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1Q2024CoStarMatterport NewsMTTRNews

CoStar Group, Inc. to Acquire Matterport [CoStar's Media Release]19748

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CoStar Media Release
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Matterport News

Video: CoStar to Acquire Matterport [CoStar Media Release] | Video courtesy of WGAN-TV YouTube Channel | 22 April 2024

WGAN Forum Podcast | Episode #285

CoStar Group to Acquire Matterport, the Global Leader in Immersive 3D Digital Twins and Artificial Intelligence for the Real Estate Industry that makes Properties Intuitive and Interactive Online

The Transaction is Expected to Increase the Development and Deployment of Advanced AI and Digital Twin Technology Across All of CoStar Group’s Product Lines

WASHINGTON, DC – April 22, 2024 - CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets announced today that it has reached a definitive agreement to acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share reflecting an estimated $1.6 billion of enterprise value. Under the terms and subject to the conditions of the agreement, Matterport stockholders will receive $2.75 in cash and $2.75 in shares of CoStar Group common stock for each share of Matterport common stock.

Founded in 2011, Matterport pioneered the development of the first 3D capture solution to deliver dimensionally accurate, photorealistic virtual tours or “digital twins” for any type of property. Matterport’s proprietary and patented technology enables anyone to digitize a property using a variety of camera technologies including cameras found on most smartphones. Matterport also produces a line of innovative 3D capture devices, including the company’s flagship LiDAR-based Pro3 camera which is capable of high-precision indoor and outdoor capture. At the center of the solution is Cortex, a powerful artificial intelligence software engine that automatically generates the 3D digital twin and virtual tour while providing property insights like detailed property dimensions, room layouts, and more.

Matterport's 3D technology is utilized in nearly every sector of real estate, spanning residential, commercial, hospitality, retail, and industrial spaces, among others. Over the years, Matterport has curated what is considered the largest and most precise collection of spatial property data worldwide, with over 12 million spaces captured in 177 countries, and representing more than 38 billion square feet of digital property under management. Contributing to this growth, Matterport has established a global network of several thousand photographers, capture services technicians, and service partners producing hundreds of thousands of new 3D digital twins for properties each month.

CoStar Group operates some of the most effective and widely recognized real estate information solutions and online property marketplaces in the world including Apartments.com, LoopNet, CoStar, and Homes.com, all of which feature Matterport’s 3D virtual tours. CoStar Group was one of the first adopters of Matterport’s technology, and currently has almost 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces. Advertisers on CoStar Group marketplaces clearly recognize the value of Matterport virtual tours. In March 2024, there were over 7.4 million views of Matterport 3D Tours on Apartments.com, with consumers spending 20% more time viewing an apartment listing when Matterports were available. CoStar Group intends to utilize Matterports in a similar fashion on Homes.com to further enhance the most comprehensive agent, seller and buyer friendly residential portal on the market.

“CoStar Group and Matterport have nearly identical mission statements of digitizing the world’s real estate. I look forward to welcoming Matterport to the CoStar Group family and believe that we will be stronger together, in pursuit of our common mission,” said Andy Florance, Founder and CEO of CoStar Group. “The world has changed and today a Matterport is the new open house or property tour. People now select their next home, apartment, office, store, hotel, or warehouse on their mobile device often without ever visiting the property. There is no better way to remotely experience space than via Matterport. CoStar Group intends to support and invest in research and development opportunities to further develop Matterport’s spatial technology, including the application of AI and machine learning to extract information from the 3D spatial data library as well as using generative artificial intelligence to imagine and reimagine physical spaces.”

RJ Pittman, Chair and CEO of Matterport said, “We are thrilled to join forces with Costar Group, a long-standing customer and partner with a shared vision for transforming global real estate through technology and digitization. This transaction is another significant milestone that acknowledges the groundbreaking work Matterport has accomplished in 3D digital twin technology and AI-driven property intelligence. With CoStar Group's expansive reach and scale in property research and analytics and our joint commitment to innovation, we believe that this powerful combination will transform how properties are marketed, sold, and managed worldwide. Importantly, it offers Matterport's stockholders the opportunity to participate in the value creation and future growth prospects of our combined efforts.”

The transaction, which is expected to be completed during the year, is subject to the approval of Matterport stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. The transaction has been unanimously approved by the Matterport Board of Directors. Directors, Officers and certain other stockholders of Matterport, representing approximately 15% of Matterport’s fully diluted shares, have entered into voting agreements to support the transaction. The transaction is subject to a 10% symmetrical collar based on a CoStar Group share price of $86.02 as the midpoint.

Matterport is headquartered in Sunnyvale, California and has approximately 440 employees. Revenue for the year ending December 31, 2023, was $158 million, representing growth of 16% on a year over year basis compared to 2022.

CoStar Group plans to provide additional information about the Matterport acquisition during their earnings conference call at 5:00pm ET on April 23, 2024.

ABOUT COSTAR GROUP, INC.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors.

STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service.

Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted over 160 million unique monthly visitors in September 2023. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, CoStarGroup.com.

ABOUT MATTERPORT
Matterport, Inc. (NASDAQ: MTTR) is the World’s #1 Digital Twin Platform leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make 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 browse a gallery of digital twins.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction, CoStar intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Matterport that also constitutes a prospectus of CoStar and other documents regarding the proposed transaction. The definitive proxy statement/prospectus will be delivered to stockholders of Matterport.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus (when available) and other relevant documents filed by CoStar and Matterport with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by CoStar with the SEC will also be available on CoStar’s website at https://costargroup.com, and copies of the documents filed by Matterport with the SEC are available on Matterport’s website at https://matterport.com.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION.


PARTICIPANTS IN THE SOLICITATION
CoStar, Matterport and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Matterport’s stockholders in respect of the proposed transaction. Information regarding CoStar’s directors and executive officers can be found in CoStar’s definitive proxy statement filed with the SEC on April 27, 2023. Information regarding Matterport’s directors and executive officers can be found in Matterport’s definitive proxy statement filed with the SEC on April 27, 2023.

Additional information regarding the interests of such potential participants will be included in the definitive proxy statement/prospectus when it is filed with the SEC. These documents will be available on the SEC’s website and from CoStar and Matterport, as applicable, using the sources indicated above.

Source: CoStar
Post 1 IP   flag post
SecMapTec private msg quote post Address this user
With this acquisition, anyone else wonder how it will affect innovation in using the matterport product? Anyone see the product becoming more of a channel feature rather than creative platform?
Post 2 IP   flag post
ron0987 private msg quote post Address this user
@SecMapTec I always worry when there is a major change, in this case I would like to see an upper management shake up, but for once I would love new management to survey user, even break it down to long term users, short term new and user that left and why.

Dan you follow this a lot more what is your take?
Post 3 IP   flag post
WGAN Forum
Founder &
WGAN-TV Podcast
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Atlanta, Georgia
DanSmigrod private msg quote post Address this user
@SecMapTec @ron0987

Please see:

Question of the Day: Your thoughts about Matterport being acquired?

Dan
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SecMapTec private msg quote post Address this user
@ron0987 Yeah, I’ve spent 6+ years working with a manufacturer/service provider that changed hands a few times, eventually landing in the pocket of private equity, which drove the company’s underlying mission toward ebitda boosters, and a lot of talent wound up leaving the ground. This was a $100mil rev company, not huge or small, but the gradual shift in the managements style became significantly less about the original product and more about turning quick features for profit, while innovative development stumbled. Hoping this isn’t the case here, as Matterport is proprietary, it still has a platform that businesses can generate new uses from. CoStar is largely real estate oriented, so I’m really hoping they don’t strictly further focus on turning the tool into yet another primarily real estate sales complement.
Post 5 IP   flag post
WGAN Forum
Founder &
WGAN-TV Podcast
Host
Atlanta, Georgia
DanSmigrod private msg quote post Address this user
@SecMapTec @ron0987

Please see:

Question of the Day: Your thoughts about Matterport being acquired?

Dan
Post 6 IP   flag post
WGAN Forum
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DanSmigrod private msg quote post Address this user

Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 7


Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 27

"Coming soon… Matterport 3D Virtual Tours on All Homes.com Members Listings"


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CoStar Group First Quarter 2024 Investor Presentation
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Post 7 IP   flag post
102931 7 7
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