s first SaaS platform for search and AI-driven analytics to market. It was only twelve months ago we opened our data center in Frankfurt to make it possible for any business in EMEA to take advantage!
In that time, even more has happened. We launched the boldest, most exciting vision for the future of data with the Modern Analytics Cloud. ThoughtSpot Everywhere debuted, making it possible for product builders to incorporate the best of ThoughtSpot into their own apps and services, while empowering analytics engineers to launch new use cases and initiatives faster than ever with the Data Workspace. We acquired not one, but two companies by welcoming Diyotta and Seekwell to team ThoughtSpot, while we expanded our partnerships with cloud data platforms like Snowflake, Databricks, Microsoft.
Oh, and we raised a little bit of money - $100M at a $4.2B valuation to be exact.
That’s some serious momentum - even for us!
The proof is in the numbers
All this progress is exciting, but I would be lying if I said I wasn’t even more excited by something else: their impact on our business here in EMEA.
And that impact has been nothing but staggering.
As a cloud business, there’s no metric potentially more important than annual recurring revenue (ARR). In the last year, ARR from our cloud offerings in EMEA has increased 600%. That’s right, six fold growth in twelve months.
Fueling this growth is an expansion into new market segments and new geographies as customers across EMEA clamor to put the Modern Analytics Cloud to work for their businesses. Companies like Factory14, Cohora, Carbon Statement, CarTrawler, Northmill, Frontify, Harri, OrderPay, Zoomin, Bambuser AB, Star Compliance, and JustWatch have gone big with ThoughtSpot, emboldened by the chance to empower every decision maker in their company to not only find, but use data-driven insights to fuel action. After launching our commercial team just nine months ago, our team is already bringing value to customers, evidenced by seven net-new logos in the last quarter alone. We landed our first customer in Israel - and then followed up with a second only weeks later.
At the heart of this growth is our incredible team of Spotters, each of which is hellbent on making every single customer a data-driven success story. That team is rapidly growing, too, with headcount growing by more than 50% across our EMEA business to support every company brave enough to break free from the status quo and take advantage of the Modern Analytics Cloud.
Helping EMEA companies dominate the decade of data
While all this growth is exciting, I know there’s so much more we need to do to help companies in EMEA better compete in our digitizing world. As we enter the defining decade of data (which you can learn all about at Beyond 2022), it has never been more important.
Here, too, it’s helpful to look at the numbers. New research from the European Investment Bank details how much slower digital transformation efforts are progressing in the European Union in comparison to the US. Companies in EMEA have fallen behind Asia, particularly China, when it comes to automation, data analytics, cloud services, and sensors. Our own research with The Economist shows just how far behind EMEA financial services firms are when it comes to leveraging AI.
This is by no means a done deal, however. Brands that push themselves to think differently about how to evolve, disrupt themselves, and take advantage of innovation from across the modern data stack are outcompeting their peers, both at home and internationally. This includes digital native, high growth companies like Iotatech, Frontify, and Harri, as well as established brands like T-mobile, Schneider Electric, and Nationwide Building Society.
The one thing they all have in common? Courage. It takes courage to say goodbye to the tried and true, to throw out the playbook that has served you for years in pursuit of new opportunity. That’s not for everyone.