Slyce is enjoying Tremendous Growth According to its end of 2015 Financial Results

Visual search technologies deployed into the market by Slyce Inc., a prominent visual search avenue have revolutionized the way retailers interact with their clients. Currently, it is possible for retailers to track the behaviour of the client prior to and after the purchase. Slyce Inc. released its financial report covering business updates, transactions and deals closed, as well as new technology for the October 31, 2015 fourth quarter.

Business updates

Slyce signed deals with new customers during the three months of the fourth quarter. SHOES.COM signed an agreement with Slyce on August 12, 2015. Slyce will be the sole provider of mobile image technology, which will enable clients to upload images of women’s footwear on SHOEme.ca and they will be presented with all type of shoes available as well as those that are matching.

Slyce proceeded to announce that it would deploy its technology on all products of Neiman Marcus on August 26, 2015. Other new customers recruited include Urban Outfitters and Shoe Carnival that were announced on October 6, 2015, and October 22, 2015, respectively.

Technology achievements

Slyce focused on creating an amazing shopping experience for clients and help retailers to boost their sales by launching a series of visual search technology. The Universal Scanner was released to the market on October 5, 2015. This device will enable retailers to recognize diverse objects ranging from physical ones, barcodes, flyers, and catalogues automatically.

Slyce Link creates a platform for clients to interact and exchange their views about brands. The platform is available in either SDKs or JavaScript that are supported by iOS and Android operating systems. This system was launched on November 25, 2015.

Revenue updates

For the three-month period, Slyce’s revenue amounted $1,692, 292, which is a 1784% increase from the previous quarter ended Oct 31, 2015. Client Integration and deployment formed a bigger percentage of the total revenue and it was followed by recurring revenue, which is currently enjoying a tremendous growth.

Operational expenses

The October 31, 2015, fourth quarter expenditure totaled $11,639,430 representing a significant increase from the previous year, which was $6,900,310. Slyce has been involved in a series of acquisitions and marketing activities that have triggered an increase in expenses.