CoStar Group to Acquire Matterport, $MTTR Stock up 172.41% CoStar Group, a leading provider of online real estate marketplaces, has announced its definitive agreement to acquire Matterport ( NASDAQ:MTTR ) in a cash and stock transaction valued at $5.50 per share, reflecting an estimated $1.6 billion of enterprise value. Matterport ( NASDAQ:MTTR ), the global leader in immersive 3D digital twins and artificial intelligence for the real estate industry, has developed the first 3D capture solution to deliver dimensionally accurate, photorealistic virtual tours or "digital twins" for any type of property. Matterport's proprietary and patented technology allows anyone to digitize a property using a variety of camera technologies, including those found on most smartphones. It also produces a line of innovative 3D capture devices, including the company's flagship LiDAR-based Pro3 camera, which is capable of high-precision indoor and outdoor capture.
Matterport's 3D technology is utilized in nearly every sector of real estate, spanning residential, commercial, hospitality, retail, and industrial spaces, among others. Over the years, Matterport has established a global network of several thousand photographers, capture services technicians, and service partners producing hundreds of thousands of new 3D digital twins for properties each month. Matterport ( NASDAQ:MTTR ) has curated what is considered the largest and most precise collection of spatial property data worldwide, with over 12 million spaces captured in 177 countries, representing more than 38 billion square feet of digital property under management.
CoStar Group, operating some of the most effective and widely recognized real estate information solutions and online property marketplaces in the world, including Apartments.com, LoopNet, CoStar, and Homes.com, was one of the first adopters of Matterport's technology and currently has almost 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces. Advertisers on CoStar Group marketplaces recognize the value of Matterport virtual tours, with over 7.4 million views of Matterport 3D Tours on Apartments.com in March 2024, and consumers spending 20% more time viewing an apartment listing when Matterports were available.
CoStar Group intends to utilize Matterports in a similar fashion on Homes.com to further enhance the most comprehensive agent, seller, and buyer-friendly residential portal on the market. The transaction is expected to increase the development and deployment of advanced AI and digital twin technology across all of CoStar Group's product lines.
"The world has changed, and today, a Matterport ( NASDAQ:MTTR ) is the new open house or property tour," said Andy Florance, Founder and CEO of CoStar Group. "People now select their next home, apartment, office, store, hotel, or warehouse on their mobile device, often without ever visiting the property. There is no better way to remotely experience space than via Matterport. CoStar Group intends to support and invest in research and development opportunities to further develop Matterport's spatial technology, including the application of AI and machine learning to extract information from the 3D spatial data library, as well as using generative artificial intelligence to imagine and reimagine physical spaces."
Technical Outlook
Matterport Inc. ( NASDAQ:MTTR ) stock is up 171.26% which is clearly in an overbought condition with a Relative Strength Index (RSI) of 86.19 further accentuating to the bullish trend.
Matterport Inc. ( NASDAQ:MTTR ) stock showed an up gap side-by-side white lines which is a bullish continuation pattern called the "Gapper Effect"
