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Alibaba-backed beauty tech firm Perfect Corporation to merge with US blank-cheque company in deal worth US$1 billion
- Perfect is known for ‘YouCam’ app that allows users to try on make-up and hair dye virtually
- As part of the deal, Perfect will receive US$50 million from strategic investors such as Chanel, Shiseido and US camera company Snap, among others
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Perfect Corporation, a Taiwanese augmented reality (AR) software services provider focusing on beauty and cosmetic brands, has signed an agreement to merge with Nasdaq-listed blank-cheque company Provident Acquisition Corporation in a deal that values it at US$1.02 billion.
The start-up, which counts Alibaba Group Holding and Goldman Sachs Asset Management as early investors, will raise up to US$335 million through the merger with the special purpose acquisition company (SPAC), according to a statement.
“By combining with Provident Acquisition, we expect to … increase development in artificial intelligence (AI) and AR technology”, such as applying its technologies to the metaverse, it said. The metaverse is the new frontier for the internet and features a three-dimensional, immersive online world.
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Perfect is known for “YouCam”, its selfie editor app, which allows users to try on make-up and hair dye virtually. The app helps cosmetic brands widen their reach to customers. The company, founded in 2015, said the app, which also helps users detect wrinkles in advance, has been downloaded more than 1 billion times.
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Part of the proceeds that Perfect will receive include US$50 million from several strategic investors such as Chanel, Shiseido and US camera company Snap, among others.
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