Visual search provider Slyce is expanding its lineup of mobile applications taking advantage of its proprietary image recognition technology with the acquisition of popular mobile couponing app SnipSnap for $6.5 million. The deal was a combination of cash and stock, and brings SnipSnap’s 4 million-plus consumers to Slyce, as well as its enterprise product line which Slyce now plans to make available to its current lineup of retailers.
SnipSnap, as you may recall, first debuted to the public on TechCrunch Disrupt’s stage back in 2012, offering a different take on mobile couponing. Instead of aggregating coupons and deals from affiliate providers, the company turned to crowdsourcing. Mobile consumers contribute to SnipSnap’s database of coupons by snapping photos of printed coupons using their smartphone’s camera. The app then recognizes the text and images on the coupon, and makes it available to other users to discover in the app or surface via search.