Quest Ventures Bids For Slyce
The investment specialist Quest Venture Capital has taken the first steps in taking complete control of the visual search technology developer Slyce. The Canadian company has been at the forefront of developing a visual search technology app that is being used by many of the top retailers in North America and around the world. In its journey to the top of the visual search technology industry Slyce has purchased a number of companies that had already put into place software used by the company for image recognition to become a reality.
Quest Venture Capital is reported by Market Wired to have taken the first steps in moving towards a 100 percent buyout of Slyce with a cash offer for the company. The value of the offer is thought to reflect the future status of Slyce should its proposed technological advances become as successful as anticipated when their defense, retail and commercial uses have been fully developed. Quest has so far offered Slyce a stock value of $0.85 per share, which the company believes reflects the a more than 400 percent increase on the current market value of the company. Quest Venture Capital believes Slyce has the potential to have a far higher value and sees its future as a company worth more than $1 billion reflected in the initial proposal.
Quest Venture Capital also made a number of proposals in its initial letter that set out how it sees the future of Slyce panning out. The investment specialist has stated it plans to invest a further $35 million in research and development in Slyce that will be used to fund software for barcode scanning aimed at defense purposes. The launch of the anticipated Scout visual search app will also lead to an increase in both funding and development that Slyce hopes will make this the dominant technology in the visual search market.