Center City-based Slyce, maker of visual search software for retailers, has sold both the fashion and furniture segments of its business to Israeli product discovery platform Syte, the companies announced Wednesday.
The Philly company is known for integrating its technology into the apps and websites of more than 60 major retailers, like Abercrombie & Fitch, Ashley Furniture and American Eagle Outfitters.
But last year, Slyce began to pivot away from new developments on its retail software and focus energy on part-finding technology that could be using by in-store retailers like Home Depot. After developing that technology during the course of 2020, in November, it merged with Austria-based Humai to create a new company focused on part recognition called Partium.
The deal announced today saw Slyce’s remaining retail technology and clients sold to Syte so the Partium team to fully focus on its part recognition technology under the new umbrella. All of Slyce’s team, including CEO Ted Mann, had moved under the Partium name late last year, and no jobs were affected by either deal, Mann said Wednesday. The Slyce team now operating under Partium remains around 30 people, Mann said, with about five in the Philly region.
Slyce and Syte had essentially been operating as rivals, Mann told Technical.ly. But with Slyce’s new focus on part-finding technology, it made sense to cut its losses with the retail clients.
Syte uses visual AI to create intuitive search and discovery experiences for online shoppers, including visual and text search, automated product tagging and personalized recommendations. Its customers include PrettyLittleThing, SHEIN and Signet Jewelers.
“For Partium going forward, it was a distraction to maintain these customers in this category that wasn’t our main focus anymore,” Mann said. “What we learned is that sometimes we have to make difficult decisions, like sacrificing revenue. But this transaction brings some capital to Partium to grow that business.”
Syte cofounder Ofer Fryman said the deal will allow the company to expand its business and knowledge in the North American market.
“On top of the camera search solution that we’ve long-provided for Slyce customers, they will now have access to several new capabilities like automated product tagging, hyper-personalization, and augmented site search, all powered by visual AI,” Mann said.
Financial details of the deal are not being disclosed.
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