Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Beauty Software Maker Perfect Near $1 Billion SPAC Deal, Sources Say

The deal may include a private investment in public equity, or PIPE, worth about $50 million, the people said.
Makeup sales came roaring back after years of decline, accentuated by the pandemic.
Perfect Corp. is nearing a deal to go public by merging with US-listed blank-check company Provident Acquisition Corp. (Shutterstock)

Perfect Corp., an Asian start-up that makes software for the beauty and fashion industries, is nearing a deal to go public by merging with US-listed blank-check company Provident Acquisition Corp., according to people familiar with the matter.

A transaction could value the business at about $1 billion, the people said, asking not to be identified because the matter is private. Perfect, based in Taipei, and the special purpose acquisition company are finalising the details of a transaction that could be announced imminently, the people said.

The deal may include a private investment in public equity, or PIPE, worth about $50 million, the people said. While talks are advanced, details of the transaction could change and, as with all deals, could still fall apart, they said. Representatives for Perfect and Provident didn’t immediately respond to requests seeking comment.

Perfect, led by chief executive officer and founder Alice Chang, is a software-as-a-service artificial intelligence and augmented reality firm providing tech solutions for beauty and fashion companies globally.

ADVERTISEMENT

The start-up raised $50 million in a series C funding round last year led by Goldman Sachs Group Inc. It has more than 400 global brand partners, including the social media firms Meta Platforms Inc. and Snap Inc., and cosmetics giant Estée Lauder Cos.

The SPAC is led by Winato Kartono and Michael Aw, two key executives at Provident Group, an investment fund targeting Southeast Asian start-ups. Some of its high-profile investments include Indonesia’s ride-hailing giant Gojek (now GoTo Group), online travel company Traveloka and Thailand-based online fashion retailer Pomelo.

Provident raised $230 million in a US initial public offering last year. The blank-check firm said at the time it would pursue a business combination with an Asian technology company.

Learn more:

How Beauty Brands Are Building Their Tech Muscle

With the past year’s flurry of tech-focused mergers, acquisitions and partnerships, the beauty industry increasingly resembles Silicon Valley. But the bets on beauty tech are just beginning.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Beauty
Analysis and advice on the fast-evolving beauty business.
view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections