Venture capital-backed real estate technology firm Matterport will merge with a blank-check company and go public in a deal that values the startup at $2.3 billion. Matterport, a spatial data firm that makes software for virtual property tours, will merge with a special purpose acquisition company led by billionaire investor Alec Gores. Matterport is the leading spatial data company focused on digitizing and indexing the built world. Their all-in-one 3D data platform enables anyone to turn a space into an accurate and immersive digital twin that can be used to design, build, operate, promote, and understand any space. Matterport makes it easy and fast to create immersive 3D digital twins ideal for back-to-work planning, listing or appraising properties, documenting makeover projects, and more.

– clients have reported receiving as much as 50 percent more than the asking price through marketing with virtual tours. You can truly capitalize on this remarkable return on your investment to interest several buyers in a hot real estate market and put more money in the bank. The VC-backed real estate tech company Matterport, which designs software that allows virtual walkthroughs, is the latest firm to explore going public via a blank-check company. ”) 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. The deal is expected to close in the second quarter of 2021.

Gores Technology Partners, Inc

The new company will be known as Matterport Inc., and will list on Nasdaq under MTTR. The transaction would value the combined company at more than $2 billion, according to https://xcritical.com/ Bloomberg. The highest analyst price target is $15.00 ,the lowest forecast is $9.00. The average price target represents 65.71% Increase from the current price of $6.94.

The combined company will have an implied pro forma enterprise value of approximately $2.3 billion and an equity value of approximately $2.9 billion at closing. Like eBay, Wish allows sellers to list products on its platform and sell them directly to consumers. Wish does not stock products itself and, unlike eBay, does not manage returns when consumers are unsatisfied with what they have purchased. Sign up for a free Matterport account with 1 active space, 1 user, and access to a suite of tools.

Matterport is being overvalued based on its implied growth rate of 120%, and its expected growth rate is 59%. The GHVI and Matterport merger is confirmed, while a shareholder vote ultimately approves the merger. However, SPACs are made for the sole purpose of acquiring another company and shareholders don’t usually reject the merger. The release of the Matterport Capture app 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 the Matterport Pro2 3D camera.

Matterport Stock Analysis & Ratings

Gores VI only IPO’s in mid-December, so a nice little return for those who participated. It never hurts to have done five other SPACs to have a pipeline of merger ideas ready to go. According to Wall Street analysts Matterport’s price is currently Undervalued. The quality of our models sets us apart by delivering the most realistic experiences you can have in a digital environment. Dozens of patents owned by Matterport ensure your 3D models are the best possible.

  • The company is in talks to list via a merger with Gores Holding VI, a special-purpose acquisition company founded late last year by investment firm the Gores Group, Bloomberg News reported.
  • A SPAC raises capital through an initial public offering for the purpose of acquiring an existing operating company.
  • Gores Holdings VI completed its initial public offering in December 2020, raising approximately $345 million in cash proceeds.
  • Gores Holdings VII, Gores’ ninth special purpose acquisition company, completes $550 Million IPO.
  • The combined company will have an implied pro forma enterprise value of approximately $2.3 billion and an equity value of approximately $2.9 billion at closing.
  • Sign up for a free Matterport account with 1 active space, 1 user, and access to a suite of tools.

SPAC, or special purpose acquisition company, is another name for a “blank check company,” meaning an entity with no commercial operations that completes an initial public offering . Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from the extensive industry knowledge and decades long experience. Gores Holdings VI and The Gores Group are separate entities with separate management, although there is overlap in size and industry of target acquisition and personnel involved. The SPAC frenzy that has gripped investors in the past year has extended to real estate, with several companies — including Opendoor and Porch.com — going public in 2020 via blank-check firms.

Company Description

Its AI-based platform allows users to create a 3D digital representation of any built space. The “digital twin” images it produces are useful for a wide range of industries, including real estate, hospitality, insurance, facilities management, construction, engineering and architecture. Matterport, the spatial data company leading the digital transformation of the built world, and Gores Holdings VI announce the completion of their previously announced business combination. Gores Holdings VI is a special purpose acquisition company sponsored by an affiliate of The Gores Group for the purpose of effecting a merger, acquisition, or similar business combination. Gores Holdings VI completed its initial public offering in December 2020, raising approximately $345 million in cash proceeds.

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Gores Technology Partners, Gores’ eleventh special purpose acquisition company, completes $275 Million IPO. Gores Technology Partners II, Gores’ twelfth special purpose acquisition company, completes $460 Million IPO. Polestar, global premium EV company, signs definitive agreement to be publicly listed through combination with Gores Guggenheim, Inc., resulting in an implied enterprise value of $20 billion. Gores Holdings IX, Gores’ fourteenth special purpose acquisition company, completes $525 Million IPO.

Matterport And Gores Holdings Vi Announce Closing Of Business Combination

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. Matterport does not give any assurance that it will achieve its expectations. The addition of LiDAR support for iPhone customers to capitalize on Apple’s new depth sensor and increase the fidelity and accuracy of Matterport digital twins.

This is based on 6 Wall Streets Analysts 12-month price targets, issued in the past 3 months. Gores Holdings VII, Gores’ ninth special purpose acquisition company, completes $550 Million IPO. Gores Holdings VIII, Gores’ tenth special purpose acquisition company, completes $345 Million IPO.

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Following the closing of the business combination, the Company’s management team, led by Chief Executive Officer RJ Pittman, will continue to operate and manage Matterport. Deal’s newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Sonder Holdings, Inc., a leading next-generation hospitality company, and Gores Metropoulos II, Inc. announce strategic amendments to the terms of their previous merger agreement. Footprint, a sustainability and materials science technology leader, to be publicly listed on NASDAQ through combination with Gores Holdings VIII, Inc.

Real Estate Vr Tech Firm Matterport To Go Public Via Spac

SPACs have recently attracted more companies in futuristic industries such as space tourism and electric vehicles. A SPAC merger may also be considered appealing to companies, because it is a privately negotiated acquisition with a set price. Matterport lowest stock price was $12.90 and its highest was $22.89 in the past 12 months. Matterport’s 3D technology is used in more than 130 countries by clients, which include Redfin and Marriott International. The company has raised $168 million and was valued at $355 million in 2019. Its investors include DCM Ventures and the venture arms of Advanced Micro Devices and Qualcomm.

Can You Lose Money On A Spac?

Matterport Inc stock has risen 117.57% since Tuesday, February 2, 2021 when the stock began trading, and the average rating from Wall Street analysts is a Strong Buy. InvestorsObserver’s proprietary ranking system, gives MTTR stock a score of 27 out of a possible 100. Gores Holdings IV has received a consensus rating of Buy. The company’s average rating score is 3.00, and is based on 2 buy ratings, no hold ratings, and no sell ratings.

Who Bought Matterport?

Other large real estate firms, including Tishman Speyer and CBRE, have launched their own blank-check companies to court proptech deals. Special purpose acquisition companies have become a preferred way for many experienced management teams and sponsors to take companies public. A SPAC raises capital through an initial public offering matterport spac stock for the purpose of acquiring an existing operating company. The company is in talks to list via a merger with Gores Holding VI, a special-purpose acquisition company founded late last year by investment firm the Gores Group, Bloomberg News reported. The companies confirmed the arrangement in a press release Monday morning.

At the time, there was considerable hype around the biofuel company. Oil was expensive and biofuels promised a cheaper alternative. GHVI stock will immediately convert to Matterport stock after the deal is completed and cease to exist in its SPAC avatar. ”) and other documents filed by Matterport from time to time with the SEC.

Sonder Holdings, Inc., a leading next-generation hospitality company, and Gores Metropoulos II, Inc. announce closing of business combination. Fees, and expenses paid in connection with the closing of the Business Combination. Matterport has the highest revenue growth of the chosen comps and is priced relatively cheaply on a EV/Revenue basis to the comps, typical of SPAC deals.

TipRanks is a comprehensive investing tool that allows private investors and day traders to see the measured performance of anyone who provides financial advice. Matterport released its earnings results on Feb 16, 2022. The company reported -$0.1 earnings per share for the quarter, missing the consensus estimate of -$0.096 by -$0.004. This is used by investors to assess a stock’s market price relative to its earnings. Ardagh Metal Packaging, a global leader in the supply of sustainable and infinitely-recyclable beverage cans, and Gores Holdings V announce the completion of their previously announced business combination.