Visual product search platform Slyce Inc. (TSX VENTURE:SLC) has acquired Tel Aviv based mobile commerce company BuyCode Inc.. Slyce will pay $5 million in shares, cash and earn-out incentives for the Israeli company which has developed the Pounce image recognition-based shopping app.
The Pounce app is available both directly to consumers and as a private label solution to retailers. As well as bolstering the suite of mobile shopping services, Slyce is able provide to its retail customers, by acquiring a fully functioning consumer app and integrating its own advanced image recognition platform, Slyce will save significant development time and investment and fast track their B2C strategy.
Founded in 2012, Pounce is a mobile commerce app and platform which enables consumers to hover over product images with their smartphone’s camera and, using image recognition, carry out frictionless one-click checkouts of the items they discover. An aspect of the proprietary Pounce software also believed to be highly disruptive is that it offers consumers the ability to seamlessly checkout items from multiple online retailers’ commerce platforms after a single submission of their payment information. Additionally, Pounce supports seamless Bitcoin payments.
Pounce has integrated its mobile payments technology with several of North America’s largest retail brands including Lord & Taylor, Hudson’s Bay and others and, through technology integration, is expected to fast track Slyce’s consumer facing strategy whereby Slyce app users will be able to snap-to-purchase real-world products with one click.
Pounce founder and CEO Avital Yachin will join the Slyce executive team. Yachin, who was formerly head of Social Commerce for Sears Worldwide, brings over 15 years of product and e-commerce experience to the Company. Pounce raised seed funding from Entrée Capital, Gigi Levy and Plus Ventures.
Yachin said, “Partnering is the natural step for us and we plan to help continue solidifying Slyce’s position as the go-to provider of visual search for brands and retailers - a technology that, for the majority, has undoubtedly become a top priority."
Published by Globes [online], Israel business news - www.globes-online.com - on September 17, 2014
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