According to an Ernst & Young report, 39% of real estate owners surveyed have yet to adopt a single technology tool, with 58% blaming the difficulty of integrating technology solutions in their buildings as the primary reason for their reluctance.
Despite its sheer size, real estate is one of the slowest in terms of technological adoption. (Source: Matterport and GHVI Investor Presentation) The Virtual WorldĪs mentioned in my previous article, real estate is the largest asset class in the world worth $230 trillion globally, comprising of an estimated 4 billion buildings.
The business combination is set to close in Q2 of 2021, valuing the company at $2.9 billion equity value, or $2.3 billion enterprise value, at $10 per share. On 8 February 2021, Matterport, a leading spatial data company that produces 3D representations of the built world, signed a definitive agreement with Gores Holdings VI ( GHVI), a special purpose acquisition company, or SPAC, led by Alec Gores.Īs a result of the merger, Matterport will receive $640 million of gross proceeds, which consists of $345 million from GHVI’s cash held in trust and $295 million of private placement of public equity, or PIPE, led by Tiger Global Management, LLC, Senator Investment Group, Dragoneer Investment Group, Fidelity Management & Research Company LLC, BlackRock, Miller Value Partners, and Lux Capital. Matterport Set To Go Public Through A SPAC Merger With Gores Holdings VI Despite its market leadership, vast applications, and huge spatial data library, competitive threats and valuation risks remain - proceed with caution. Matterport aims to capture these two trends by offering real estate owners the ability to create 3D virtual models of physical spaces. The virtual reality space is also experiencing secular growth as the pandemic accelerates its importance and relevance. Real estate is the largest asset class in the world and is on the brink of disruption and massive technological innovation.
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