Slyce Year End Reports Show Promising Future
Slyce has had a robust quarter according to a wrap-up that was published on Yahoo Finance. Over the fall they signed several contractors with top retailers including Neiman Marcus, Shoes.com and Urban Outfitters and this helped propel them into the new year.
AS of February 10th, Slyce removed its short form offerings and instead accepted a $7 million private financing offer from a lead investor that has purchased as much as $5 million of the company units. The company is still taking subscriptions from this same lead investor as well as others but is nearing the end of its financing period.
Over the course of 2015 Slyce focused on developing their product by adding more to its image recognition option. They also have been busy introducing new ways that visual search can be used. In particular, the company focused on making a system that is easy to be used by new customers by making simple onboard integration. They were able to do this by packaging products to work with a unified Software Development Kit and by creating product feeds that are automated.
They also made many more technology achievements including technology such as the Slyce Link that is a platform for retail customers. It is currently in beta testing. Another achievement was the universal scanner which is embedded in any retailer app and allows people to scan not only barcodes, but also catalogues, flyers, and physical objects. They also released a spattering of apps over the year including Craves, Pounce, and added the Scout service to its SnipSnap app.
Last year Slyce had a great close to the fiscal year closing out the year on Oct. 31st with a total revenue of about $1,700,000 which is a 1784% increase compared to Oct. 31st of 2014 when they reported revenues of just $89,800. In addition, recurring revenue is beginning to expand due to client integration and continual deployment of new technology.
Recurring revenue for the year increased up to $409,000. Losses were also down for the company painting a very promising picture for Slyce as it continues to grow.