Toronto-based visual image search firm Slyce, continues its rapid growth pace with the recently announced acquisition of a mobile app developer based in Minneapolis. The value of the deal to purchase Drivetrain, which is subject to regulatory $3.5 million approval. The entire engineering and development team, including founder and CEO, Daniel Grigsby will become employees of Slyce when the deal closes. Grisby, who has over 20 years of technical experience, that includes both hardware and software development will assume the role of Chief Technical Officer , responsible for the overall technical operations of the company.
Dan, as he is known, is a previous member of the 40 under 40, and was honored as one of the ‘Titans of Technology’. He has been involved in several technical ventures that include, the eCommerce service provider, Merchant Planet, that was eventually acquired by Microsoft. His experience with a PayPal competitor known as payMe.com, is also expected to move the company forward in the development of customized apps to compliment the visual search technology.
Slyce CEO Mark Elfenbein expects the acquisition to result in a completely synergistic and seamless relationship, that allows Slyce to expand it products to a larger group of retailers and and brand manufacturers, while the technical expertise and capability is further developed.
The company also continues to revolutionize the retail shopping landscape with the collaboration of the launch of a new feature with upscale retailer Neiman Marcus. The 3D feature known as Snap. Find. Shop, which requires the installation of an app from the Apple iTunes Store, allows customers to snap an image of fashion items and to be instantly be provided with matching items that are currently available from www.neimanmarcus.com. At present the app is only available for customers in the U.S. and can be used on both virtual images, and physical items. It takes the process purchasing from a snap to a click in real time. Neiman Marcus is well recognized in the luxury sector, and offers the app with listings for handbags and shoes, with other categories and items from Neiman Marcus to be added in the near future.
Slyce continues to expand its position as one of the leaders in the field of visual search as the technology is used to enable the use of apps for instant purchase. The options are available for use by retailers, publishers, developers, or anyone involved in eCommerce. According to CEO Mark Elfenbein, the use of the technology is limited only by imagination and creativity and the list of the Fortune 1000 companies with which the company is involved, continues to grow.