Israel’s Syte acquires Slyce to expand its North American footprint
Between 2020 and 2021, Syte saw a 43% growth in North America - likely caused by the pandemic and the explosion of online shopping
Product discovery platform for retail Syte has today announced that it has acquired the fashion and furniture segments of Slyce, an American visual search company. At the time of the acquisition, it is understood that its technology has been integrated into apps and websites of more than 60 retailers including Abercrombie & Fitch, New Look, and Ashley Furniture HomeStore. The price of the acquisition was not disclosed.
“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.
Between 2020 and 2021, Syte saw a 43% growth in North America - likely caused by the pandemic and the explosion of online shopping. It is understood that its acquisition of Slyce’s portfolio of fashion and furniture customers will add to this growth. Following the acquisition, Stye will also be able to offer a wider range of product discovery solutions ahead of the 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,” added Vered Levy-Ron, CEO of Syte. “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. 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 more people shop online as brands welcome new personas from different regions and backgrounds, consumer expectations for personalized experiences - particularly among the young - have heightened. As shoppers demand more comprehensive and connected experiences to help streamline the search and purchase processes, it is understood that the acquisition of Slyce by Syte will allow the latter to scale the eCommerce experience during their growth.
"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 was founded in 2015 and provides retailers with information about the motivations of individual shoppers to help them get the right product at the perfect time. It has raised a total of $69.3 million over four rounds.