Research firm, RED C, has been bought by the Business Post Group for €7m.

Under the terms of the deal, RED C is to remain an independent firm within the group and chief executive, Richard Colwell, and managing director, Sinéad Mooney will contine to lead the business.

The purchase is being funded by the group's existing shareholders, including majority owner and founder, Enda O'Coineen and Beachpoint Capital Partners.

"Today’s announcement forms a key part of the expansion of the Business Post Group as it continues to develop into a dynamic, flexible, high-end, tech-smart cohort of businesses focused on media, events, data, and technology services," said Mr O’Coineen, who is also the Business Post Group chief executive.

Business Post Group already owns the Business Post newspaper and website, as well as events and conference company iQuest and Business Post Live.

The firm said RED C will act as the "lead company" in the group's data and insights pillar.

"This will be a key cornerstone to fostering the exceptional reputation of RED C’s talented team and their ability to react quickly to business conditions, meet the needs of clients, and tell the story that is uncovered by the information collected," Mr O'Coineen said.

The Business Post has had a long-standing relationship with RED C, which has acted as its main opinion poll partner for many years.

RED C was established in 2003 and has office in Ireland and the UK, with clients in over 30 countries.

"Combined with the Business Post Group, we believe there are huge opportunities to drive growth and expansion in new markets and sectors, while providing even better industry leading business insight and services to current clients," said chief executive of RED C Research, Richard Colwell.

"We have worked with the Business Post since our early founding and over that time we have found that the two businesses have similar values and vision that provide a great fit for the future. They are also a great team of people to work with".