Going public sets Matterport up for the next stage of its expansion, after hitting more than 330,000 subscribers in more than 150 countries and expecting annual recurring revenue of $55.2 million
➨ The spatial data company will trade on the Nasdaq under the new ticker symbol ‘MTTR’
➨ In total, Matterport received approximately $640 million in gross proceeds
➨ Matterport intends to scale innovation and R&D and accelerate growth through its platform
Matterport has completed its merger with a special purpose acquisition company ahead of trading on the Nasdaq stock exchange, when it is expected to achieve a post-transaction enterprise value of approximately $2.3 billion.
The spatial data company, which develops hardware and software for the production of immersive digital twins of interior spaces, will trade on the Nasdaq under the new ticker symbol “MTTR”.
Gores Holdings VI, the special purpose acquisition company of global private equity firm The Gores Group combining with Matterport, provided approximately $310 million in cash to complete the deal.
Another $295 million came from financing provided by several institutional investors, including Tiger Global Management, Senator Investment Group, and Fidelity Management & Research Company.
In total, Matterport received approximately $640 million in gross proceeds.
A business combination of this kind is one route to going public, although its use is a fairly recent development in immersive technology. Vicarious Surgical, the virtual reality and robotics company, announced in April that it was combining with D8 Holdings Corp and launching on the New York Stock Exchange.
‘Matterport is becoming a standard’
Doing so will set Matterport up for the next stage of its expansion, after hitting more than 330,000 subscribers in more than 150 countries and expecting annual recurring revenue of $55.2 million.
Using its hardware or apps, Matterport clients have captured more than five million spaces as immersive digital twins, from single properties to global portfolios of buildings.
Immersive technology analyst Charlie Fink wrote earlier this month that “Matterport is becoming a standard” for immersive digital twins for the building lifecycle, not unlike “Google” has for online search.
Crucial to its success has been accessibility. The Matterport Capture app is now on the Google Play Store, giving billions of Android users in 175 countries the ability to quickly and easily capture buildings and spaces with compatible 360 cameras and its own Pro2 3D camera.
Matterport has also added LiDAR support for iPhone customers to capitalise on Apple’s new depth sensor and increase the fidelity and accuracy of Matterport digital twins, which work on almost any platform, from virtual reality headset to smartphone web browser.
The company has also struck a research partnership with Facebook to help guide robots, and signed up more than 50 developers in the last six months to build and commercialise customised apps and integrations across multiple industries.
‘Dawn of a new era for what’s possible when buildings become data’
RJ Pittman, chief executive officer and chairman of the board of directors of the newly combined Matterport, says the transition to a publicly traded company “is a strategic transaction … that strengthens our position as the market leading spatial data company for the built world, and propels the global property market into the future”.
He continues: “We’re at the dawn of a new era for what’s possible when buildings become data. To capitalise on this extraordinary market opportunity, we plan to increase our investment in our customers’ success, scale innovation and R&D, and accelerate growth through our spatial data platform for the 20 billion spaces around the world.”
Alec Gores, chief executive officer of The Gores Group, adds: “We are thrilled to partner with RJ and the entire Matterport team as they continue to capitalise on one of the world’s largest undisrupted markets. Matterport’s game-changing technology is the gold standard across the industry, and they have solidified themselves as a market leader.”
“There is tremendous opportunity for growth, and we are excited to close this transaction and work closely with Matterport on its mission to make every building more valuable and accessible.”