This investment will be used to drive LRW’s innovation strategy and expand its suite of innovations in Pragmatic Brain Science®, virtual reality, social media analytics and big data.

The capital will also be used for targeted acquisitions. The current management team of chairman and CEO Dave Sackman and president, Jeff Reynolds will continue in their current roles and remain significant owners of the business. The details of the transaction were not disclosed.

Sackman said: “The market research industry is at an inflection point, and we see tremendous opportunity. Our partnership with Tailwind will enable us to innovate even more rapidly than we have the past few years and to meet the changing needs of CMOs and their marketing organisations. The world of data and digital marketing is growing exponentially, and with growth capital, we can shape that future.”