Provident Acquisition Corp.
PAQCU
NASDAQ Capital Market10.80
USD
-0.18
- -
Provident Acquisition Corp.
PAQCU
(NASDAQ Capital Market)
Recent
price
10.80
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Similar Companies
- Business
- Provident Acquisition Corp. is a special purpose acquisition company (SPAC) founded to effect mergers, share exchanges, asset acquisitions, or other business combinations, primarily targeting companies with disruptive growth potential in consumption-focused sectors. The company was acquired by Perfect Corp. in a reverse merger completed on October 28, 2022, resulting in the combined entity operating under the Perfect Corp. name. Perfect Corp. is a global leader in augmented reality (AR) and artificial intelligence (AI) software-as-a-service (SaaS) solutions for the beauty and fashion industries. Its core products include AR and AI-driven virtual try-on software, facial diagnostics, and digital consultation tools used by over 400 beauty brands worldwide, including 17 of the top 20 global beauty groups. Through the business combination, Provident Acquisition Corp. provided approximately $119 million in gross proceeds to support Perfect Corp.'s growth, enabling it to accelerate global expansion and extend its AR and AI SaaS solutions beyond beauty and fashion to other related sectors. The transaction featured strategic investments from well-known industry players such as CHANEL, Shiseido, CyberLink, and Snap, alongside financial investors. Perfect Corp. leverages advanced facial 3D modeling, AI deep learning technologies, and software tools designed to enhance customer engagement, improve purchase conversion rates, and support digital transformation initiatives for consumer product brands worldwide. Originally founded as a SPAC with the purpose of identifying a high-growth target, Provident Acquisition Corp. transitioned following its merger with Perfect Corp., which trades on the New York Stock Exchange under the ticker symbols "PERF" and "PERF WS." The combined company's strategic focus now emphasizes innovation in AR and AI SaaS platforms that enable personalized, omnichannel shopping experiences across cosmetics, skincare, hair color, and fashion accessories categories with a sustainable business model. Overall, Provident Acquisition Corp. serves as the vehicle through which Perfect Corp. expanded its financial and operational capabilities, consolidating its market leadership in the beauty tech sector and establishing a foundation for ongoing technology-driven growth and market diversification on a global scale. This description integrates Provident Acquisition Corp.'s role as a SPAC, the merger with Perfect Corp., and the current business focus on AR/AI SaaS solutions for beauty and fashion, including the major transaction details and investor backing through 2022 and 2023 activities.