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CoStar to Acquire Digital Twin Platform Matterport for $1.6B
CoStar Group, Inc. has reached a definitive agreement to acquire all outstanding shares of digital twin platform Matterport. The cash-and-stock transaction is valued at $5.50 per share, reflecting an estimated $1.6 billion of enterprise value.
“CoStar Group and Matterport have nearly identical mission statements of digitizing the world’s real estate,” said Andy Florance, founder and CEO of CoStar Group. “The world has changed and today a Matterport is the new open house or property tour. People now select their next home, apartment, office, store, hotel or warehouse on their mobile device often without ever visiting the property.”
Sunnyvale, CA-based Matterport’s 3D technology is utilized in nearly every sector of real estate, spanning residential, commercial, hospitality, retail and industrial spaces, among others. It has curated what is considered the largest and most precise collection of spatial property data worldwide, with more than 12 million spaces captured in 177 countries and representing more than 38 billion square feet of digital property under management.
CoStar was among the first adopters of Matterport’s technology, and currently has nearly 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces.
- ◦Sale/Acquisition
