Visual product search platform Slyce Inc. has acquired mobile couponing company, SnipSnap App Limited Liability Company for $6.5 million, made up of: US$1 million in cash payable at closing, plus US$3 million in Common Shares issued at Closing Date at an issue price of CDN$0.80 per share and up to US$2.5 million in Common Shares issued at future determined share prices, upon the achievement of revenue milestones by December 31st, 2015 and December 31st, 2016.
Slyce CEO Mark Elfenbein said of the acquisition, “SnipSnap and its four million users represent an enormous opportunity for Slyce to widen its service offering to leading retailers. 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.”
SnipSnap Founder Ted Mann will continue to lead SnipSnap, which will remain based in Philadelphia.
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