The acquisition, which is an all-cash transaction, will see Charlesbank Capital Partners, a private investment firm and current majority investor in Neptune, will be the majority investor of the combined company.

The agreement will see William Redmond Jr, chief executive at Neptune, become chief executive of the combined business.

Following the acquisition, the company will combine Quotient’s technology platform, digital promotions retail network and proprietary data with Neptune’s in-store network and data-driven shopper marketing insights across in-store and print media.

The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including approval by a majority of Quotient shareholders and regulatory review.

Redmond said: “We are thrilled with the transaction and plan to seamlessly integrate Quotient’s team, product suite and retail partners with Neptune’s omnichannel network.

“The combination further advances our proven commitment to retailers and advertisers to drive profitable, incremental and measurable growth, while deepening relationships with and value for consumers.”

Matt Krepsik, chief executive at Quotient, said: “Today’s announcement is an exciting next step in our journey in the growing retail media industry and enables us to create more scale as a combined company.

“Neptune and Charlesbank are ideal partners for Quotient, and we look forward to entering into this new chapter.”