Slyce (TSX: V.SLC, Stock Forum) put another feather in its cap when the company announced today that it had entered into an agreement with a top North American Fortune Top 50 company to add a visual search function across the company's mobile commerce platform.
According to the news release, the addition will allow users of the company's smartphone to snap images of over 1.3 million products in the real-world and match them direct or closely similar product which they can buy with a click.
The company will receive its initial revenues from the deal through monthly recurring software licensing fees with the potential of additional revenue streams later on under their current business model.
Company CEO, Mark Elfenbein, commented on the landmark deal, “Having Slyce be selected as the supplier of mobile visual product search for a company of this stature is a significant validation of the Slyce technology.”
Integration has already began with full roll-out expected in Q2 2015.
Slyce was in the news recently when the Toronto-based company announced integrating its technology with Offerpop a little over a week ago.
Shares gained 9.52% on the news to $0.69 per share.
Currently there are 115.6m outstanding shares with a market cap of $79.8 million.