TAGS: Science-based Formulation
Perfect Corp. and Provident Acquisition Corp. (Nasdaq, PAQC, Provident), announced a definitive agreement for a business combination that would result in Perfect becoming a publicly-traded company (the business combination or proposed transaction).
Focus on Accelerating Coverage to Tangential Sectors
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’.
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, jewelry, and accessories. Perfect aims to become the AR and AI powerhouse partner for brands
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.”
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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.”
Providing Personalized Experiences to Customers
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.”
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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.”
The transaction is expected to close in the third quarter of 2022.
Source: Perfect Corp.
