Retail product discovery platform Syte has announced the acquisition of the fashion and furniture segments of visual search company Slyce.
Syte’s product discovery platform uses visual AI to aid recommendations for shoppers, with solutions including visual and text search, automated product tagging, and personalised recommendation carousels.
Slyce’s offering, meanwhile, is integrated into the apps and websites of over 60 US 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.
Syte said the acquisition would give it access to a wider range of product discovery solutions ahead of what it anticipated to be a bumper holiday 2021 shopping season. Terms of the transaction were not disclosed.
"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."