WASHINGTON (dpa-AFX) - CoStar Group, Inc. (CSGP) Friday has successfully completed its acquisition of Matterport, Inc., integrating two industry leaders to accelerate AI-driven digital twin technology in real estate.
Andy Florance, Founder and CEO of CoStar Group, emphasized that both companies share a vision of digitizing real estate. He highlighted that Matterport's 3D capture and AI-powered insights have revolutionized property marketing. By combining Matterport's digital twin technology with CoStar Group's extensive property data and online marketplaces, the merged entity aims to provide an unmatched property exploration experience.
Matterport has been at the forefront of 3D digital twins, enabling remote property experiences with precision. With over 14 million spaces and 50 billion square feet digitized across 177 countries, it has built the largest spatial data library, offering real estate professionals enhanced visualization and analytical tools.
RJ Pittman, Chairman and CEO of Matterport, described the merger as a milestone, enabling faster innovation, deeper AI-driven analytics, and enhanced customer value. He noted that Matterport's technology is reshaping property discovery and transactions, with CoStar Group's resources amplifying its impact.
The companies plan to invest further in AI, computer vision, and machine learning to improve property analytics and expand digital twin applications. As remote property exploration and data-driven decision-making grow, this merger positions them at the forefront of real estate technology.
With over four billion residential and commercial buildings worldwide, most remain undigitized. Given real estate's $327 trillion valuation-the largest asset class globally-demand for accurate data-driven insights is surging. CoStar Group and Matterport aim to lead this transformation, bringing AI-powered intelligence and next-gen property insights to the entire built environment.
Advisors
J.P. Morgan Securities advised CoStar Group financially, with Latham & Watkins LLP providing legal counsel. Qatalyst Partners served as Matterport's financial advisor, with Foley & Lardner LLP as its legal advisor.
CSGP is currently trading at $74.79 or 0.58% higher on the Nasdaq Global Select Market.
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