Silicon Valley tech company Matterport goes public
Matterport, Inc. the spatial data company leading the digital transformation of the built world, and Gores Holdings VI, a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, today announced that they have entered into a definitive agreement providing for a business combination that will result in Matterport becoming a publicly listed company. Upon closing of the proposed transaction, the combined company will be named “Matterport, Inc.” and intends to remain listed on NASDAQ under the ticker symbol “MTTR.”
Founded in 2011, Matterport has defined the spatial data category for the built world with its market-leading platform that turns any physical space into an immersive 3D digital twin. The Company has created the largest spatial data library in the world, with more than 10 billion square feet of space and growing. Millions of buildings in more than 150 countries have been digitized, from homes, office spaces, museums and schools to factories, hospitals, and retail stores. Matterport monetizes its data primarily under a recurring revenue Software as a Service model and grew its subscriber base by more than 500% in 2020.
Real estate is the world’s largest asset class comprising commercial, industrial, and residential properties. Worth an estimated $230 trillion, the global real estate market is more than three times the estimated value of all global equities combined. With more than four billion buildings worldwide, the built world is the largest undisrupted market with less than 1% digitized. For building owners, underwriters, and occupants, managing the lifecycle of a building is unnecessarily costly, time-consuming, and inefficient in the modern world.
Matterport takes buildings online so customers can more efficiently design, build, promote and manage their most valuable assets from any device. It starts with the Company’s groundbreaking digital twin technology and deep understanding of buildings and spaces, bridging the physical and digital worlds. Matterport’s proprietary AI technology automatically creates a dimensionally accurate, photo-realistic, three-dimensional digital twin of any building that is loaded with spatial data. The AI understands what is important about a building or space such as geometry, layout, structural analysis and contents, including furnishings and equipment. Matterport’s spatial data provides unparalleled building insights and analysis so that customers have a more efficient and scalable way to experience and manage buildings.
“Matterport has been at the forefront of spatial computing for the built world for over a decade. Our pioneering technology has defined the category and set the standard for digitizing the largest asset class in the world. Our deep industry experience and proven track record have made Matterport the platform of choice to digitize millions of buildings across diverse industries and markets,” said RJ Pittman, Chief Executive Officer of Matterport. “Building on this momentum, we are scaling all aspects of our business to transform the $230 trillion built world. We believe the proposed transaction with Gores Holdings VI unlocks the potential of our platform and accelerates our mission to make every building and every space more valuable and accessible. We’re thrilled to partner with The Gores Group, an innovative team with deep technology experience and a history of fueling major technology transformations.”
“This marks our second business combination with a game-changing technology company, solidifying Gores’ investment strategy around identifying and partnering with disruptive, category-defining companies with impressive track records, tremendous growth potential and strong leadership teams. Matterport represents all of those attributes and more,” said Mark Stone, Senior Managing Director of The Gores Group and CEO of Gores Holdings VI.
“For years, Ted Fike and I have been investing in growth companies driving technology transformations in the largest undisrupted categories around the world,” said Justin Wilson, Senior Managing Director of The Gores Group. “Real estate and the built world is without question among the biggest frontiers ready for digitization, and in our view Matterport is the clear market leader in the category with enormous potential still ahead,” he added.
“RJ and the extraordinary leadership team he has assembled have galvanized the Company’s platform strategy and proven the scalability of its business and its unique value proposition worldwide. We look forward to watching how Matterport fundamentally changes the way people interact with buildings and the physical world around them,” said Ted Fike, Senior Managing Director of The Gores Group.
“The Gores Group is an outstanding partner with a deep understanding of the Matterport vision, and we are excited to announce their lead alongside an extraordinary group of top-tier investors in fueling our growth,” said JD Fay, Chief Financial Officer of Matterport. “The rapid growth in subscribers to the Matterport platform is driving record financial performance for the business. Total revenue in 2020 was $85.9 million, up 87% year-over-year. This significant business expansion is also capital efficient, as our subscriber lifetime value-to-customer acquisition cost ratio was up 4.7x in 2020 to an impressive 11.7. It is with that background that we look to accelerate our growth globally with the new investment we are announcing today.”
