In this Research Note, we examine what’s behind the Costar acquisition of Matterport, the US digital twin business founded in 2011. This analysis is based on Matterport’s investor presentation 20th February 2024, 10K Annual Reports, and recent press releases. CoStar Business Founded in 1987, CoStar Group is a $2.5 billion revenue company, operating some of the most widely recognized real estate information solutions and online property marketplaces 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. It currently has almost 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces. Matterport Transaction Details CoStar Group will acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share (Matterport’s share price reached a high of $27.86 in November 2021), representing an equity value of approximately $2.1 billion and an enterprise […]
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