CoStar
Group
is
continuing
to
focus
on
expansion.
The

firm
announced
Monday
that
it
has
acquired
3D
scanning
company


Matterport.

The

Andy
Florance-helmed
CoStar
purchased
all
of
Matterport’s
outstanding
shares
for
$5.50
each,
representing
a
value
of
$2.1
billion.
Through
the
terms
of
the
deal,
stockholders
will
get
$2.75
per
share
in
cash
and
$2.75
in
shares
of
CoStar
Group.

According
to
the
announcement,
Matterport’s
board
of
directors
unanimously
approved
the
deal,
which
is
expected
to
be
finalized
later
this
year.

“I
look
forward
to
welcoming
Matterport
to
the
CoStar
Group
family
and
believe
that
we
will
be
stronger
together,
in
pursuit
of
our
common
mission,”
Florance
said
in
a
statement.

“CoStar
Group
intends
to
support
and
invest
in
research
and
development
opportunities
to
further
develop
Matterport’s
spatial

technology,
including
the
application
of
AI
and
machine
learning
to
extract
information
from
the
3D
spatial
data
library
as
well
as
using
generative
artificial
intelligence
to
imagine
and
reimagine
physical
spaces.”

In

fourth-quarter
2023,
CoStar
Group
recorded
$640
million
in
revenue
and
a
net
income
of
$96
million
for
the
quarter.
The
firm
will
announce
its

Q1
2024
earnings
on
Tuesday.

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