LONDON - Matterport, Inc., the leading spatial data company driving the digital transformation of the built world which has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), today celebrates a decade of breakthrough innovations and industry-firsts that are fundamentally improving the way people understand and interact with the physical world.
Founded in 2011, Matterport defined the spatial data category for the built world and has since made it its mission to make every physical space more valuable and accessible. To achieve this ambitious goal, Matterport solved unique computer vision and data science problems to provide fully automated 3D reconstruction with precision and scale. Highlights from the past decade of innovation include:
- New sensor technology controlled in entirely new ways to capture robust and previously unattainable spatial data from any building or space quickly and reliably with the Matterport Pro1 and Pro2 3D cameras.
- Breakthroughs in artificial intelligence and deep learning to systematically understand all of this new data and automatically produce the world’s first dimensionally accurate, photorealistic 3D digital twin of any building or space with Matterport’s Cortex AI.
- Extraordinary advancements in data science to sort, organise, and unlock powerful new building insights from what is now the largest spatial data library on the planet.
“We’ve often said that Matterport is a once-in-a-decade company, and I think we’ve proven as we celebrate ten years of Matterport with our customers and partners in over 150 countries. Our extraordinary history of innovation has paved a completely new way for customers to access, understand, and utilise the places in which we live, work, learn, and play,” said RJ Pittman, CEO of Matterport. “Put simply, we turn buildings into data. And our spatial data technology platform turns that data into valuable and actionable insights that help our customers manage their spaces across every stage of the building lifecycle from design and construction, to operations and marketing, to remodelling and restoration.”
Matterport found early success with the residential and commercial real estate markets with long-time customers like Redfin and CoStar and for years has steadily expanded its market reach globally across new enterprise verticals including architecture, engineering and construction; retail; industrial; insurance and restoration; travel and hospitality; facilities management and more. Use cases exploded as the company made 3D capture more accessible with support of popular 360 cameras, iPhones and iPads, as well as the launch of Matterport Capture Services™. The first-of-its-kind online platform makes it simple and cost-effective for enterprises, small businesses and individuals to digitise spaces by scheduling a vetted, trusted and highly-trained Matterport Capture Technician in just a few clicks.
“When we think about PropTech having a permanent, transformative impact on the commercial real estate industry, our goal is to incorporate the most effective technologies in the marketplace,” said Oliver Skagerlind, Global Head of Client and Business Solutions at Cushman & Wakefield. “Matterport is critical to our technology ecosystem because it helps us provide our brokers, market managers, and operations professionals with the technology, resources, and data they need to serve clients better. Our partnership perfectly showcases our technology strategy, which is to deliver innovative tools that generate deep insights and create genuine value.”
The built world is the largest asset class in the world worth an estimated $230 trillion, more than three times the estimated value of all global equities combined. It also represents the largest undisrupted market with less than 1% digitised. With the help of artificial intelligence, machine learning and deep learning technologies, Matterport sees additional growth opportunities as the company continues to unlock powerful spatial data-driven property insights and analytics. This increases the total addressable market for the digitisation and datafication of the built world to more than $1 trillion.
With 64 patents, Matterport has earned a first mover, first scaler advantage with unique innovations in 3D capture, immersive virtual experiences, and AI-based understanding of spaces and objects. Its customer base has grown to over 330,000 subscribers in more than 150 countries as of Q1 2021. More than five million spaces have been digitized with the Matterport platform, comprising more than 15 billion square feet of physical space of all types including the Performing Arts Centre in Houston, Texas, Pharaoh Ramesses VI Tomb in Egypt, Rosa Parks Bus in Detroit and a yacht in British Columbia, Canada. The company also reported record first quarter results including a 108% year over year increase in revenue and 531% year over year increase in subscribers.
Earlier this year, Matterport announced its intention to go public via a proposed business combination with Gores Holdings VI, a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC. Upon closing of the proposed transaction, the combined company intends to remain listed on NASDAQ under the ticker symbol "MTTR."
This important transaction will help Matterport accelerate international expansion; drive enterprise growth across industry verticals; increase its research and development investments to speed its rate of innovation; and expand its partner and developer ecosystem. Earlier this month, the company announced that more than 50 partners have joined its Platform Partner Program to create apps, add-ons, customisations and management tools on its spatial data platform.
To celebrate its anniversary, the company launched the “Ten Days of Matterport” campaign, offering once-in-a-decade discounts through June 26,2021. Customers can save £830 on the industry’s best-in-class 3D camera, the Matterport Pro2. Regularly £2830, the Pro2 can be purchased for £2000 during this time on Matterport.com, Amazon.com, or eTailers websites, Adorama and B&H. With the Pro2 in hand, new customers can get 50% off an annual Professional plan. Matterport is also unveiling daily exclusive offers on its social channels through June 26 including gift cards, account credits, merchandise, and free schematic floor plans.
Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing. Learn more at matterport.com and browse a gallery of digital twins.
©2021 All rights reserved. Matterport is a registered trademark of Matterport, Inc., and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Matterport Media Contact:
Global Communications Manager
+44 203 874 6664
Soohwan Kim, CFA
VP, Investor Relations
This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between Gores Holdings VI, Inc. (“Gores”) and Matterport, Inc. (“Matterport”), including statements regarding the benefits of the proposed business combination, the anticipated timing of the proposed business combination, the services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores’ or Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores’ securities; (ii) the risk that the proposed business combination may not be completed by Gores’ business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by Gores’ stockholders, the satisfaction of the minimum trust account amount following redemptions by Gores’ public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on Matterport’s business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Matterport and potential difficulties in Matterport employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Gores or Matterport related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Gores’ securities on the NASDAQ; (viii) the price of Gores’ securities, including volatility resulting from changes in the competitive and highly regulated industries in which Matterport plans to operate, variations in performance across competitors, changes in laws and regulations affecting Matterport’s business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in Gores final proxy statement/information statement/prospectus contained in the registration statement on Form S-4, including those under “Risk Factors” therein, and other documents filed by Gores from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores and Matterport assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Gores nor Matterport gives any assurance that either Gores or Matterport will achieve its expectations.
Additional Information and Where to Find It
In connection with the proposed business combination, Gores has filed a registration statement on Form S-4 that includes a proxy statement of Gores, an information statement of Matterport and a prospectus of Gores. The proxy statement/information statement/prospectus is not yet effective. The definitive proxy statement/information statement/prospectus, when it is declared effective by the SEC, will be sent to all Gores and Matterport stockholders as of a record date to be established for voting on the proposed business combination and the other matters to be voted upon at a meeting of Gores’ stockholders to be held to approve the proposed business combination and other matters (the “Special Meeting”). Gores may also file other documents regarding the proposed business combination with the SEC. The definitive proxy statement/information statement/prospectus will contain important information about the proposed business combination and the other matters to be voted upon at the Special Meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Before making any voting decision, investors and security holders of Gores and Matterport are urged to read the registration statement, the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed business combination.
Investors and security holders will be able to obtain free copies of the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Gores through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings VI, Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, Gores’ proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).
Participants in Solicitation
Gores and Matterport and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Gores’ stockholders in connection with the proposed business combination. Information about Gores’ directors and executive officers and their ownership of Gores’ securities is set forth in Gores’ filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed business combination may be obtained by reading the proxy statement/information statement/prospectus regarding the proposed business combination. You may obtain free copies of these documents as described in the preceding paragraph.
This document relates to a proposed business combination between Gores and Matterport. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.