The acquisition will see the two companies fused into a single integrated service, and will open up new markets for Sagacity.

REaD group is a data marketing and insight company specialising in financial services, retail and charities, with a focus on privacy and ethical data collection practices.

Sagacity runs proprietary software platforms and bespoke services to help clients to operationalise data, using analytics and machine learning.

Anita Dougall, co-founder and chief executive at Sagacity, said: “This is a strategic investment that will shape Sagacity’s future direction and growth.

“REaD Group has delivered impressive growth and we can see that’s down to the quality of the data insights the team uncover.”

Mark Roy, founder at REaD Group, said: “We’ve met a number of interested parties. However, Sagacity stood out and showed that they share our unerring commitment to providing client service and value like no other.

“The time is right for REaD Group and our team to turn the page and accelerate onto the next chapter. This is a fantastic opportunity for everyone involved.”

Jon Cano-Lopez, chief executive at REaD Group, who has been appointed to the board of Sagacity Solutions Ltd, said: “Today marks another period of growth as REaD Group joins Sagacity creating one single data business, offering first-class business platforms, data, artificial intelligence, proprietary software and seamless API connectivity.”