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.