Matterport, Inc. (MTTR) announces a technological collaboration with CGS

0
1176
MTTR
MTTR

Matterport, Inc. (NASDAQ: MTTR) shares rose nearly 5% to $4 in June 14 trade. The market capitalization was $1.21 billion. The reason for this was Matterport’s announcement of a new contract for the delivery of augmented reality (AR) technology.

MTTR has announced a technological collaboration with CGS, a global provider of employee training tools and services, as well as remote and mobile workforce assistance. The firms will collaborate to integrate Matterport’s AR technology with the CGS TeamworkAR digital platform.

Top 5 EV Tech Stocks to Buy for 2023

The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".

Click Here to Download the FREE Report.

Sponsored

As a consequence, an integrated solution will be developed that will allow instructors and more experienced staff to consult on-site repair teams, maintenance professionals, inspectors, and so on through mobile devices.

Matterport is banking on the AR platform’s economic viability. It makes it feasible, for example, to decrease the expense of professional visits to the workplace or to conduct training for many groups of trainees remotely – by a single specialist teacher.

A recent IDC study is encouraging for MTTR. Companies who use AR tools claim that they are beneficial, particularly in training and enhancing worker safety.

Many companies, not only those in the sector, are now utilizing augmented reality technologies. The Red Cross, for example, employs augmented reality for educational purposes.

Matterport, Inc. (MTTR)’s agreement with CGS provides a chance to considerably extend its addressable market. CGS is a Fortune 500 company that provides staff training tools and services to dozens of Fortune 500 firms, including McDonald’s, Microsoft, Comcast, Toshiba, Medtronic, and Maersk.

CGS also participates in Meta Platforms Inc.’s (FB) Meta Quest for Business program, which involves the usage of the Quest VR glasses ecosystem for business requirements.

Matterport Inc. (MTTR) stock is down -19.00% over the week and -19.96% over the past month. Its price is -80.38% year-to-date and -72.09% over the past year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here