The company names Toys "R" Us and Hudson's Bay among its retail clients, and says it currently has a patent pending on its process of turning a photograph of a coupon into a mobile coupon.
January 29, 2015
Visual product search platform Slyce Inc. has announced the acquisition of mobile couponing company SnipSnap for the consideration of $6.5 million payable in a combination of cash, Slyce common shares and conditional shares. The companies said that SnipSnap founder Ted Mann will continue to lead SnipSnap, which will remain based in Philadelphia.
The SnipSnap app, available for iOS and Android, allows a user a way to take a photograph of a retail coupon and instantly transform it into a digital, mobile format, which can be easily searched, retrieved, and shared with other SnipSnap users on their smartphones. With all pertinent information from coupons (barcode, expiration date, cashier code) extracted and digitized, users are then able to simply present their smartphones at retailer cash registers to redeem the coupons. SnipSnap also provides users with alerts such as expiration-date notifications as well as location-based reminders to redeem coupons at stores and malls that are close by, according to the companies.
Launched in 2012, SnipSnap has grown to over four million users, who have snipped over 100 million coupons. The typical active user saves $40 per month, the company says. SnipSnap saw an average of 20-percent month-on-month revenue growth for the last six months of 2014 and has increased its total revenue 14-fold since fiscal year-end 2013.
The company names Toys "R" Us and Hudson's Bay among its retail clients, and says it currently has a patent pending on its process of turning a photograph of a coupon into a mobile coupon.
"SnipSnap began with a very simple concept: what if saving a coupon to your phone was as simple as snapping a photo of it?" said Mann. "Mobile phones are becoming remote controls for our lives, and Slyce is at the forefront of how we can apply image-recognition and visual search to not just coupons, but all forms of mobile commerce — and beyond. We now employ Siri and voice recognition to do countless things on our phones. In the next couple years, you'll find yourself using your camera and visual search — and Slyce — the exact same way."
