Slyce, a visual product search platform, has acquired Tel Aviv, Israel-based mobile commerce company BuyCode that developed the Pounce image recognition-based shopping app.
The transaction was made for a total consideration of $5m in shares, in cash and earn-out incentives.
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Available directly to consumers and as a private label solution to retailers, the Pounce app bolsters Slyce’s suite of mobile shopping services to its retail customers.
By integrating the app with its own advanced image recognition platform, the company will save significant development time and investment and fast track its B2C strategy.
Slyce intends to launch its consumer facing mobile shopping app in the fourth quarter of 2014. This app can recognize real-world items and facilitate one click purchases.
Mark Elfenbein, CEO of Slyce, said: "We’re incredibly excited to be acquiring both the technology and the immense talent that Pounce comes with. We are consistently looking to add and perfect the functionality we can offer major retailers with the Slyce visual search platform.
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By GlobalData"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."
Pounce founder and CEO Avital Yachin will join the Slyce executive team.
