The merger brings together colleagues across the globe to offer more than 7,000 clients a view of consumer behaviour and retail purchasing and consumption trends across a broad range of industries. A unified name and brand for the combined company will be announced at a later date.

The combined company will help brands and retailers to collaborate, better service their customers, respond to trends and use insights to drive growth.

Together, IRI and NPD have data assets and strategic retail relationships in more than 20 industries, including consumer packaged goods, retail, beauty, technology, and food. The company’s insight capabilities will be powered by technology and data visualisation platform Liquid Data.

The combined company’s executive leadership team will be led by president and chief executive Kirk Perry and include senior leaders from both IRI and NPD.

The combined company’s board of directors will be led by chairman Tod Johnson and include Kirk Perry, former NPD chief executive Karyn Schoenbart and former IRI chairman Jeff Ansell, as well as representatives from H&F, Vestar and NMC.

“We are thrilled to merge our two great companies and create an even stronger organisation together,” said Perry. “Our combination sets a new standard, raising the bar for innovative technology, rich insights and data-driven advisory services across industries.

“As one company, our world-class team will offer a total store read and greater share of consumer wallets and stomachs. The possibilities for our clients, our people and our company are endless.”

Johnson added: “Today marks an important milestone for our company and the industry. Our combined company is best positioned to support our wide variety of retailer and manufacturer clients around the world with comprehensive and powerful insights to help them navigate the continually evolving consumer landscape.

“We look forward to realising the immense value this combination stands to create for our clients, employees and partners.”