Exhibit 99.1
CoStar Group Completes Acquisition of Matterport, Ushering in a New Era of 3D Digital Twins and AI-Powered Real Estate Innovation
CoStar Group and Matterport to deepen their focus in AI, computer vision, and machine learning, advancing property insights and driving the growth of digital twin technology across the global commercial and residential real estate sector
Arlington, Virginia (February 28, 2025) – CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets, announced today the successful completion of its previously announced acquisition of Matterport, Inc. (NASDAQ: MTTR), the global leader in 3D digital twin technology. This powerful combination brings together two industry pioneers to accelerate the adoption of AI-driven digital twin technology across the global real estate landscape.
“CoStar Group and Matterport have long shared a vision of digitizing the real estate industry, and today, we officially unite to realize 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.”
Matterport pioneered 3D digital twins, enabling 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 digitized across 177 countries, Matterport has built the world’s largest and most precise spatial data library, empowering real estate professionals with powerful insights and visualization tools.
“This is an exciting milestone for Matterport, as we join forces with CoStar Group to accelerate our impact on the global real estate industry,” said RJ Pittman, Chairman and CEO of Matterport. “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, optimize 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.
