Artificial intelligence (AI) fans are cheering today after spatial data company Matterport (NASDAQ:MTTR) reported completing its acquisition of Enview. Indeed, MTTR stock is climbing on the news, as AI investors eye the expanded company.
So, what do you need to know about the latest Matterport deal making headlines?
Matterport, best known for its Digital Twins 3D-mapping platform, seeks to enhance its spatial planning infrastructure with today’s acquisition. Matterport acquired Enview for a purchase price of 1.59 million Matterport Class A shares, valued at $0.0001 per share, plus $35.5 million in cash. In exchange, the deal grants Matterport sole ownership of all issued and outstanding equity interests in Enview.
Enview offers a variety of developmental benefits to Matterport, with the main highlight being its 3D AI platform. Enview’s technology is used in everything from infrastructure protection to automating property analytics for insurance and disaster recovery. This is likely much of the logic behind the acquisition.
Enview Acquisition Changes Prospects on MTTR Stock
MTTR ended the day up 3.62% as the high-level takeover clearly intrigued investors. That makes sense, as the deal offers plenty to be excited about for Matterport.
RJ Pittman, Matterport chairman and chief executive, commented on the apparent match made in heaven:
“We turn buildings into data, and for the next decade of growth, our focus centers on unlocking the power of that data for our customers around the world. Enview’s powerful spatial data analysis technology fits right into this strategy and readily complements the Matterport platform. Together, we can deliver breakthrough building analysis and data insights to our customers including automated building inspections, AI-powered space planning, and property utilization analysis to deliver operating efficiencies in a completely digital environment.”
Founded in 2015, Enview’s platform is in use in a number of both public and private sector capacities. As such, it makes sense why the high-profile acquisition comes as a bullish signal to investors.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
