Matterport, the software company that specialises in creating digital 'twins' of real estate assets, has announced the acquisition of VHT Studios.
VHT Studios is a US-based marketing company that offers high-end photography, drone imagery, floor plans and virtual tours. Matterport will use VHT Studio's visual media services to expand further into the real estate industry, including increased adoption of digital twin technology and adding marketing services.
Terms of the deal were undisclosed.
RJ Pittman, CEO at Matterport, said:
"We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring. When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them.
"We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios’ expertise to our growing enterprise business as demand for digital twin technology continues to surge."
Brian Balduf, CEO at VHT Studios, said:
"What makes this acquisition unique is how complementary our services are to one another. In today’s market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster.
"Together, we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure and experience a space from anywhere, anytime, as many times as needed."
Matterport hopes to integrate VHT's marketing capabilities by the end of 2022.
Meanwhile, Matterport has also announced that Susan Repo has joined the Board of Directors, where she will also serve as chair of the audit committee of the board. Repo currently serves as CFO at ICEYE and has a background of leadership roles at companies including Tesla, Juniper Networks and Agilent Technologies.
On her appointment, CEO RJ Pittman said:
"Susan’s deep experience in technology and managing global businesses will be invaluable to Matterport as we grow our business in new sectors and as enterprise businesses continue to see the tremendous value Matterport Digital Twin technology can bring to their organizations."