This week, Visual product search platform Slyce jumped into the mobile couponing industry head-first with its acquisition of mobile couponing company SnipSnap.
The $6.5 million deal will allow SnipSnap founder Ted Mann to continue to lead the company, which won’t even have to lead its home base in Philadelphia, Pennsylvania.
Slyce says its newest purchase is a powerfully innovative firm with a proven penchant for creative mobile couponing solutions,
SnipSnap is billed as the first company to develop image-recognition technology for scanning and interpreting coupons with a mobile device.
The SnipSnap app, available for iOS and Android, lets users take a photograph of a retail coupon and instantly transform it into a digital, mobile format, which can be searched, retrieved, and shared with other SnipSnap users on their smartphones.
“SnipSnap and its four million users represent an enormous opportunity for Slyce to widen its service offering to leading retailers,” says Slyce CEO Mark Elfenbein. “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. “