Digital twins specialist Matterport completes merger

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

Quick read

➨ 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

The story

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.

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Images: Matterport

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Source: https://vrworldtech.com/2021/07/22/digital-twins-specialist-matterport-completes-merger/

Time Stamp: July 22, 2021