Toronto-based Slyce recently $12 million to further its growth and acquired mobile commerce company BuyCode for $5 million last month. Following this news is an announcement today that the company has also entered into an agreement to purchase Drivetrain, an mobile app development agency that builds customized apps for enterprise and consumer brands.
The terms of the deal consists of cash, and deferred cash payments in an amount up to US$3.5 million. The Drivetrain development and engineering team will transfer to Slyce to continue “development of the Slyce visual search platform.” Drivetrain founder and CEO Daniel Grigsby will join the Slyce executive team in the role of Chief Technology Officer.
Slyce CEO Mark Elfenbein said of the announcement “We’re incredibly pleased to have tied up this acquisition of a market leader like Drivetrain. With the acquisition of the agency and its highly-specialized development and engineering team, Slyce is able to not only widen the scope of its product offering to leading brands and retailers but also, further deepen its technical expertise and capability.”
