The previously announced acquisition of 3D digital twin technology provider, Matterport, Inc., by CoStar Group, Inc. has now been finalised, for an undisclosed sum.

This combination brings together two industry pioneers to accelerate the adoption of AI-driven digital  technology across the global property market.

“CoStar Group and Matterport have long shared a vision of digitising the real estate industry, and today, we officially unite to realise that future together,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group.

“Matterport’s cutting-edge 3D capture and AI-powered property insights have already transformed how residential and commercial properties are marketed and experienced. By integrating Matterport’s groundbreaking digital twin technology with our vast property data and online marketplaces, we are creating an unparalleled solution for buyers, sellers, and renters to explore properties with greater depth and insight than ever before.”

Fast-track and scale

Matterport enabled property owners, buyers and renters to experience properties with immersive accuracy from anywhere in the world. With over 14 million spaces and 50 billion square feet digitised across 177 countries, Matterport has built a huge and precise spatial data library, giving property professionals powerful insights and visualisation tools.

RJ Pittman, Chairman and CEO of Matterport, added: “This is an exciting milestone for Matterport, as we join forces with CoStar Group to accelerate our impact on the global real estate industry.

“From residential to commercial, our technology is redefining how residential and commercial spaces are discovered, marketed, and transacted. With CoStar Group’s scale and resources, we can fast-track innovation, deepen AI-driven analytics, and deliver even greater value to our customers worldwide.”

CoStar Group and Matterport are committed to further investing in AI, computer vision, and machine learning to improve property analytics, optimise operational efficiency, and broaden the use of digital twin technologies throughout the real estate industry.

As the demand for remote property exploration and data-driven decision-making continues to grow, this merger positions the combined company at the forefront of the next generation of real estate technology.