Perfect Corp is presenting at our METAVERSE 2.0 virtual event on March 9-10. Also be sure to check out their virtual booth !
Perfect Corp., a Leading AR and AI SaaS Solution Provider in the Beauty and Fashion Industries, to List on Nasdaq by Merging with Provident Acquisition Corp.
Perfect Corp., a Taiwan-headquartered virtual beauty try-on app developer, announced on Thursday it is merging with a blank check company to go public in the U.S. at a valuation of $1 billion.
Founded in 2015, Perfect Corp. markets itself as a leading artificial intelligence and augmented reality beauty and fashion tech solutions provider. The applications it has developed allow users to analyze the condition of their skin and virtually try on makeup, hair and nail colors, as well as other accessories.
The company said its technologies have been deployed by more than 420 beauty brands in over 80 countries, including Estee Lauder Companies’ brands Mac and Clinique. It has also partnered with Facebook’s parent company Meta, Snapchat’s operator Snap, as well as Alibaba’s e-commerce sites to offer makeup try-on tools on each of their respective platforms.
Perfect Corp. (“Perfect”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, and Provident Acquisition Corp. (Nasdaq: PAQC; "Provident"), a special purpose acquisition company, today announced a definitive agreement for a business combination that would result in Perfect becoming a publicly-traded company (the “business combination” or “proposed transaction”).
The combined company will focus on accelerating Perfect’s global expansion, extending Perfect’s industry coverage from beauty and fashion to tangential sectors, and augmenting Perfect’s innovative AR and AI SaaS solutions, including product try-on, facial diagnostics, and digital consultation solutions. Upon the transaction closing, the combined company will be named Perfect Corp. and will be listed on the Nasdaq under the ticker symbol "PERF".
Alice Chang, Founder and Chief Executive Officer of Perfect, commented, “Perfect Corp. is transforming the beauty and fashion industries. We democratize the shopping experience for consumers and brands with our leading AR and AI SaaS solutions. At the same time, we empower brands large and small to provide their customers with an enjoyable, convenient, and personalized omnichannel shopping experience through innovative technologies. Current consumer trends, such as increasing penetration of omnichannel consumption, hygiene awareness, and focus on ESG, provide us with favorable tailwinds to accelerate growth and adoption of our services. By combining with Provident, we expect to not only attain access to the public capital markets, but also attract more world-class investors, enhance our corporate governance, expand our market reach, increase development in AI & AR technology and explore white space, such as adjacent fashion verticals and metaverse applications of our technologies.”
Michael Aw, Chief Executive Officer of Provident, commented, “Perfect Corp.’s global leadership in AR and AI technology, its proven track record of success in working with the world’s leading beauty brands, its high revenue growth and expanding profit margins, and its attractive valuation make it a perfect fit for our business combination. Leveraging our team’s expertise in founding and building businesses to large scales and our extensive network in the beauty industry, we are committed to working together with Perfect’s highly experienced management team to expand its market reach, develop new verticals, extend market leadership, and deliver superior returns for its shareholders.”
Perfect Corp. – Leading AR and AI SaaS Solution Provider to Beauty and Fashion Industries
Founded in 2015, Perfect is the world’s leading provider of AI and AR SaaS solutions to the beauty and fashion industries. Perfect is transforming the consumer shopping experience with its sophisticated SaaS solutions including 3D facial and hand modeling, AI skin diagnostics and simulations, AR-empowered video consultations, live product try-on, and personalized facial attribute recommendations. It serves a wide array of beauty and fashion segments including cosmetics, skincare, hair coloring, fashion accessories, and more.
With 44 granted patents and other pending patent applications, Perfect believes that it is well-positioned to empower beauty brands. Within six years of inception, Perfect’s enterprise solutions are utilized by 95% of the world’s top 20 global beauty groups and over 400 beauty brands in more than 80 countries. Perfect’s consumer apps have also achieved over 950 million downloads globally and enabled over 10 billion virtual product try-ons annually.
Perfect is also partnering with the world’s leading Internet platforms to utilize its AR & AI technology-empowered solution, including Snap Inc.’s Snapchat and Alibaba’s Taobao and Tmall Beauty. Through those strategic partnerships, Perfect provides beauty brands with access to one-stop beauty AR solutions that enable them to attract, engage, and retain consumers on the world’s highly trafficked Internet platforms.
Beyond benefiting consumers and brands, Perfect is also contributing to environmental sustainability. Its AR and AI-powered virtual try-on technology was named 2021 Green Product of the Year by the Business Intelligence Group for its efforts in reducing product testers and samples, preventing overconsumption, and reducing product returns.
With its technology leadership and omnichannel reach, Perfect believes that it is well-positioned to expand beyond beauty and fashion. Perfect has already begun offering AR and AI SaaS solutions related to eyewear, nail design, watches, jewelries and accessories. Perfect aims to become the AR and AI powerhouse partner for brands.
Management Team and Strategic Investors
Perfect is led by a world-class management team with more than 80 years of combined experience in software, AR, and AI technologies. Prior to founding Perfect, Alice Chang held leadership positions at various technology companies, including being the Co-Founder and Chief Executive Officer of CyberLink Corp. (TPE: 5203, “CyberLink”), a Taiwanese multimedia software company, for 18 years, the Chief Financial Officer of Trend Micro Incorporated (TYO: 4704) for 2 years. Other executives of Perfect also have extensive managerial experiences at leading technology companies in the Asia Pacific and the United States. In addition, many of Perfect’s executives have international education and work experience.
Perfect is backed by renowned strategic investors, including CyberLink; Snap Inc. (NYSE: SNAP), a US-based camera company; Goldman Sachs Asset Management, one of the world’s leading asset managers; Alibaba Group Holding Limited (NYSE: BABA and SEHK: 9988), a technology company rooted in commerce; Yuanta Asia Investment (Hong Kong), a Hong Kong based private equity management company focusing on high-tech development investments; and CCV, an investment firm focused on making early-stage and growth-stage investment in the TMT area.
