January 29, 2015
Today, the Toronto, Canada-based Slyce – the retail visual search platform empowering mobile apps such as Neiman Marcus’s image recognition shopping app – has announced its acquisition of the Philadelphia, PA-based mobile couponing company SnipSnap. The acquisition is valued at $6.5 million and is a combination of both cash and stock.
“SnipSnap and its four million users represent an enormous opportunity for Slyce to widen its service offering to leading retailers,” said Slyce CEO Mark Elfenbein, in a statement. “The team has solved a huge problem for retailers—effectively building a bridge between analog and digital coupon distribution. Furthermore, this acquisition enables users who are already taking photos of coupons to now take photos of real world items, a natural extension of the SnipSnap app’s current use case. With the addition of the SnipSnap platform and team including founder Ted Mann, Slyce instantly becomes the go-to provider of not just visual search applications but the very best out-of-store customer engagement solutions for retailers.”
As part of the acquisition Slyce gains SnipSnap’s more than 4 million current users, as well as its white-label platform which allows companies to create and target mobile coupons throughout all retailer-owned media channels, such as email, web, mobile, and SMS. Slyce plans to offer this to many more major retailers and brands both in and out of store. Ted Mann, SnipSnap’s CEO, will continue to lead the company from its headquarters in Philadelphia.
Founded in 2012, SnipSnap was the first company to develop image recognition technology for the purpose of scanning and making sense of coupons via mobile. Using the company’s app, users can take a picture of a coupon and instantly transform that into a digital, mobile format, which can then be searched and shared with other SnipSnap users. Since the company launched, more than 100 million coupons have been archived on SnipSnap and the company has formed partnership agreements with more than 50 North American retailers, including Bed, Bath & Beyond, Lord & Taylor, and Jo-Ann Fabrics.
Slyce will integrate its visual search technology into SnipSnap’s app, with the aim of improving the speed and accuracy of coupon detection. The technologies from both companies will also combine to create a comprehensive shopping solution that involves a 3D visual search function, instant couponing, and one-click customer checkout.
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