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Quest Bids To Take Control Of Visual Search Specialist Slyce

Slyce has quickly grown from its roots in Canada to become one of the world’s top technology companies specializing in visual search technology. The company is seen as something of a game changer in the retail industry as the ability to incorporate its visual search software into an existing app differs from that put forward by many of its rivals. The developments made and many contracts with major North American retailers have prompted Quest Venture Capital to make an initial purchase proposal to take full control of Slyce.

The bid from Quest has been reported by Market Wired and includes details of the bid and the future direction Slyce will take if the purchase bid is successful. Quest believes the contracts Slyce already has in place, which are thought to number ten and includes many of the top 20 retailers in North America provide an excellent starting point for the development of the company. The proposal from Quest values Slyce far higher than its current share value and takes into account the future success of the visual search technology and highly anticipated Scout app. Scout will look to become the dominant force in visual search technology in much the same way as Siri has become the benchmark in voice recognition.

Quest has placed a value of $0.85 per share on Slyce and has offered to purchase all the existing stock available to take full control of the company. The terms of the bid from Quest Venture Capital also include a $35 million investment in research and development that will see the existing technology improved to see the value of the new company hit $1 billion. The proposal from Quest explains how the cash offer values stock in the company at over 400 percent higher than its current market value and will see the uses of the technology developed for retail, commercial, and defense uses.

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