TORONTO, ONTARIO--(Marketwired - June 22, 2016) - Image recognition leader Slyce Inc. (TSX VENTURE:SLC)(FRANKFURT:06O1) ("Slyce") today announced a signed contract with leading apparel retailer Express to power visual search for mobile commerce. Express will integrate Slyce's Universal Scanner product, which enables image recognition of clothing and products, as well as catalog and barcode scanning.
Express currently operates more than 600 retail and outlet stores, and is based in Columbus, Ohio.
Slyce will derive revenues from the contract through monthly recurring software licensing and service fees, in line with its current pricing model, over the term of the contract.
Slyce's business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.
About Slyce Inc.
Slyce, based in Toronto, ON, delivers image recognition technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce's technology is used by large retail brands such as Neiman Marcus, Best Buy, JCPenney and Home Depot.
Slyce's business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.