Visual search technology allows a user to take a picture of something and to draw up information about that picture. The company leading the charge of this relatively new technology is Slyce. Slyce has grown huge in the past few years. It is extending its arms into many other areas. It recently acquired the mobile couponing app SnipSnap for $6.5 million. The popular SnipSnap had a whopping 4 million-plus users. Because of the acquisition, Slyce has automatically acquired these users. SnipSnap itself is a relatively young company having just started in 2012.
It works with the product recognition technology. Users take a picture of a coupon. When ready, the user can actually redeem the coupon using the picture. Fortunately, most stores and restaraunts have come to recognize this method. In fact, many of these retailers and restaurants also use SnipSnap. They utilize a SnipSnap retailer feature which allows them to make coupons for their website, mobile apps, SMS, and Email. In addition, the app allows retailers to display new coupons to users who are currently in their vicinity. The company got so popular that SnipSnap was overwhelmed and was forced to outsource.
Despite all of this continued and growing success, SnipSnap recently decided that if were to continue to grow, they needed more funds. So they took drastic means and sold the company in a huge merger. It certainly wasn’t a bad move for SnipSnap. Slyce is going to benefit their company much more than monetarily. In fact, it is a perfect match and one the two companies were already contemplating. SnipSnap will be replacing its own visual search technology with Slyce’s top-of-the-line material. This is not the end of the benefits. The merged companies are discussing further ways to make each other better. The changing of the technology benefit has already taking place. In February, the SnipSnap app that users use will have the Slyce visual search equipment.
This is not the first major purchase and merger by Slyce. Only last year the bought Pounce, the mobile shopping app. And that was not the first, either. It has made three others. However, Slyce considers this its best because it is the most successful of its purchases. However, nothing about the day-to-day operations of the SnipSnap Philadelphia headquarters will change and its five full-time employees will remain.