IRI Acquisition, Valuation, Funding & Investors

IRI was acquired by Hellman & Friedman for $5B in April 2022.

See full IRI profile

IRI acquisition price

$5B

Acquired by Hellman & Friedman · Apr 2022

Cumulative funding IRI raised

$96M

across 1 funding round

IRI Overview

About IRI

IRI is a Chicago-headquartered market research firm specializing in big data analytics for consumer packaged goods, retail, and over-the-counter healthcare sectors. The company processes sales, consumer, and media data to deliver predictive insights on market trends and shopper behavior. IRI equips clients like Procter & Gamble and Walmart with actionable intelligence from its global databases.


Founded

1979

HQ

United StatesChicago, IL

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$5B (acquired Apr 2022)

IRI Acquisition

IRI was acquired by Hellman & Friedman for $5B on 7 April 2022.

Before the acquisition IRI had raised $96M across 1 funding round.

In April 2022, Hellman & Friedman announced it would acquire a majority stake in Information Resources, Inc. (IRI) and merge it with NPD Group, an existing Hellman & Friedman portfolio company. The combination created a leading global technology, analytics, and data provider specializing in retail purchasing and consumption trends powered by IRI's Liquid Data platform. IRI is a fast-growing global leader offering cloud-based technology and services to more than 5,000 customers worldwide, with access to the largest integrated repository of purchase, media, social, causal, and loyalty data. NPD is a global provider of market information and advisory services across more than 20 industries. The transaction was valued at more than $8 billion according to Bloomberg reporting, though exact terms were not publicly disclosed. Hellman & Friedman led the ownership group, with existing long-term IRI investors Vestar Capital Partners and New Mountain Capital retaining significant stakes in the combined entity. The deal was expected to close in the second half of 2022, subject to customary closing conditions. Kirk Perry, then-CEO of IRI, became CEO of the combined company, while NPD Executive Chairman Tod Johnson became chairman of the board.

IRI acquisition details
AcquirerDateTypePrice
  • Hellman & Friedman
7 Apr 2022PE buyout$5B

IRI Funding History

IRI has raised a total of $96M across 1 funding round.

IRI funding rounds

IRI funding rounds
DateStageRaisedDeal Summary
Jul 2016Undisclosed stage$96MINTERNET RESEARCH INSTITUTE LTD (IRI), a Japanese company (iri.co.jp), reported consolidated revenue of USD 7,959 thousand for the year ended 31 December 2016, increasing to USD 9,121 thousand in 2017. The company engaged in a business combination under common control by acquiring Nano-Opt Media, Inc. (NOM) on 1 January 2016 via share exchange, issuing 6 shares of the company for 1 common stock of NOM. Additionally, there was a merger involving IRI Japan, where 34,786 shares of the company were transferred to shareholders of original IRI Japan at a 1:2 ratio. In 2017, the company conducted an initial public offering (IPO), with proceeds from issuance of common shares amounting to USD 8,488 thousand and IPO-related costs of USD 350 thousand, resulting in net cash from financing activities of USD 8,064 thousand. Cash and cash equivalents grew from USD 2,095 thousand at the end of 2016 to USD 8,949 thousand at the end of 2017.

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Acquisitions by IRI

IRI has acquired 4 companies to date.

Last acquisition by IRI was on April 7th 2022. IRI acquired NPD Group for undisclosed valuation.


Latest Acquisitions by IRI

NPD Group
Coin Out
Intelligent Shopper Solutions
Retail Solutions
Description
NPD Group is a market research firm tracking consumer purchases and retail trends across industries. Port Washington-headquartered in New York, it monitors point-of-sale data for toys, apparel, food, and electronics through services like retail tracking and shopper insights. Founded in 1966, the company maintains offices in Mexico, Canada, the UK, Germany, Japan, and China, serving clients such as Procter & Gamble and Nintendo. In 2023, NPD merged with IRI to form Circana, enhancing its global syndicated data capabilities.
CoinOut is a digital cashback service rewarding users with cryptocurrency for in-store and online purchases anywhere Visa or Mastercard is accepted. New York-based since 2016, it scans receipts via app to distribute Bitcoin or stablecoin rewards from transactions at major retailers like Target and grocery chains. CoinOut processes millions in annual rebates without requiring loyalty cards.
Intelligent Shopper Solutions is a retail analytics platform facilitating data sharing between grocers and CPG suppliers. Acquired by Kognitiv in 2021, it processes loyalty card transactions to generate shopper insights, assortment optimization, and promotion effectiveness metrics. The system anonymizes data per privacy regulations, serving chains like Kroger and Unilever. Based in Toronto, it analyzes billions of transactions annually for shelf-space planning and personalized marketing.
Retail Solutions delivers cloud-based SaaS applications for consumer packaged goods manufacturers and retailers, offering demand intelligence, data integration, and shelf-level visibility. Clients including Bayer, Colgate-Palmolive, Kimberly-Clark, Kraft, Unilever, Procter & Gamble, Walmart, Target, Walgreens, Kroger, Costco, and Tesco use its daily POS reporting and sales analytics to enhance product availability, optimize assortments, pricing, promotions, and reduce out-of-stocks.
HQ CountryUnited StatesUnited StatesUnited KingdomUnited States
HQ City
New York City, NY
New York City, NY
London
San Francisco, CA
Deal Date7 Apr 20224 May 202118 Mar 20218 Oct 2020
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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IRI Competitors

IRI competitors include listed companies like NIQ Global Intelligence, Springer Nature, CRISIL and Gartner, and private ones like Alida and Mu Sigma.

Public and private companies comparable to IRI
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NIQ Global IntelligenceUnited StatesUnited StatesPublicly listed$4.2B$752M$5.3B2.0x
Springer NatureGermanyGermanyPublicly listed$2.2B$872M$4.5B2.6x
CRISILIndiaIndiaPublicly listed$380M$122M$3.5B7.5x
GartnerUnited StatesUnited StatesPublicly listed$6.5B$1.2B$12B2.1x
AlidaCanadaTorontoPrivate--$1.5B-
Mu SigmaIndiaBangalorePrivate$200M-$1.5B7.5x

IRI Public Comps

IRI is no longer listed, but its public comps include NIQ Global Intelligence, Springer Nature, CRISIL, Ipsos, Clarivate, Beijing Dataway Horizon, Latent View Analytics, GlobalData, Mitsubishi Research and Gartner.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NIQ Global Intelligence$4.2B$752M2.1x2.0x11.9x8.7x
Springer Nature$2.2B$872M2.6x2.6x6.7x6.9x
CRISIL$380M$122M8.8x7.5x27.5x25.1x
Ipsos$2.9B$429M0.7x0.7x4.8x4.5x
Clarivate$2.5B$829M2.1x2.2x6.3x5.3x
Beijing Dataway Horizon$54M($3M)9.8x-(184.5x)-
Latent View Analytics$111M$27M4.4x4.0x17.8x18.2x
GlobalData$433M$140M1.7x1.7x5.3x5.0x

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Common questions about IRI

When was IRI founded?IRI was founded in 1979.
Where is IRI headquartered?IRI is headquartered in Chicago, IL, United States.
Is IRI publicly listed?No, IRI was acquired by Hellman & Friedman in April 2022.
Who acquired IRI?IRI was acquired by Hellman & Friedman in April 2022.
How much was IRI acquired for?IRI was acquired for $5B in April 2022.
How much funding has IRI raised?IRI has raised $96M across 1 funding round.
What was IRI's last funding round?IRI's last funding round was a $96M undisclosed-stage round in July 2016.
Which companies are comparable to IRI?Companies comparable to IRI include NIQ Global Intelligence, Springer Nature, CRISIL, Gartner, Alida and Mu Sigma.
How many companies has IRI acquired?IRI has acquired 4 companies, including NPD Group, Coin Out, Intelligent Shopper Solutions and Retail Solutions.

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