Squiz Analytics is based on Google Analytics and uses the Google Analytics API to retrieve your site's traffic and usage information. But Squiz Analytics is not just another view of Google Analytics. The goal is to both improve the presentation of information that is important to you and fill some gaps in the functionality of Google Analytics.
It's important to note that Squiz Analytics does not require a Squiz CMS or Squiz Matrix system to use. All it requires is a Google Analytics account that is tracking usage on one or more sites. It can also connect to multiple accounts if you wish. Although Squiz Analytics has a powerful goal tracking feature, it does not require you to have any goals configured in Google Analytics. You can add goals through Squiz Analytics and, unlike Google Analytics, historical goal conversions will be calculated immediately. However, Squiz CMS will be required to utilise the A/B/C testing feature of Squiz Analytics, although the plan is to allow this feature to be used with any site in the future, including Squiz Matrix powered sites.
Read more on Squiz Analytics at SquizLabs.