Beauty software-as-a-service (SaaS) startup Perfect Corp. is mulling an initial public offering (IPO) via a merger with special purpose acquisition company (SPAC) Provident Acquisition Corp., Bloomberg reported on Thursday (March 3), citing sources with insider information.
A SPAC deal could give the Asian firm a valuation of an estimated $1 billion, the sources said. Headquartered in Taipei, the capital of Taiwan, Perfect could make an announcement about going public soon. The deal could include a $50 million PIPE — private investment in public equity — but nothing is finalized, the sources told Bloomberg. 
Launched in 2014 by Alice Chang, who serves as CEO, Perfect employs a SaaS model using artificial intelligence (AI) and augmented reality (AR) to provide technology tools for beauty and fashion firms and influencers around the world. 
See also: Sally Hansen, Perfect Corp Launch Virtual Try-On Tool
Winato Kartono and Michael Aw, two executives at the investment fund Provident Group, are leading the SPAC. The fund is focused on Southeast Asian startups and has backed Indonesian ride-hailing behemoth Gojek (now GoTo Group), Indonesian digital travel platform Traveloka and online fashion retailer Pomelo located in Thailand. 
Perfect raised $50 million in a Series C funding round in 2021 led by Goldman Sachs Group Inc. The startup partners with more than 400 global brands, including Meta Platforms (Facebook, Instagram), Snap Inc., and cosmetics giant Estee Lauder.
Read more: Perfect Corp. Teams With MAC Cosmetics, SoPost on AI Shade Matching, Product Sampling
Sally Hansen and Perfect teamed up to launch a digital try-on tool. Featuring Perfect’s AgileHand Technology, consumers can view Sally Hansen’s nail color options in an augmented reality environment using any mobile device. Users can see nail colors on a live-moving image of their hand. 
Perfect also recently partnered with MAC Cosmetics and the online product sampling platform SoPost. The three are developing a personalized product sampling experience for MAC’s Studio Fix Fluid Foundation, PYMNTS reported.
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