Visual product search platform Slyce has acquired SnipSnap.
The Canadian company scooped up the US-born app for $6.5 million.
SnipSnap was the first company to develop image-recognition technology for scanning and interpreting coupons with a mobile device. Launched in 2012, Philadelpha’s SnipSnap now has more than four million users, who have snipped a combined 100 million coupons.
Slyce will begin integrating its visual-search technology into the app, improving the speed and accuracy of coupon detection for all SnipSnap users. The acquisition will also allow Slyce to combine the SnipSnap technology with its previously acquired Pounce technology into an all-in-one mobile shopping solution incorporating 3D visual search, instant couponing and one-click customer checkout.
“SnipSnap and its four million users represent an enormous opportunity for Slyce to widen its service offering to leading retailers,” Slyce CEO Mark Elfenbein said of the acquisition. “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.”