Matterport, a company that specializes in creating 3D digital models of buildings, has announced its merger agreement with Gores Holdings VI, a special purpose acquisition company. The merger will see Matterport become a publicly listed company on the NASDAQ stock exchange, with an estimated valuation of $2.9 billion.
The merger agreement will provide Matterport with access to $640 million in equity capital, which will help the company to accelerate its growth strategy. This includes expanding its platform, which provides customers with a comprehensive, digital representation of their buildings, and creating new products and services.
Matterport`s platform is used by a range of industries, including real estate, architecture, and construction. The company`s technology allows its users to capture every detail of a building, including its layout, measurements, and finishes, and create a 3D model that can be viewed and edited remotely.
The merger agreement comes at a time when the demand for digital solutions in the real estate industry is rapidly increasing. The COVID-19 pandemic has accelerated the adoption of remote viewing technologies, and more and more customers are looking for digital tools to help them navigate the buying, selling, and leasing process.
As a result, Matterport has seen a surge in demand for its platform over the past year. The company`s software and services have been used to create over 4.4 million digital twins of buildings across 130 countries.
The merger agreement is expected to close in the second quarter of 2021, subject to regulatory approvals. Once completed, Matterport will trade on the NASDAQ under the symbol “MTTR.”
In conclusion, the Matterport merger agreement with Gores Holdings VI is a significant development for the company and the wider real estate industry. The move will provide Matterport with the capital it needs to accelerate its growth strategy and expand its platform. And with the demand for digital solutions in the real estate industry on the rise, the merger is well-timed to take advantage of this trend.