Slyce, a premier firm in the visual technology industry, has experienced tremendous achievements since it launched its visual-search, and recognition application in February 2013.Its technology allows users to take a picture of a desired item, search and purchase it through their smartphone.
Vital Client Deals during the Fourth Quarter
Slyce announced a collaboration with SHOES.COM on August 12 2015. SHOE.COM is a highly growing online retailer in footwear. Consequently, the firm intends to use Slyce’s visual search and image recognition application to allow prospective clients visiting SHOEme.ca purchase any preferred pair of shoe through several clicks or taps.
In addition, the company later announced a partnership with the Urban Outfitters. The contract between the two entities is meant to boost mobile commerce. Consequently, clients are in a position to procure their favorite brand from any Urban Outfitters store in Europe, United States, and Canada.
Financial Highlights and 4th Quarter Results for the Year Ended 31 October 2015
It announced that its income for the year completed 31 October 2015 increased by a margin of 1784%. This was from the previous year’s $89803 to $1692292.Slyce proclaimed that the recurring revenue resulted from deployment and integration.
Quarter Revenue Results
The quarter ended with an increase in revenue by $1683, which saw the revenue results rise from $78560 in 2014 to $661458 in 2015.Consequently, the fourth quarter total results increased by 27%, which was higher than the third quarter.
Increased marketing initiatives and acquisitions by Slyce attributed to the rise in operating expenditure. The expenses rose from $6900310 in 2014 to $11639430 to 2015.
Quarter Operating Expenditure
The quarter expenditure incraes4d from 2014’s $2001060 to a total of $2946712 on the fourth quarter. Primarily, this was due to increased operations due to growth in sales initiatives.
On 14 July 2015, Slyce announced its newest technology in visual search applications, Craves. The Craves application is a fashion application geared towards facilitating shopping endeavors. In addition, it extended Pounce, its 3D application, to an android platform.