The success of the Slyce company has not gone unnoticed over the last few years after the Canadian company became one of the best known in the world of visual search technology. After seeing its share price rise and the number of contracts in place or being negotiated make it one of the top technology companies in North America the Quest Ventures group has now announced its intention to take full control of the private company. Quest believes its offer to buy all the shares in the company at a price of $0.85 per share provides excellent value for Slyce shareholders.
The buyout proposal was first reported by Market Wired and includes the promise to not only complete the buyout quickly and effectively, but also to add further funding for the research and development areas of the company. The added investment in research and development will see Slyce become a major part of both the commercial and defense based visual search industry, with Quest looking to develop further the barcode scanning and recognition technology Slyce has already been working on.
Quest has already made the offer top the board of Slyce in a letter dated November 17th 2015 and included full details of the buyout proposal, which sees the total value of all outstanding shares valued at 485.17 percent of their current value. Quest believes the value of Slyce is far higher than the share price reflects, but also feels further investment is needed to push the company into a powerful position within the defense and retail industries. The launch of the Scout app will be one of the main focuses of Quest should the buyout prove successful; this app is eagerly awaited by the retail industry, whose members see it as the visual search equivalent of the Siri voice recognition software. Quest believes the development of Scout could push the value of what would become PrivateCo up to the $1 billion mark and prove a successful choice for themselves and the shareholders of Slyce.