ARLINGTON, VA, Mar 7, 2025 – CoStar Group, Inc. has completed its acquisition of Matterport, Inc., as previously announced. This 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.”
“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 focused on investing in AI, computer vision, and machine learning. Their goal is to enhance property analytics, improve operational efficiency, and expand the use of digital twin technologies in real estate. As the need for remote property viewing and data-informed decisions increases, this merger positions the new company at the leading edge of real estate technology.
The potential ahead is substantial. There are over four billion buildings worldwide, both residential and commercial. This is about twice the number of websites on the internet. Most of these spaces lack digital representation. With the real estate sector valued at $327 trillion, the demand for accurate, data-driven information is the need of the hour. CoStar Group and Matterport are prepared to lead the digital transformation, bringing AI, 3D digital twins, and next-gen property insights to every corner of the built world.
Source: CoStar Group
About CoStar Group, Inc.
CoStar Group, Inc. provides commercial and residential real estate information, analytics, and online marketplaces. Founded in 1987, the company has over 38 years of experience in the real estate industry. Headquartered in Arlington, VA, CoStar operates across North America and Europe, serving various sectors within the real estate industry. As of December 31, 2024, the company reported revenues of $2.74 billion. CoStar Group, Inc. serves clients in the commercial real estate industry, including property owners, investors, brokers, lenders, and appraisers who use its data and analytics for decisions. CoStar’s services include property listings, market analytics, and research tools, catering to professionals in commercial real estate, residential real estate, and related industries.
About Matterport
Matterport, founded in 2011, is a spatial data company headquartered in Sunnyvale, CA. It provides a 3D data platform that supports users to create immersive digital twins of physical spaces. Its technology is used in industries such as real estate, architecture, engineering, construction, insurance, and facilities management, allowing professionals to capture, manage, and share high-fidelity 3D representations of properties. Matterport’s solutions help businesses streamline workflows, enhance collaboration, and improve customer engagement by offering detailed virtual walkthroughs. The platform integrates AI-powered automation to simplify the creation and analysis of digital twins, making it accessible to various professionals and organizations. As of 2023, Matterport reported annual revenues of approximately $162 million and employed around 438 people. With its continuous advancements in 3D spatial technology, Matterport remains a leading provider of digital twin solutions, transforming how physical spaces are recognized, managed, and practiced.