Slyce (
TSX: V.SLC,
Stock Forum) added another client to the roster when the company announced today that it had entered into a contract with major US retailer, JCPenney, to provide visual search technology for the retailer’s mobile commerce platform.
According to the
news release, the company will derive monthly recurring revenues through licensing and service fees over a three-year contract.
Company CEO, Mark Elfenbein, commented on the deal, “We are very excited to be deploying our technology with JCPenney.”
This is the third deal in fiscal 2015 for the burgeoning tech firm with an innovative mobile visual search technology which allows users to snap pictures of items both in media and the real world, and be guided toward matching or similar products online that can be purchased with a touch.
Slyce was in the news recently when
the Toronto-based company announced at the beginning of March that it had signed a mobile visual search contract with a Fortune Top 50 company.
Shares gained 4.84% on the news to $0.65 per share.
Currently there are 115.6m outstanding shares with a market cap of $75.2 million.