Founded in 2011, Matterport claims to be "leading the digital transformation of the built world" with its market-leading platform that turns any physical space into an immersive 3D digital twin. The company says it has created the largest spatial data library in the world, with more than 10 billion square feet of space and growing.
Millions of buildings in more than 150 countries have been digitized, from homes, office spaces, museums and schools to factories, hospitals, and retail stores. Matterport monetizes its data primarily under a recurring revenue Software as a Services ("SaaS") model and says it grew its subscriber base - more than 250,000 subscribers - by more than 500% in 2020.
Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW) is a publicly listed, $345 million special purpose acquisition company sponsored by an affiliate of The Gores Group, a global investment firm founded in 1987 by Alec Gores. To date, Alec Gores and affiliates of The Gores Group have completed five business combinations representing over $25 billion in transaction value.
The combined company will have an implied pro forma enterprise value of approximately $2.3 billion and an equity value of approximately $2.9 billion at closing. Upon closing of the proposed transaction, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR."
"Matterport has been at the forefront of spatial computing for the built world for over a decade," says RJ Pittman, Chief Executive Officer of Matterport. "Our pioneering technology has defined the category and set the standard for digitizing the largest asset class in the world. Our deep industry experience and proven track record have made Matterport the platform of choice to digitize millions of buildings across diverse industries and markets."
"Building on this momentum, we are scaling all aspects of our business to transform the $230 trillion built world," says Pittman. "We believe the proposed transaction with Gores