Spacial data firm and one of the biggest providers in 3D tour technology for the real estate industry, Matterport, has spent the pandemic boosting its services as more and more real estate professionals turn to virtual tours as an option for safer home viewings.
In the company’s latest news, Matterport is now set to go public through a merger with Gores Holdings VI, a SPAC sponsored by global asset management firm, Gore Group. With this merger, the combined entity will enter NASDAQ with approximately $2.3 billion and a total equity value of $2.9 billion.
On the merger, Matterport CEO RJ Pittman, said:
“We believe the proposed transaction with Gores Holdings VI unlocks the potential of our platform and accelerates our mission to make every building and every space more valuable and accessible.”
Matterport is an attractive asset, as it has allotted over 10 billion square feet of space in its data library, and it’s still growing. In fact, the company has reported a 500% growth in its subscriber base in 2020, alone.
“Building on this momentum, we are scaling all aspects of our business to transform the $230 trillion built world.”
Matterport is expected to receive $640 million in capital with $345 million in cash from Gores Goldings VI, and $295 million in fully committed common stock purchases at $10 per share from investors with the combined public debut and merger.
SPACs are becoming increasingly popular within the U.S. and spreading as a global phenomenon as companies turn towards this avenue instead of the more traditional IPO process.