CoStar Group, a leading provider of online real estate marketplaces, information, and analytics, made a significant announcement: CoStar Acquires Matterport, the global leader in immersive 3D digital twins and artificial intelligence for the real estate industry. This strategic move, valued at $1.6 billion, reflects CoStar Group’s commitment to enhancing its development and deployment of advanced AI and digital twin technology across all its product lines.
CoStar Acquires Matterport
Founded in 2011, Matterport pioneered the development of the first 3D capture solution to deliver dimensionally accurate, photorealistic virtual tours or “digital twins” for any type of property. Matterport’s proprietary and patented technology enables anyone to digitize a property using a variety of camera technologies, including smartphones. At the center of the solution is Cortex, a powerful artificial intelligence software engine that automatically generates the 3D digital twin and virtual tour while providing property insights like detailed property dimensions, room layouts, and more.
Nearly every real estate sector, including residential, commercial, hospitality, retail, and industrial spaces, utilizes Matterport’s 3D technology. Over the years, Matterport has curated the largest and most precise collection of spatial property data worldwide, capturing over 12 million spaces in 177 countries and representing over 38 billion square feet of digital property under management.
CoStar Group runs popular real estate information solutions and online property marketplaces worldwide, featuring Matterport’s 3D virtual tours. CoStar was an early adopter of Matterport technology, boasting almost 300,000 Matterport digital twins in their online property marketplaces. Advertisers on CoStar Group marketplaces clearly recognize the value of Matterport virtual tours. In March 2024, Apartments.com had over 7.4 million views of Matterport 3D Tours. Listings with Matterports had 20% longer view times. CoStar Group plans to use Matterports on Homes.com to enhance their residential portal for agents, sellers, and buyers.
The Future of Real Estate Technology
The acquisition of Matterport by CoStar marks a significant advancement in real estate technology. This merger will revolutionize property marketing, sales, and management globally, leveraging state-of-the-art 3D digital twin technology and AI-driven property intelligence. It provides Matterport’s stockholders with an opportunity to participate in the value creation and future growth prospects of the collaboration. The powerful combination of CoStar and Matterport will shape the future of real estate technology.
The acquisition of Matterport by CoStar Group marks a significant milestone in the real estate industry’s digital transformation. Together, these companies aim to transform how properties are marketed, sold, and managed worldwide. For expert guidance and innovative solutions in commercial real estate, trust the Onward Real Estate Team at Keller Williams. Stay updated on the latest industry trends and advancements with us!