As a result of the acquisition, Avocet will be incorporated into the existing Lumen brand, with Ezra Pierce, chief executive at Avocet, becoming Lumen’s chief product officer.

The acquisition will build on an existing partnership between the two businesses on attention insights.

Speaking to Research Live, Mike Follett, chief executive at Lumen, said there would be no redundancies as a result of the acquisition, with additional new hires likely.

He added that Lumen would look to partner with companies operating in the audio attention industry in the future as part of its growth plans.

Follett added: “This merger and round of funding helps move the debate about attention from theory to practice.

“Instead of simply proving insight, we can now provide trading tools to inform real-time bidding decisions. It’s a vital part in delivering against our mission of optimising attention for outcomes.”