Slyce, the visual product search platform acquired BuyCode, the Israeli company that developed the Pounce image recognition-based shopping app for a total consideration of $5 million in shares, cash and earn-out incentives.
The acquisition will save Slyce significant development time and investment and fast track the company’s B2C strategy. The company will integrate its own advanced image recognition platform into ByCode’s ready-made fully functioning consumer app, Pounce. Slyce plans to roll out their consumer facing mobile shopping app – capable of recognizing real-world items and facilitating one click purchases – in Q4, 2014.
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.
Slyce CEO Mark Elfenbein said of the acquisition, “We’re incredibly excited to be acquiring both the technology and the immense talent that Pounce comes with. Through integrating the technologies, we can offer our retail partners an almost seamless discovery-to-purchase process for their customers – whereby consumers can go from seeing an item in the real-world to purchasing that item from the retailer’s inventory in literally a few clicks.
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