CEO Alice Chang-led ProjectNY to Take Perfect Private for $65.67 Million in Cash
Perfect FitnessTarget
ProjectNY, a Cayman‑registered vehicle controlled by Perfect Corp. CEO Alice Chang, agreed on July 10, 2026 to take the Taiwan‑based AI‑AR SaaS provider private for US$65.67 million. The cash deal pays $2 per share, a 14.94% premium, and is slated to close in the fourth quarter of 2026.
Deal Terms
ProjectNY will acquire Perfect Corp. for a total cash consideration of US$65.67 million, translating to $2 per ordinary share. The price represents a 14.94% premium to the stock’s last closing level before the offer. The transaction values Perfect at 2.51 × its most recent twelve‑month sales and will be funded entirely with cash on hand held by Perfect and its subsidiaries. The merger agreement requires each outstanding share to be cancelled in exchange for the cash payment, and the deal is expected to close in Q4 2026 pending shareholder and regulatory approvals.
Background
Perfect Corp. is a Taiwan‑based software company that delivers AI‑ and augmented‑reality‑powered SaaS solutions to the beauty, fashion and retail sectors. Its product suite includes virtual try‑on, skin‑analysis and digital engagement tools for enterprise clients, as well as consumer‑facing applications under the YouCam brand. ProjectNY is an exempted Cayman Islands company that is effectively controlled by Alice Chang, Perfect’s chief executive. In March, Perfect received a non‑binding proposal from CyberLink International Technology and Chang that offered $1.95 per share; the final $2 per share offer supersedes that earlier overture.
The merger is underpinned by voting and support agreements with Chang’s controlled entities—GOLDEN EDGE, DVDonet.com and World Speed—collectively referred to as the Chairwoman Parties, together with CyberLink. Those parties together hold roughly 53.4% of Perfect’s issued share capital and about 81.2% of the total voting power, and have committed to vote in favor of the transaction. Kroll and DLA Piper UK serve as financial and legal advisors to Perfect, while ProjectNY is advised by Sullivan & Cromwell and Maples and Calder (Hong Kong).
Why It Matters
Taking Perfect private removes the quarterly reporting pressure that public markets impose, giving the company flexibility to deepen its AI‑driven AR roadmap without the need to meet short‑term earnings expectations. For Perfect, the backing of its own CEO and aligned shareholders means strategic initiatives—such as expanding virtual try‑on capabilities into new retail verticals—can be pursued with a longer investment horizon. Competitors that remain public, like ModiFace (now part of L’Oréal) and other niche AR vendors, will continue to face the discipline of public investors, potentially limiting their ability to fund rapid product innovation.
ProjectNY’s acquisition also consolidates control under Alice Chang, allowing for streamlined decision‑making and the possibility of integrating Perfect’s technology stack with other private‑market assets Chang may bring to the table. Direct rivals in the beauty‑tech SaaS space will need to reassess their go‑to‑market tactics, as Perfect’s private status could enable more aggressive pricing or deeper partnership models with retailers that are hesitant to commit to publicly listed vendors.
Key Points
- ProjectNY will acquire Perfect Corp. for US$65.67 million in cash.
- Shareholders receive US$2 per share, a 14.94% premium to the pre‑offer price.
- The deal values Perfect at 2.51 × its annual sales.
- The merger is slated to close in Q4 2026 after required approvals.
- Funding comes entirely from cash held by Perfect and its subsidiaries.
Analysis
The $65.67 million cash take‑private values Perfect Corp. at 2.51 × sales, a multiple that sits below the high‑growth SaaS premium but reflects the niche, capital‑intensive nature of AI‑AR solutions for beauty and retail. In a market where public AI‑driven SaaS firms routinely trade at 8‑12 × revenue, the lower multiple underscores the modest scale of Perfect’s ARR and the need for operational cash to fund continued R&D. The deal aligns with a broader trend of founders pulling high‑potential, yet still early‑stage, AI SaaS businesses private to avoid the volatility of public markets and to retain strategic control.
For investors, the transaction signals that valuation discipline remains strong even in hot AI verticals; buyers are willing to pay a premium for control but still anchor pricing to tangible sales metrics. Operators can view the deal as a template for leveraging existing cash balances to fund exits without diluting equity through secondary offerings. Moreover, the consolidation of Perfect under a founder‑led vehicle may accelerate product integration and cross‑sell opportunities, potentially expanding the company’s addressable market beyond beauty into broader fashion and retail experiences. The move could also prompt other publicly listed AI‑AR SaaS firms to explore private‑equity partnerships or founder‑led take‑privates as a path to scale.