Amyris acquires AI tech startup Beauty Labs
The parties expect to sign a definitive agreement and close over the next 30 days subject to the successful completion of due diligence and customary closing conditions
Amyris, Inc, a leading synthetic biotechnology company active in the Clean Health and Beauty markets through its consumer brands and a top supplier of sustainable and natural ingredients, announced that it has agreed to acquire Beauty Labs International Ltd., a leader in AI technology that provides breakthrough connected consumer experiences to the beauty and wellness community.
Amyris is accelerating its growth and market leadership in clean beauty by adding digital innovation to further enhance the consumer experience of its family of consumer brands consisting of Biossance, Pipette, Rose Inc., JVN, Terasana, and Costa Brazil. These Amyris brands will utilize Beauty Labs' leading edge AI technology to create compelling, personalized, connected consumer experiences and further accelerate the growth of Amyris's ecommerce revenue.
"Our Beauty Labs team is excited to become part of Amyris and to help pioneer the next generation of digital consumer experiences," said Mark Gerhard, Founder of Beauty Labs. "A connected consumer is the future of the beauty and wellness industry, and we are proud to be joining Amyris to bring a new level of sophistication to the consumer experience."
"Mark has built an incredible team and brings a distinctive mindset and capability to accelerate our revenue growth through deeper connections with our consumers," commented John Melo, President and CEO of Amyris. "We are building and growing leading clean beauty brands and are committed to an omnichannel strategy of which the digital experience is critical. We partner with some of the world's leading retailers, and we want the consumer to enjoy their beauty experience where they want it and need it. With a cash balance of $250 million, the strongest ingredients development pipeline in our history, significant acceleration of our revenue growth, and continued progress with our remaining strategic transaction, we continue a track record of industry-leading execution."
The parties expect to sign a definitive agreement and close over the next 30 days subject to the successful completion of due diligence and customary closing conditions.