TiVo said Tuesday that it will pay $20 million to buy consumer research company TRA, Inc., in an effort to bolster its television analytics.
The new unit created by the deal will be called TiVo Research and Analytics. The company said the transaction should close this month.
"With this new level of unique audience insights and analytics, TiVo will be able to provide insights nobody else has in an industry increasingly seeking alternative ways to measure audience behavior accurately while increasing efficiencies in media spending," Tom Rogers, CEO and president of TiVo, said in a statement.
The digital television recorder manufacturer has struggled in recent years as more television watchers have turned to streaming services like Hulu to catch programs they miss. The company's stock price has dwindled in recent months, closing Monday at $7.93 per share. At 9:50 a.m. ET Tuesday, it was down .25 percent to $7.91.
TiVo argues that TRA, with clients like CBS and Procter & Gamble, will enable it to better track the effectiveness of advertisements.