No financial details of the transaction were disclosed.

Set up in 2002, Advertiser Perceptions provides research and analysts to the media, advertising and ad tech industry.

According to its website, its clients include advertising networks IPG, WPP and big brands such as Toyota and Coca-Cola.

Randy Cohen, co-founder and CEO of Advertiser Perceptions, said the investment would be “highly valuable” as it looked to improve its offering to clients.

But it did not give specific details of how the investment would be used, except to say it would help “fast-track our new phase of growth”.

Chris Hanssens, managing partner, Eureka Equity Partners, said that Advertiser Perceptions had built a “highly differentiated offering” which has “driven strong client relationships”.

Eureka Equity Partners is a Philadelphia-based private equity firm targeting niche market offerings.