Matterport Is in Merger Talks With Gores SPAC
(Bloomberg) -- Matterport Inc., a maker of software for virtual walk-throughs of properties, is in advanced talks to list via a blank-check company, according to people familiar with the matter.
A deal with Gores Holdings VI Inc. could be announced as soon as next week, said one of the people, asking not to be identified because the matter is private. The transaction is set to value the combined entity at more than $2 billion, the person said.
A representative for Gores Holdings VI declined to comment. A spokesperson for Matterport, based in Sunnyvale, California, didn’t immediately respond to a request for comment.
Gores Holdings VI’s common shares rose as much as 18% and closed up 14% to $12.26 in New York trading.
Matterport has seen a spike in usage during the pandemic, as people didn’t want to leave their homes to tour apartments or houses in person. Its 3D technology is used in more than 130 countries and by clients including Redfin Corp. and Marriott International Inc., according to its website.
The company’s investors include DCM Ventures and the venture arms of chipmakers Advanced Micro Devices Inc. and Qualcomm Inc., according to PitchBook. It has raised $168 million to date and was valued at $355 million in 2019, PitchBook data shows.
Other Matterport investors include Greylock Partners, Lux Capital, Felicis Ventures and Y Combinator.
Gores Holdings VI, a special purpose acquisition company backed by private equity firm Gores Group, raised $345 million in an initial public offering in December.
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