If you think of an acquisition like a marriage, Slyce and Hovr.it are now dashing down the aisle, getting ready for a beautiful future together. At Dx3, we’re sitting in the pew, wiping away a single tear like a proud papa.
The two companies first met at Dx3 in March 2013, at the recommendation of Michael Peace, a member of our sales team. Shortly thereafter, the wheels started turning about how the companies could work together.
“We realized that there was going to be some sort of chemistry here,” said Dave Williams, VP of Sales at Hovr.it. “And we didn’t know exactly whether it was going to be an acquisition or some large investment of some sort.”
“We have the desktop covered, they have the mobile covered.”
Filling in the gaps
Tackling virtually the same problem, but from different angles, Slyce and Hovr.it both attempt to use image recognition to make virtually any recognizable object purchasable. The Slyce app allows users to take pictures of things and find who is selling them online, while Hovr.it built a browser plug-in to find the products inside images and link them to stores.
“We have the desktop covered, they have the mobile covered,” Williams said. “They have a really robust crowd-sourcing platform and then we bring the machine-vision to the table… Anywhere the machine vision falls short, the crowdsourcing can fill in the gap.”
The fit in technology was natural, but the relationship between Slyce and Hovr.it was cautious during their first meeting.
The two companies were “a little stand off-ish at the start because neither side wanted to say too much,” Williams said. Eventually, the strength of the potential partnership was too great to ignore.
“Maybe a month or two after talking, we realized that acquisition was going to be the best route and we were going to go at this together and we actually started integrating the teams then.”
Integrating the teams
So while acquisition of Hovr.it by Slyce was officially signed on Nov. 28, there is already great chemistry and a common goal among the dozen-person combined company members.
“So we’ve actually been starting to integrate, slowly as a company over the past two months, so that as soon as the acquisition happened we could hit the ground running,” Williams said.
Now with the former employees of Hovr.it on board, Slyce is working on partnerships with retailers and academic institutions to expand the power and reach of their technology.
“We’re already starting to integrate with major North American retailers and publishers,” Williams said.
Hovr.it CEO Adam Jarczyn will become Chief Product Officer at the combined company. Williams will maintain the role of VP of Sales at Slyce. Team members will continue to work out of their respective offices in Calgary and Toronto.
“We’re able to cover pretty much anything. We can honestly recognize and connect anything to retailable link, and we could only do that as a joint entity.”
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