Matterport, Inc. (“Matterport”) (Nasdaq: MTTR), a prominent company specializing in enterprise and real estate digital twin solutions, has recently acquired VHT, Inc., also known as VHT Studios. VHT Studios is a renowned U.S.-based real estate marketing company that provides digital solutions to brokerages and agents for promoting and selling properties. This strategic acquisition combines VHT Studios’ visual media services with Matterport’s immersive 3D Digital Twin platform, enhancing the home buying experience for customers while streamlining the creation of comprehensive marketing packages for brokers and agents. Matterport aims to drive the adoption of digital twin technology and expand its presence in the real estate sector, as well as explore marketing services in other key markets like commercial real estate, travel and hospitality, and retail.
By acquiring VHT Studios, Matterport enables real estate brokerages and professionals to access an expanded range of marketing services and expertise essential for effectively promoting and marketing properties. These services include high-quality photography, drone imagery, floor plans, virtual tours, and other marketing solutions. When combined with Matterport’s digital twins and collaboration tools, this expanded offering not only saves time for brokerages and agents by providing a convenient and comprehensive source for their digital marketing needs but also reduces costs through comprehensive marketing packages and optional add-ons. This all-in-one marketing solution delivers one of the most engaging and immersive digital experiences for property seekers, leading to increased sales for brokerages and agents.
RJ Pittman, the CEO of Matterport, expressed excitement about the acquisition, stating, “We’re thrilled to welcome the VHT Studios team to Matterport along with their talent and industry expertise. The synergy between our organizations is evident when we consider the transformative potential of combining our efforts to reimagine the fragmented process of listing and viewing properties. We are not only excited about revolutionizing the customer experience in the real estate industry but also about leveraging VHT Studios’ expertise in our growing enterprise business as the demand for digital twin technology continues to soar.”
JD Fay, the CFO of Matterport, highlighted the strategic nature of the acquisition and the company’s commitment to managing its financials effectively. Fay said, “We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration.”
Brian Balduf, CEO of VHT Studios, emphasized the complementary nature of the services provided by both companies. He noted, “What makes this acquisition unique is how complementary our services are to one another. In today’s market, buyers need to act swiftly when it comes to properties and often have limited opportunities to view them in person. Listings featuring high-quality digital content and immersive 3D technology provide a transformative experience that empowers buyers to make confident decisions more quickly. Together, we believe our services can facilitate more online purchase decisions by combining comprehensive property information with the ability to virtually inspect, measure, and experience a space from anywhere, at any time, as many times as needed.”
The all-in-one marketing solution that combines VHT Studios’ and Matterport’s services is expected to be made available through Matterport’s Capture Services during the third quarter of this year. Additionally, the acquisition will facilitate the utilization of more data in training the machine learning systems acquired through Enview, integrating valuable data insights into Matterport’s Cortex Artificial Intelligence engine.
Since its establishment in 1998, VHT Studios has aided over 200,000 real estate professionals in selling properties worth over $200 billion. Several leading brokers in the United States, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and others, count themselves among VHT Studios’ clientele.
The specific terms of the transaction have not been disclosed. VHT Studios received exclusive financial advisory services from Canaccord Genuity.