CoStar Group to acquire 3D specialist, Matterport

By on 3 May, 2024
Image courtesy Matterport

CoStar Group, a provider of online real estate marketplaces, has announced that it has reached an agreement to acquire Matterport in a transaction reflecting an estimated US$1.6 billion of enterprise value.

Founded in 2011, Matterport provides 3D capture solutions to deliver dimensionally accurate, photorealistic indoor and outdoor digital twins of property using a variety of cameras, including those found on most smartphones as well as its own LiDAR-based unit.

Matterport has curated what it says is the largest and most precise collection of spatial property data worldwide, with over 12 million spaces captured in 177 countries, covering residential, commercial, hospitality, retail and industrial spaces.

“CoStar Group and Matterport have nearly identical mission statements of digitising 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.

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