The agreement will see ISS operate as a standalone operating subsidiary of IRI and provide enhanced consumer insight expertise and capabilities to IRI’s platforms. The financial terms of the deal were not disclosed.

ISS’s platform processes sales and loyalty programme data from retailers to help users review performance and generate actionable insights that inform merchandising and marketing decisions.

The ISS platform also offers a proprietary behavioural segmentation tool examining shopping behaviour.

The deal will lead to a partnership between IRI and Kognitiv, which will allow IRI clients to use Kognitiv’s platform-as-a-service products.

Andrew Appel (pictured), president and chief executive of IRI, said: “We are thrilled to welcome ISS to the IRI family.

“We also look forward to our ongoing partnership with Kognitiv, which will create new opportunities for collaboration with our clients.”

Peter Schwartz, founder and executive chairman of Kognitiv, said: “Partnering with IRI makes tremendous sense as we share a common belief in the strategic application of big data, particularly zero-party data.

“This partnership will allow Kognitiv to accelerate our vision for collaborative commerce and bring a unique and complementary set of capabilities to both organisations.”