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Home Business Perfect Corp. and Provident Acquisition Corp. Announce Approval of Business Combination by Provident’s Shareholders

Perfect Corp. and Provident Acquisition Corp. Announce Approval of Business Combination by Provident’s Shareholders

by Uma
iStock 1057509614


– Merger to Deliver approximately US$119 million in Gross Proceeds to Support Perfect’s Growth

– Perfect and Provident Expect to Close the Business Combination on October 28, 2022

– Perfect’s Shares and Warrants Expected to Begin Trading on the NYSE on October 31, 2022 under Ticker Symbols “PERF” and “PERF WS,” respectively


NEW YORK – October 26, 2022 – 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 that their previously announced business combination (the “Business Combination”) was approved at an extraordinary general meeting (the “EGM”) of Provident’s shareholders on October 25, 2022.

Complete official results of the vote will be included in a current report on Form 8-K to be filed by Provident with the U.S. Securities and Exchange Commission (the “SEC”) today.

The Business Combination is expected to close on October 28, 2022. Upon such closing, the listed company resulting from the Business Combination will be called Perfect Corp. and its shares and warrants are expected to begin trading on the New York Stock Exchange (the “NYSE”) under the ticker symbols “PERF” and “PERF WS,” respectively, on October 31, 2022.

Perfect is a market leader in the global beauty tech sector, with over 400 beauty brands, including 17 of the world’s top global 20 beauty groups, utilizing Perfect’s AR and AI SaaS solutions in 80 countries globally, as of December 31, 2021, according to Frost & Sullivan. Every year, Perfect enables over 10 billion virtual try-ons of consumer products in a wide range of merchandise categories, including cosmetics, skincare, hair colors, and fashion accessories.

Upon completion of the Business Combination, Perfect intends to focus on accelerating its global expansion, extending Perfect’s industry coverage from beauty and fashion to tangential sectors, and augmenting its innovative AR and AI SaaS solutions, including product try-on and digital consultation solutions.

Alice Chang, Founder and Chief Executive Officer of Perfect, commented, “This is a momentous day for Perfect, our colleagues, and our partners. Since our inception seven years ago, we have dedicated ourselves to transforming the global beauty industry, to infusing entertainment into shopping, and to protecting the environment while delivering an enjoyable product try-on experience to consumers. The result of today’s EGM of Provident provides us with financial resources to drive the next level of growth, and the opportunity to capitalize on rapidly changing market dynamics at a pivotal time for beauty and fashion industries. I am proud of what Perfect has achieved, and excited about the possibilities our partnership with Provident delivers to us.”

Michael Aw, Chief Executive Officer of Provident, commented, “We are delighted that our shareholders recognized the value that Perfect brings to the combined business and the exciting opportunities that lie ahead. Provident is proud to partner with a company that is reshaping the beauty and fashion industries through its global leadership in AR and AI technology. We look forward to working with Perfect as we begin our journey as a NYSE-listed company.”

Transaction Details

Under the terms of the business combination agreement between Perfect and Provident, the transaction sets Perfect’s enterprise value at approximately US$1.02 billion. The Business Combination is expected to provide Perfect with approximately US$119 million in gross proceeds.

The PIPE transaction is backed by blue-chip investors including CHANEL, CyberLink, Shiseido, and Snap as well as reputable financial investors. 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. Cash proceeds from the proposed Business Combination will be used to support Perfect’s global expansion of its AR and AI SaaS solutions, market expansion beyond beauty and fashion industries, business operations, research and development, and general corporate purposes.


Sullivan & Cromwell LLP is serving as legal counsel to Perfect. Davis Polk & Wardwell LLP is serving as the legal counsel to Provident.

About Perfect Corp.

Founded in 2015, Perfect is a global leader in providing AR and AI SaaS solutions to beauty and fashion industries. Utilizing facial 3D modeling, and AI deep learning technologies, Perfect empowers beauty brands with product try-on, facial diagnostics, and digital consultation solutions to provide consumers with an enjoyable, personalized, and convenient omnichannel shopping experience. Today, Perfect has the leading market share in helping the world’s top beauty brands execute digital transformation, improve customer engagement, increase purchase conversion, and drive sales growth while maintaining environmental sustainability and fulfilling social responsibilities. For more information, visit https://www.perfectcorp.com/business.