SUNNYVALE, Calif., May 20, 2021 /PRNewswire/ -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced the appointment of Soohwan Kim as Vice President of Investor Relations to lead the company's IR strategy and execution as it moves forward with its plans to become a publicly listed company. In less than a decade, Matterport has grown to over 250,000 subscribers in over 150 countries, and recently accelerated past the milestone of more than 5 million digitized physical spaces managed on the Matterport platform.
In February, Matterport announced a proposed business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW) ("Gores Holdings VI"), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC. Upon closing of the proposed transaction, the combined company intends to remain listed on NASDAQ under the ticker symbol "MTTR."
Kim joins Matterport at a time of rapid growth that includes geographic expansion into Asia, as well as acceleration in the company's target vertical markets. Founded in 2011, Matterport has defined the spatial data category for the built world with its market-leading spatial data platform that transforms any space into an accurate and immersive digital twin. Hundreds of thousands of customers around the world have brought more than five million spaces online to date with the Matterport platform to more effectively access, manage and utilize them. The company has extended its market reach beyond residential real estate to include multifamily and commercial real estate; architecture, engineering and construction (AEC); retail; insurance and restoration; travel and hospitality; and facilities management. Matterport primarily operates under a recurring revenue Software as a Service model, growing its subscriber base by more than 500% in 2020.
"With more than four billion buildings worldwide, the built world is the largest undisrupted market with less than one percent digitized. It's worth an estimated $230 trillion - more than three times the estimated value of all global equities combined. Communicating how Matterport will capitalize on these opportunities clearly with our investment and analyst communities is key to our success," said JD Fay, CFO of Matterport. "With his deep experience in both asset management and leading investor relations for public technology companies, Soohwan has the experience and expertise necessary to lead our investor relations function as we execute our growth strategy."
"I am thrilled to join the Matterport team as we approach our listing day on Nasdaq," said Kim. "I am particularly excited about Matterport's undisputed leadership position with dominant market share, and our recurring revenue software subscription business model. I look forward to telling our story to the global investor base."
Prior to Matterport, Kim led IR for NortonLifeLock, Inc. and Versum Materials, Inc. with both company stocks outperforming the S&P 500 Index during his tenure. He also held senior equity analyst positions at BNP Paribas Asset Management, Deutsche Asset Management, and AIG SunAmerica Asset Management. He holds the Chartered Financial Analyst (CFA) designation.
Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR."
©2021 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Matterport Media Contact:
Global Communications Manager
+44 203 874 6664
Soohwan Kim, CFA
VP, Investor Relations
This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between Gores Holdings VI, Inc. ("Gores") and Matterport, Inc. ("Matterport"), including statements regarding the benefits of the proposed business combination, the anticipated timing of the proposed business combination, the services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores' or Matterport's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores' securities; (ii) the risk that the proposed business combination may not be completed by Gores' business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by Gores' stockholders, the satisfaction of the minimum trust account amount following redemptions by Gores' public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on Matterport's business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Matterport and potential difficulties in Matterport employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Gores or Matterport related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Gores' securities on the NASDAQ; (viii) the price of Gores' securities, including volatility resulting from changes in the competitive and highly regulated industries in which Matterport plans to operate, variations in performance across competitors, changes in laws and regulations affecting Matterport's business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in Gores final proxy statement/information statement/prospectus contained in the registration statement on Form S-4, including those under "Risk Factors" therein, and other documents filed by Gores from time to time with the U.S. Securities and Exchange Commission (the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores and Matterport assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Gores nor Matterport gives any assurance that either Gores or Matterport will achieve its expectations.
Additional Information and Where to Find It
In connection with the proposed business combination, Gores has filed a registration statement on Form S-4 that includes a proxy statement of Gores, an information statement of Matterport and a prospectus of Gores. The proxy statement/information statement/prospectus is not yet effective. The definitive proxy statement/information statement/prospectus, when it is declared effective by the SEC, will be sent to all Gores and Matterport stockholders as of a record date to be established for voting on the proposed business combination and the other matters to be voted upon at a meeting of Gores' stockholders to be held to approve the proposed business combination and other matters (the "Special Meeting"). Gores may also file other documents regarding the proposed business combination with the SEC. The definitive proxy statement/information statement/prospectus will contain important information about the proposed business combination and the other matters to be voted upon at the Special Meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Before making any voting decision, investors and security holders of Gores and Matterport are urged to read the registration statement, the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed business combination. Investors and security holders will be able to obtain free copies of the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Gores through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings VI, Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, Gores' proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).
Participants in Solicitation
Gores and Matterport and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Gores' stockholders in connection with the proposed business combination. Information about Gores' directors and executive officers and their ownership of Gores' securities is set forth in Gores' filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed business combination may be obtained by reading the proxy statement/information statement/prospectus regarding the proposed business combination. You may obtain free copies of these documents as described in the preceding paragraph.
This document relates to a proposed business combination between Gores and Matterport. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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