SUNNYVALE, Calif., June 21, 2021 /PRNewswire/ -- Matterport, Inc.,
the leading spatial data company driving the digital transformation
of the built world which has entered into a definitive agreement to
enter into a business combination with Gores Holdings VI (NASDAQ:
GHVI, GHVIU, and GHVIW), today celebrates a decade of
breakthrough innovations and industry-firsts that are fundamentally
improving the way people understand and interact with the physical
world.
Founded in 2011, Matterport defined the spatial data category
for the built world and has since made it its mission to make every
physical space more valuable and accessible. To achieve this
ambitious goal, Matterport solved unique computer vision and data
science problems to provide fully automated 3D reconstruction with
precision and scale. Highlights from the past decade of innovation
include:
- New sensor technology controlled in entirely new ways to
capture robust and previously unattainable spatial data from any
building or space quickly and reliably with the Matterport Pro1 and
Pro2 3D cameras.
- Breakthroughs in artificial intelligence and deep learning to
systematically understand all of this new data and automatically
produce the world's first dimensionally accurate, photorealistic 3D
digital twin of any building or space with Matterport's Cortex
AI.
- Extraordinary advancements in data science to sort, organize,
and unlock powerful new building insights from what is now the
largest spatial data library on the planet.
"We've often said that Matterport is a once-in-a-decade company,
and I think we've proven as we celebrate ten years of Matterport
with our customers and partners in over 150 countries. Our
extraordinary history of innovation has paved a completely new way
for customers to access, understand, and utilize the places in
which we live, work, learn, and play," said RJ Pittman, CEO of
Matterport. "Put simply, we turn buildings into data. And our
spatial data technology platform turns that data into valuable and
actionable insights that help our customers manage their spaces
across every stage of the building lifecycle from design and
construction, to operations and marketing, to remodeling and
restoration."
Matterport found early success with the residential and
commercial real estate markets with long-time customers like Redfin
and CoStar and for years has steadily expanded its market reach
globally across new enterprise verticals including architecture,
engineering and construction; retail; industrial; insurance and
restoration; travel and hospitality; facilities management and
more. Use cases exploded as the company made 3D capture more
accessible with support of popular 360 cameras, iPhones and iPads,
as well as the launch of Matterport Capture Services™. The
first-of-its-kind online platform makes it simple and
cost-effective for enterprises, small businesses and individuals to
digitize spaces by scheduling a vetted, trusted and highly-trained
Matterport Capture Technician in just a few clicks.
"When we think about PropTech having a permanent, transformative
impact on the commercial real estate industry, our goal is to
incorporate the most effective technologies in the marketplace,"
said Oliver Skagerlind, Global Head
of Client and Business Solutions at Cushman & Wakefield.
"Matterport is critical to our technology ecosystem because it
helps us provide our brokers, market managers, and operations
professionals with the technology, resources, and data they need to
serve clients better. Our partnership perfectly showcases our
technology strategy, which is to deliver innovative tools that
generate deep insights and create genuine value."
The built world is the largest asset class in the world worth an
estimated $230 trillion, more than
three times the estimated value of all global equities combined. It
also represents the largest undisrupted market with less than 1%
digitized. With the help of artificial intelligence, machine
learning and deep learning technologies, Matterport sees additional
growth opportunities as the company continues to unlock powerful
spatial data-driven property insights and analytics. This increases
the total addressable market for the digitization and datafication
of the built world to more than $1
trillion.
With 64 patents, Matterport has earned a first mover, first
scaler advantage with unique innovations in 3D capture, immersive
virtual experiences, and AI-based understanding of spaces and
objects. Its customer base has grown to over 330,000 subscribers in
more than 150 countries as of Q1 2021. More than five million
spaces have been digitized with the Matterport platform, comprising
more than 15 billion square feet of physical space of all types
including the Performing Arts Centre in Houston, Texas, Pharaoh Ramesses VI Tomb in
Egypt, Rosa Parks Bus in
Detroit and a yacht in
British Columbia, Canada. The
company also reported record first quarter results including a 108%
year over year increase in revenue and 531% year over year increase
in subscribers.
Earlier this year, Matterport announced its intention to
go public via a proposed business combination with Gores Holdings
VI, a special purpose acquisition company sponsored by an affiliate
of The Gores Group, LLC. Upon closing of the proposed transaction,
the combined company intends to remain listed on NASDAQ under the
ticker symbol "MTTR."
This important transaction will help Matterport accelerate
international expansion; drive enterprise growth across industry
verticals; increase its research and development investments to
speed its rate of innovation; and expand its partner and developer
ecosystem. Earlier this month, the company announced that more than
50 partners have joined its Platform Partner Program to create
apps, add-ons, customizations and management tools on its spatial
data platform.
To celebrate its anniversary, the company launched the "Ten Days
of Matterport" campaign, offering once-in-a-decade discounts
through June 26,2021. Customers can
save $1,000 on the industry's
best-in-class 3D camera, the Matterport Pro2. Regularly
$3,395, the Pro2 can be purchased for
$2,395 during this time on
Matterport.com, Amazon.com, or eTailers websites, Adorama
and B&H. With the Pro2 in hand, new customers can
get 50% off an annual Professional plan. Matterport is also
unveiling daily exclusive offers on its social channels through
June 26 including gift cards, account
credits, merchandise, and free schematic floor plans.
In addition, Matterport will run an exclusive promotion during
Amazon Prime Days June 21 and 22,
bundling a portable hard case with the $2,395 purchase of Pro2 during a 48 hour
period.
About Matterport
Matterport is leading the digital transformation of the built
world. Our groundbreaking spatial computing platform turns
buildings into data making every space more valuable and
accessible. Millions of buildings in more than 150 countries have
been transformed into immersive Matterport digital twins to improve
every part of the building lifecycle from planning, construction,
and operations to documentation, appraisal and marketing. Learn
more at matterport.com and browse a gallery of digital twins.
©2021 All rights reserved. Matterport is a registered trademark
of Matterport, Inc., and the Matterport logo is a trademark of
Matterport, Inc. All other marks are the property of their
respective owners.
Matterport Media Contact:
Naomi Little
Global Communications Manager
press@matterport.com
+44 203 874 6664
Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
ir@matterport.com
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed business combination between Gores Holdings VI, Inc.
("Gores") and Matterport, Inc. ("Matterport"),
including statements regarding the benefits of the proposed
business combination, the anticipated timing of the proposed
business combination, the services offered by Matterport 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. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "forecast,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions
(including the negative versions of such words or
expressions).Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the proposed business combination may not be completed in
a timely manner or at all, which may adversely affect the price of
Gores' securities; (ii) the risk that the proposed business
combination may not be completed by Gores' business combination
deadline and the potential failure to obtain an extension of the
business combination deadline if sought by Gores; (iii) the failure
to satisfy the conditions to the consummation of the proposed
business combination, including the approval of the proposed
business combination by Gores' stockholders, the satisfaction of
the minimum trust account amount following redemptions by Gores'
public stockholders and the receipt of certain governmental and
regulatory approvals; (iv) the effect of the announcement or
pendency of the proposed business combination on Matterport's
business relationships, performance, and business generally; (v)
risks that the proposed business combination disrupts current plans
of Matterport and potential difficulties in Matterport employee
retention as a result of the proposed business combination; (vi)
the outcome of any legal proceedings that may be instituted against
Gores or Matterport related to the agreement and plan of merger or
the proposed business combination; (vii) the ability to maintain
the listing of Gores' securities on the NASDAQ; (viii) the price of
Gores' securities, including volatility resulting from changes in
the competitive and highly regulated industries in which Matterport
plans to operate, variations in performance across competitors,
changes in laws and regulations affecting Matterport's business and
changes in the combined capital structure; and (ix) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed business combination, and identify
and realize additional opportunities. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties that are described in
Gores' final proxy statement/prospectus contained in the
registration statement on Form S-4, including those under "Risk
Factors" therein, and other documents filed by Gores from time to
time with the U.S. Securities and Exchange Commission (the
"SEC"). 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. Readers are cautioned not to put undue reliance on
forward-looking statements, and Gores and Matterport assume no
obligation and, except as required by law, do not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither Gores nor
Matterport gives any assurance that either Gores or Matterport will
achieve its expectations.
Additional Information and Where to Find It
In connection with the proposed business combination, Gores has
filed a registration statement on Form S-4 that includes a proxy
statement/prospectus of Gores. The Form S-4 was declared effective
by the SEC on June 17, 2021. The
definitive proxy statement/prospectus will be sent to all Gores
stockholders as of June 16, 2021, the
record date established for voting on the proposed business
combination and the other matters to be voted upon at a meeting of
Gores' stockholders to be held to approve the proposed business
combination and other matters (the "Special Meeting"). Gores
may also file other documents regarding the proposed business
combination with the SEC. The definitive proxy statement/prospectus
contains important information about the proposed business
combination and the other matters to be voted upon at the Special
Meeting and is not intended to provide the basis for any investment
decision or any other decision in respect of such matters. Before
making any voting decision, investors and security holders of Gores
and Matterport are urged to read the registration statement, the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC in connection with the proposed
business combination as they become available because they will
contain important information about the proposed business
combination.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by Gores through
the website maintained by the SEC at www.sec.gov, or by directing a
request to Gores Holdings VI, Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou or by contacting Morrow
Sodali LLC, Gores' proxy solicitor, for help, toll-free at (800)
662-5200 (banks and brokers can call collect at (203)
658-9400).
Participants in Solicitation
Gores and Matterport and their respective directors and officers
may be deemed to be participants in the solicitation of proxies
from Gores' stockholders in connection with the proposed business
combination. Information about Gores' directors and executive
officers and their ownership of Gores' securities is set forth in
Gores' filings with the SEC. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed business combination may be obtained
by reading the proxy statement/prospectus regarding the proposed
business combination. You may obtain free copies of these documents
as described in the preceding paragraph.
Disclaimer
This document relates to a proposed business combination between
Gores and Matterport. This document does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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SOURCE Matterport