French cosmetics giant L'Oréal SA acquired Canadian technology company ModiFace for an undisclosed sum to boost its digital acceleration strategy.
ModiFace specializes in the use of augmented reality and artificial intelligence for the beauty industry. It has developed technologies for 3D virtual makeup, color and skin diagnosis services that track facial features and color.
L'Oréal plans to add ModiFace to its digital services factory, which designs and produces digital services for its brands, including Maybelline, Lancôme and Urban Decay. The tech company will continue to be based in Toronto.
