3D leader Matterport to go public with $3B SPAC deal

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Real estate tech firm Matterport is set to be taken public
in a deal with a special purpose acquisition company affiliated with Gores
Holdings .

In what they are calling “a business combination,”
Matterport will become a publicly listed company.

Founded in 2011, Matterport has become a leader in the
spatial data category with a market-leading platform that turns any physical
space into an immersive 3D digital twin.

The Company has created the largest spatial data library in
the world, with more than 10 billion square feet of space and growing. Millions
of buildings in more than 150 countries have been digitized, from homes, office
spaces, museums and schools to factories, hospitals, and retail stores.

Matterport monetizes its data primarily under a recurring
revenue Software as a Services (SaaS) model and grew its subscriber base by
more than 500 percent in 2020.

Matterport uses AI technology to take buildings online so
customers can more efficiently design, build, promote and manage their assets
from any device.

“Matterport has been at the forefront of spatial
computing for the built world for over a decade. Our pioneering technology has
defined the category and set the standard for digitizing the largest asset
class in the world. Our deep industry experience and proven track record have
made Matterport the platform of choice to digitize millions of buildings across
diverse industries and markets,” said RJ Pittman, Chief Executive Officer
of Matterport.

“Building on this momentum, we are scaling all aspects
of our business to transform the $230 trillion built world. We believe the
proposed transaction with Gores Holdings VI unlocks the potential of our
platform and accelerates our mission to make every building and every space
more valuable and accessible. We’re thrilled to partner with The Gores Group,
an innovative team with deep technology experience and a history of fueling
major technology transformations.”

“This marks our second business combination with a game-changing technology company, solidifying Gores’ investment strategy around identifying and partnering with disruptive, category-defining companies with impressive track records, tremendous growth potential and strong leadership teams. Matterport represents all of those attributes and more,” said Mark Stone, Senior Managing Director of The Gores Group and CEO of Gores Holdings VI.

Justin Wilson, Senior Managing Director of The Gores Group
added, “Real estate and the built world is without question among the
biggest frontiers ready for digitization, and in our view Matterport is the
clear market leader in the category with enormous potential still ahead.”

Gores Holdings VI is a publicly listed, $345 million special
purpose acquisition company and is the seventh vehicle sponsored by an affiliate
of The Gores Group, a global investment firm founded in 1987 by Alec Gores.

To date, Alec Gores and affiliates of The Gores Group have
completed five business combinations representing over $25 billion in
transaction value.

The combined company will have an implied pro forma
enterprise value of approximately $2.3 billion and an equity value of
approximately $2.9 billion at closing.

Concurrently with the consummation of the business
combination, additional investors will purchase shares of common stock of Gores
Holdings VI in a private placement (the PIPE). The PIPE investment is led by
institutional investors including Tiger Global Management, LLC, Senator
Investment Group, Dragoneer Investment Group, Fidelity Management &
Research Company LLC, funds and accounts managed by BlackRock, Miller Value
Partners, Darlington Partners, Untitled Investments, and Lux Capital.

Following the closing of the business combination, the company’s
management team, led by Chief Executive Officer RJ Pittman, will continue to
operate and manage Matterport.

Deutsche Bank Securities Inc. and Morgan Stanley & Co.
LLC are acting as financial advisors and capital markets advisors to Gores
Holdings VI and as joint lead placement agents on the PIPE. Moelis &
Company LLC is also acting as financial advisor to Gores Holdings VI. Weil,
Gotshal & Manges, LLP is acting as legal advisor to Gores Holdings VI.

Credit Suisse is serving as exclusive financial advisor and
capital markets advisor to Matterport and acted as joint lead placement agent
on the PIPE. Latham & Watkins LLP is serving as legal advisor to Matterport
in the transaction and Orrick LLP is serving as Matterport’s general corporate
counsel.

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