22 Sep, 2021, 10:00 ET
TEL AVIV, Israel, Sept. 22, 2021 /PRNewswire/ -- Syte, the leading Product Discovery Platform for retail, today announced that it has acquired both the fashion and furniture segments of Slyce, a US-based visual search company that has integrated its technology into the apps and websites of more than 60 major retailers, including Abercrombie & Fitch, New Look, and Ashley Furniture HomeStore.
"This strategic acquisition allows Syte to leverage Slyce's deep knowledge and experience in the North American market, establishing a powerful go-to-market group to support new and existing clientele", said Ofer Fryman, Syte's co-founder and Chief Strategy Officer who led the acquisition process.
Terms of the transaction were not disclosed.
Syte saw a 43% year-over-year growth of North American customers between 2020 and 2021, and the acquisition of Slyce's portfolio of fashion and furniture customers, combined with the company's strong reputation in the North American retail and eCommerce markets, will further propel Syte's sustained growth. Through this transaction, Syte will also have the ability to present a wider range of sophisticated product discovery solutions to Slyce's fashion and furniture customers ahead of another unprecedented 2021 holiday shopping season.
"The acquisition of Slyce's book of business is an important driver of growth for Syte as we scale our expansion into the US market. We believe our full-platform approach, combining visual discovery, searchandising, and personalization solutions, will drive performance for Slyce customers and new clients alike as we extend our services to leading North American brands and retailers," said Vered Levy-Ron, CEO of Syte. "This is a pivotal era for eCommerce, and the Syte team is thrilled to position these businesses at the forefront of retail innovation with an integrated, hyper-personalized approach to online product discovery."
As brands increasingly welcome new and varied online shopping personas, and consumer expectations for personalized experiences continue to heighten as they rely more heavily on eCommerce, Syte is continuing to fill the gap created by siloed retail solutions with a holistic product discovery platform that goes beyond visual search to cater to all shopper styles. Shoppers are demanding comprehensive, connected experiences with diverse and personalized recommendations, and the acquisition of Slyce will allow Syte to bring this seamless eCommerce experience to North American consumers at scale.
"We're very excited for Slyce and Syte to join forces," said Slyce CEO Ted Mann, who is helping lead the integration of the two businesses. "On top of the camera search solution that we've long-provided for Slyce customers, they will now have access to several new capabilities like automated product tagging, hyper-personalization, and Augmented Site Search, all powered by visual AI."
Syte is the world's first Product Discovery Platform for retail. It uses visual AI to create intuitive search and discovery experiences for all types of shoppers.
Syte's solutions include visual and text search, automated product tagging, personalized recommendation carousels, and more. They use unique data generated by visual AI to help shoppers find the most relevant products.
Brands and retailers like Farfetch, PrettyLittleThing, Signet Jewellers, Coleman Furniture, SHEIN, and Baycrew's, partner with Syte to drive eCommerce revenue and build long-term customer loyalty.
To learn more about Syte's solutions, products, technology, patents, and trademarks, visit www.syte.ai.
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