Stylitics acquires visual AI solutions company Wide Eyes
New York-based Stylitics, leader in AI-powered digital merchandising and styling technology, today announced its acquisition of Barcelona-based Wide Eyes, one of the leading visual AI solutions for fashion and retail.
Wide Eyes’ technology enhances Stylitics inspirational commerce platform with image recognition and artificial intelligence technology that drives easier product discovery and faster conversion. The platform was built to make all visual content shoppable enabling visual search and image-based shopping on the front-end, while expanding computer vision-driven product attribution and data enrichment on the back-end.
This deal further expands Stylitics’ growing presence in Europe and the UK, adding local teams in Spain to service growth with retail industry clients across the EU.
“Wide Eyes’ AI systems and computer vision technology are based on several years of cutting-edge R&D, and are widely used by many of Europe’s top retailers,” said Rohan Deuskar, CEO and Founder of Stylitics.
Startup Finance Team carried out the due diligence of Wide Eyes as a strategic finance firm, assisting in the financial integration of both companies after the merger.
To date, Stylitics has driven more than $4 billion in incremental revenue for its customers with 200 million plus additional units sold from more than 4,500 brands and retailers. The platform includes the leading solution to build outfits and product bundling at scale in over 50 billion shopper sessions a year, resulting in increased product discovery and basket size, with an average 23% increase in units per transaction and a 21% increase in average order value for its partner brands and retailers.
Stylitics also announced that the Wide Eyes highly-skilled team of engineers and customer success professionals in Spain will join Stylitics. Founded in 2013, Wide Eyes is integrated with retailers in more than 100 countries, with millions of unique users per day.
“I am very excited about the opportunities we now have as part of Stylitics to further advance our technology and bring next gen AI visual solutions to the best retailers in the world” said Luis Manent, CEO and Co-Founder of Wide Eyes.
Startup Finance Team carried out the due diligence of Wide Eyes as a strategic finance firm, assisting in the complete financial integration of both companies after the merger.