Updated with additional comments from SnipSnap founder Ted Mann. (1/29/15, 9:21 a.m.)
As of today, SnipSnap will operate under the ownership of Toronto-based visual product search platform Slyce, Inc.
Acquiring SnipSnap means Slyce has just gained over 4 million coupon-clipping users and over 50 retail partners, including Toys “R” Us, Lord & Taylor and Bed Bath & Beyond.
“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 in a press release. “Furthermore, this acquisition enables users who are already taking photos of coupons to now take photos of real world items.”
Hopefully this is the first of a number of exits that we'll see in the Philadelphia marketplace.
SnipSnap, which was created at DreamIt Ventures in 2012, will remain in Philadelphia at its Center City headquarters. The company will still be led by founder and president Ted Mann. “Mobile phones are becoming remote controls for our lives,” Mann said in a statement. “Slyce is at the forefront of how we can apply image-recognition and visual search to not jut coupons, but all forms of commerce — and beyond.”
Think of Slyce as the visual equivalent of Siri, Mann said. “You’ll find yourself using your camera and visual search — Slyce — the exact same way,” he said.
The acquisition started off as a conversation about ways to possibly partner, according to MentorTech Ventures managing director Brett Topche, a SnipSnap investor.
“We’re happy we were able to be a part of it and be along for the ride with SnipSnap since the early days,” Topche said. “Hopefully this is the first of a number of exits that we’ll see in the Philadelphia marketplace.”
The anticipated completion date for the acquisition is Feb. 3.
“This is a great outcome for us,” Mann told Technical.ly Philly.
Mann says he’s excited that it’s not another coupon company doing the acquiring. Pairing with a product search firm broadens what SnipSnap can accomplish next, he said.
SnipSnap recently announced that it turned a profit in Q4 2014.
Companies: DreamIt Ventures / MentorTech Ventures / SnipSnap
People: Brett Topche / Ted Mann
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