Matterport, a real estate digital twin proptech, today announced acquiring real estate digital marketing solution company VHT Studios, according to a press release.
The company says the purchase will bring VHT’s visual media services together with its 3D digital twin platform in order to elevate the buying experience for home buyers, “while simplifying the process of creating comprehensive marketing packages for brokers and agents.”
“We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring. “When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them,” stated RJ Pittman, Matterport CEO, in the release.
Matterport says it plans to use the acquisition to increase adoption of digital twin technology and expand further into the real estate industry, while adding marketing services for other key markets including commercial real estate (CRE), travel, hospitality and retail.
Founded in 1998, VHT has been used by more than 200,000 real estate professionals to sell over $200 billion in properties. The company’s services are used by seven of the top brokers in the U.S., according to Real Trends’ brokerage sales and volume rankings for 2021, including Coldwell Banker, Baird & Warner, Compass, Corcoran Group and Douglas Elliman.
Matterport says that it will now provide an expanded selection of marketing services, including high-end photography, drone imagery, floor plans and virtual tours. It says when combined with its digital twins and collaboration tools, its expanded solution suite will help brokerages and agents save time, reduce costs of their marketing packages, and provide flexible add-ons to create compelling digital experiences for property buyers.
“We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios’ expertise to our growing enterprise business as demand for digital twin technology continues to surge,” Pittman said.
The purchasing company says that its new marketing solution is expected to be available through its Capture Services suite during the third quarter this year. Matterport also says the acquisition will enable more data to be trained on its machine learning systems “acquired through Enview and whose data insights will be incorporated into Matterport’s Cortex Artificial Intelligence engine.”
In other recent proptech news, Mosaic hired a new regional build-to-rent operations lead, Kyle AuBuchon, to manage the company’s expansion into Texas. Built Technologies also announced launching its project management solution for lenders, Project Pro.