Matterport, the spatial data capture company that is seeking to be the Google Maps for buildings, has been bought buy special purpose acquisition company Gores Holdings.
The deal is one of the first of what is expected to be a flurry of proptech acquisitions and will see Matterport become a listed company trading on the NASDAQ, with a total enterprise value of $2.3bn (£1.7bn) and equity value of $2.9bn.
Mark Stone, chief executive of Gores Holdings VI, said: “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.”
Matterport chief executive RJ Pittman said that Matterport had been at the forefront of spatial computing for the built world for over a decade.
Founded in 2011, the firm’s platform turns any physical space into an immersive 3D digital twin. It has one of the largest spatial data libraries in the world, with more than 10bn sq ft of space in millions of buildings in more than 150 countries around the world and saw revenues increase by 87% last year to reach $85.9m.
“Our pioneering technology has defined the category and set the standard for digitizing the largest asset class in the world,” said Pittman. “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.
“Building on this momentum, we are scaling all aspects of our business to transform the $230tn 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.”
Gores Group senior managing director Justin Wilson, added: “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.”
The Gores SPAC is one of a growing number of blank cheque companies that are being launched in the US to target proptech investments. Tishman Speyer, the investment house behind Newmark, Fifth Wall and CBRE have all launched vehicles in the past few months.
