In the news release, Matterport And Gores Holdings VI Announce
Closing of Business Combination, issued 22-Jul-2021 by Matterport over PR Newswire, we
are advised by the company that the subheadline should read
"Matterport raises $640M gross
proceeds; begins trading July 23
under ticker 'MTTR'" as originally issued inadvertently. The
complete, corrected release follows:
Matterport And Gores Holdings VI Announce Closing of Business
Combination Matterport raises $640M
gross proceeds; begins trading July
under ticker "MTTR"
SUNNYVALE, Calif. and
LOS ANGELES, July 22, 2021 /PRNewswire/ -- Matterport,
Inc., the leading spatial data company driving the digital
transformation of the built world, and Gores Holdings VI (NASDAQ:
GHVI, GHVIU, and GHVIW), a special purpose acquisition company
sponsored by an affiliate of The Gores Group, LLC, today announced
the completion of their previously announced business combination
(the "Business Combination"). The combined company will be named
Matterport, Inc. and will commence trading on Nasdaq under the new
ticker symbol "MTTR" on July 23,
2021. The Business Combination was approved at a special
meeting of Gores Holdings VI stockholders on July 20, 2021.
With more than four billion buildings and 20 billion spaces
worldwide, the built world is the largest undisrupted market with
less than 1% digitized. Worth an estimated $230 trillion, the global real estate market is
the world's largest asset class comprising commercial, industrial,
and residential properties. Matterport's market-leading spatial
data platform transforms any physical space into a
dimensionally-accurate and photorealistic digital twin, providing
customers with unparalleled data insights needed to manage spaces
more effectively than ever before. Over 330,000 subscribers in more
than 150 countries have captured over five million spaces to better
access, manage and understand spaces - from a single property to a
global portfolio of buildings.
"Becoming a publicly traded company is a strategic transaction
for Matterport that strengthens our position as the market leading
spatial data company for the built world, and propels the global
property market into the future," said RJ Pittman, Chief Executive
Officer and Chairman of the Board of Directors of the combined
company. "We're at the dawn of a new era for what's possible when
buildings become data. To capitalize on this extraordinary market
opportunity, we plan to increase our investment in our customers'
success, scale innovation and R&D, and accelerate growth
through our spatial data platform for the 20 billion spaces around
The successful completion of the Business Combination is
reinforced by growth initiatives that have expanded Matterport's
global reach, as well as technological innovations that have
democratized the 3D capture of spaces, including:
- 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.
- 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.
- A collaboration with Facebook AI that uses Matterport's 3D
indoor scans to help researchers train robots in simulation so they
can better understand and interact with the physical world.
- The launch of Matterport Capture ServicesTM, an
online services platform that makes it effortless to schedule a
highly-trained Matterport Capture Technician to scan any space for
both enterprises and individuals.
- The announcement that over 50 developers in the last six months
joined the Matterport Platform Partner Program to build and
commercialize customized apps and integrations across multiple
- The reporting of record financial and operational results for
the quarter ending March 31, 2021.
Revenue was $26.9 million, up 108%
year over year, and Matterport is on track for [A1] annual
recurring revenue of $55.2 million.
Subscribers increased to 331,000, up 531% year over year.
Alec Gores, Chief Executive
Officer of The Gores Group, said, "We are thrilled to partner with
RJ and the entire Matterport team as they continue to capitalize on
one of the world's largest undisrupted markets. Matterport's
game-changing technology is the gold standard across the industry,
and they have solidified themselves as a market leader. There is
tremendous opportunity for growth, and we are excited to close this
transaction and work closely with Matterport on its mission to make
every building more valuable and accessible."
As a result of the Business Combination, Matterport has received
approximately $605 million total
cash, net of fees and expenses paid in connection with the
closing of the Business Combination. This includes approximately
$310 million from Gores Holdings VI,
net of redemptions, as well as $295
million in proceeds from the financing completed in
connection with the announcement of the Business Combination, led
by institutional investors including Tiger Global Management, LLC,
Senator Investment Group, Dragoneer Investment Group, Fidelity
Management & Research Company LLC, funds and accounts managed
by BlackRock, Miller Value Partners, Darlington Partners, Untitled
Investments, and Lux Capital.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
acted as financial advisors to Gores Holdings VI and as joint lead
placement agents to Gores Holdings VI. Moelis & Company LLC
also acted as financial advisor to Gores Holdings VI. Weil, Gotshal
& Manges, LLP acted as legal advisor to Gores Holdings
Credit Suisse Securities (USA)
LLC served as financial advisor and capital markets advisor to
Matterport and acted as joint lead placement agent on the PIPE.
Piper Sandler also served as capital
markets advisor to Matterport. Latham & Watkins LLP served as
legal advisor to Matterport in the transaction and Orrick LLP
served as Matterport's general corporate counsel.
Additional information about the completed Business Combination
will be provided in a Current Report on Form 8-K to be filed by
Matterport, Inc. with the SEC and available at www.sec.gov.
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.
About Gores Holdings VI
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. Gores'
strategy is to identify and complete business combinations with
market leading companies with strong equity stories that will
benefit from the growth capital of the public equity markets and be
enhanced by the experience and expertise of Gores' long history and
track record of investing in and operating businesses for over 35
years. To date, affiliates of The Gores Group have announced or
closed eight business combinations representing $38 billion in transaction value which include:
Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II,
Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos,
Inc.), United Wholesale Mortgage (Gores Holdings IV, Inc.), Ardagh
Metal Packaging (pending; Gores Holdings V, Inc.), Matterport
(pending; Gores Holdings VI, Inc.), and Sonder (pending; Gores
Metropoulos II, Inc.).
About The Gores Group, LLC
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. For more information, please
©2021 Matterport, Inc. All rights reserved. Matterport is a
registered trademark and the Matterport logo is a trademark of
Matterport, Inc. All other marks are the property of their
For inquiries regarding Matterport:
Soohwan Kim, CFA
VP, Investor Relations
Global Communications Manager
+44 203 874 6664
For inquiries regarding The Gores Group and
Jennifer Kwon Chou
The Gores Group
John Christiansen/Cassandra Bujarski/Danya
Sard Verbinnen & Co
This document contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding the benefits of the business combination, the services
offered by Matterport, Inc. ("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 Matterport's ability to implement business
plans, forecasts, and other expectations in the industry in which
Matterport competes, 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 described in Gores definitive proxy
statement/prospectus contained in the registration statement on
Form S-4, including those under "Risk Factors" therein, filed by
Gores with the U.S. Securities and Exchange Commission (the
"SEC") and other documents filed by Matterport from time to
time with 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 Matterport
assumes no obligation and, except as required by law, does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Matterport does not give any assurance that it will
achieve its expectations.
View original content to download
SOURCE Matterport; Gores Holdings VI