Matterport, Inc. (“Matterport”) (Nasdaq: MTTR), the leading
enterprise and real estate digital twin company driving the digital
transformation of the built world, today announced the acquisition
of VHT, Inc., known as VHT Studios, a U.S.-based real estate
marketing company that offers brokerages and agents digital
solutions to promote and sell properties. This transaction brings
together VHT Studios’ visual media services with the immersive
Matterport 3D Digital Twin platform to elevate the buying
experience for home buyers while simplifying the process of
creating comprehensive marketing packages for brokers and agents.
With this acquisition, Matterport aims to increase adoption of
digital twin technology and expand further into the real estate
industry while adding marketing services for other key markets such
as commercial real estate, travel and hospitality, and the retail
sector.
Matterport’s acquisition of VHT Studios provides real estate
brokerages and their professionals access to an expanded selection
of marketing services and expertise they need to effectively market
and promote properties. These include high-end photography, drone
imagery, floor plans, virtual tours, and other marketing services.
When combined with Matterport digital twins and collaboration
tools, the newly expanded solution not only helps brokerages and
agents save time with an easy-to-order and comprehensive source for
their digital marketing needs but also reduces their costs with
comprehensive marketing packages along with flexible, optional
add-ons. This all-in-one marketing solution provides one of the
richest and most compelling digital experiences for property
seekers and has been proven to drive increased sales for brokerages
and agents.
“We’re thrilled to welcome the VHT Studios team to Matterport
along with the talent and industry expertise they bring,” said RJ
Pittman, Chief Executive Officer at Matterport. “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.”
“We are excited to welcome VHT Studios, a market leader in
real estate digital marketing technologies, to Matterport today.
While we make strategic investments to expand our business, we
remain committed to conscientiously managing our balance sheet of
approximately $600 million in cash and short- and long-term
investments as of March 31, 2022. Further, having integrated the
Enview acquisition earlier this year, our team is looking forward
to what we expect will be another successful integration,” said JD
Fay, Chief Financial Officer of Matterport.
“What makes this acquisition unique is how complementary our
services are to one another,” said Brian Balduf, CEO of VHT
Studios. “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.”
The all-in-one marketing solution that brings together VHT
Studios’ and Matterport’s services is expected to be available
through Matterport’s Capture Services during the third quarter this
year. The acquisition will enable more data to be trained on the
machine learning systems acquired through Enview and whose data
insights will be incorporated into Matterport’s Cortex Artificial
Intelligence engine.
VHT Studios has helped more than 200,000 real estate
professionals sell more than $200 billion in properties since the
company’s founding in 1998. Seven of the top 10 brokers1 in the
United States are customers of VHT Studios, including Baird &
Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman,
and more.
Terms of the transaction were not disclosed. Canaccord Genuity
served as the exclusive financial advisor to VHT Studios.
About MatterportMatterport, Inc. (Nasdaq: MTTR) is leading the
digital transformation of the built world. Our groundbreaking
spatial data platform turns buildings into data to make nearly
every space more valuable and accessible. Millions of buildings in
more than 177 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 visit our Discover page to browse a collection
of digital twins captured by our customers.
©2022 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
respective owners.
Media Contact:Patrick
SantucciCommunicationspress@matterport.com
Investor Contact: Soohwan Kim, CFAVP, Investor
Relationsir@matterport.com
Forward-Looking StatementsThis press release contains certain
forward-looking statements within the meaning of the federal
securities laws, including statements regarding the services and
products offered by Matterport and VHT Studios, and the markets in
which Matterport and VHT Studiosoperate, their respective business
strategies, expected synergies related to Matterport’s acquisition
of VHT Studios, current and potential customers, and industry
environment. 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 the expected impacts and benefits of
Matterport’s acquisition of VHT Studios, including any accelerated
datafication of Matterport’s platform, the capabilities and
performance of VHT Studios visual media services and their use by
existing and future customers, and Matterport’s ability to
integrate VHT Studios’ visual media services and business into
Matterport’s existing business and operations. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in documents filed by Matterport 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 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.
_______________1 Reference source used for this statement
is www.RealTrends.com in relation to brokerage sales volume for
2021.
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