In a move set to reshape the real estate landscape, CoStar Group, Inc. has officially acquired Matterport, Inc., the leading innovator in 3D digital twin technology. The announcement, made today, marks a significant step toward integrating cutting-edge technology with property data and online marketplaces.
According to Andy Florance, Founder and CEO of CoStar Group, both companies share a long vision of digitizing the real estate industry, and now, they officially unite to realize that future together. Now, by bringing Matterport’s 3D capture and AI-powered insights into the fold, CoStar aims to provide an unmatched solution for exploring properties.
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Matterport has digitized over 14 million spaces across 177 countries, offering immersive property experiences. With CoStar Group’s resources, they plan to accelerate innovation and deliver greater value to customers.
RJ Pittman, Chairman and CEO of Matterport, emphasizes that this is an exciting milestone for Matterport, as it joins forces with CoStar Group to accelerate its impact on the global real estate industry. He also added that from residential to commercial, their technology is redefining how residential and commercial spaces are discovered, marketed, and transacted.
Furthermore, CoStar Group and Matterport will invest in AI, computer vision, and machine learning. As remote property exploration grows, this merger positions them at the forefront of real estate technology.
The combined company aims to digitize the vast majority of the world’s four billion residential and commercial buildings. With the property sector representing a $327 trillion asset class, the need for accurate, data-driven insights is greater than ever. Together, CoStar Group and Matterport are ready to lead this digital transformation.
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FAQs
1. What does this acquisition mean for the real estate industry?
This acquisition signifies a major push towards digitizing the real estate industry. By combining CoStar Group’s extensive property data with Matterport’s 3D digital twin technology, the industry can expect more immersive and data-driven property exploration experiences.
2. How will AI play a role in this new venture?
Both CoStar Group and Matterport are committed to investing further in AI, computer vision, and machine learning. This will lead to improved property analytics, optimized operational efficiency, and broader applications of digital twin technologies in real estate.
3. What are the long-term goals of CoStar Group and Matterport together?
The primary goal is to digitize the vast majority of the world’s buildings, providing accurate, data-driven insights to the $327 trillion global property sector. Together, they aim to lead the digital transformation of the real estate industry, bringing AI-powered intelligence and 3D digital twins to every corner of the built world.
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