The visual search technology specialist Slyce has been the subject of a buyout offer first reported by Market Wired. Slyce has received the proposal from Quest Venture Capital as the investment specialists are seeking to develop the technology Slyce has already put into place and develop it further for defense, retail and commercial uses. Slyce has become one of the world’s leaders in visual search aznd image recognition technology from its base in Canada and has recently announced its technology will be used by a number of the top 20 retailers in North America.
Quest has detailed its proposal in print as valuing the shares of Slyce at $0.85 per share, which it believes is far above current market value. In fact, Quest sees its offer valued at more than 400 percent of the current value of Slyce. The value of the company provided by Quest is thought to reflect the future possible value of Slyce should its future development go according to plan. The options created by Slyce are seen by Quest Venture Capital to have defense, retail, and commercial uses in the coming years.
The purchase letter sent by Quest to the board of directors of Slyce includes details of how the proposed buyout would take place, which includes a proposal to make little change to the day to day running of the company. Other details include a promised $35 million investment in research and development that will take the visual search options of the company in new directions and lead to the roll out of the much anticipated Scout app. The Scout visual search technology app is expected to see the value of Slyce reach around $1 billion if it is achieved successfully, a value Quest believes is reflected in the purchase price proposed.