Perfect, a Taipei, Taiwan-based provider of augmented reality and artificial intelligence Software-as-a-Service solutions to beauty and fashion industries, today announced plans to merge with Provident Acquisition. The deal sets the enterprise value of Perfect Corp. at US$1.02 billion.
The business combination is expected to provide Perfect with approximately $335 million in gross proceeds, including $50 million from a concurrent PIPE transaction, $55 million from forward-purchase agreements, and $230 million held in trust by Provident (subject to redemptions).
The PIPE transaction is backed by investors including CHANEL, CyberLink, Shiseido and Snap, and others. The forward purchase agreements were entered into at the time of Provident’s initial public offering and committed by long-term institutional investors Ward Ferry Management and other investors including an affiliate of Provident.
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 AR and AI SaaS solutions, including product try-on, facial diagnostics, and digital consultation solutions.
If approved, upon closing Perfect will be listed on the Nasdaq under the ticker symbol PERF. The deal is expected to close in the third quarter. Read more.