MARKET OUTLOOK

Majid Al Futtaim Properties Selects Newgen for Automating Enterprise-wide Document and Records

Newgen Software | September 20, 2021

Newgen Software, a global provider of digital transformation platform, is pleased to announce that the Dubai-based Majid Al Futtaim Properties has selected Newgen to digitize its records and documents, as part of its enterprise-wide strategic digital transformation initiative.

Majid Al Futtaim Properties will use Newgen's document management system (DMS)—part of the contextual content services platform to manage business-critical records while maintaining security and ensuring regulatory compliance. Newgen will help them build a central repository for enabling remote, secure, and easy access to content. This will ensure end-to-end management of enterprise content from creation to disposal, thereby optimizing workforce collaboration and productivity.

With Newgen, Majid Al Futtaim Properties can bridge information silos and facilitate anytime-anywhere access to documents and records. We look forward to supporting their current and future digital transformation initiatives.

- Vivek Bhatnagar, VP EMEA, Newgen Software.

Newgen's DMS built on a low code digital transformation platform—enables end-to-end management of both physical and electronic records, while retaining integrity and authenticity. The software manages the complete record lifecycle, from creation, usage, storage, and maintenance to preservation all in line with the organization's policies.

About Newgen Software
Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen's industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries.

Spotlight

In 2011, some 43.6 billion U.S. dollars worth of commercial buildings were put in place in the United States. At around 3.7 percent, the San Francisco metropolitan statistical area in California was the U.S. metro area with the lowest retail vacancy at the end of 2011. In 2012.

Spotlight

In 2011, some 43.6 billion U.S. dollars worth of commercial buildings were put in place in the United States. At around 3.7 percent, the San Francisco metropolitan statistical area in California was the U.S. metro area with the lowest retail vacancy at the end of 2011. In 2012.

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REAL ESTATE TECHNOLOGY

Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate

Matterport Inc | July 11, 2022

Matterport, Inc. the leading enterprise and real estate digital twin company driving the digital transformation of the built world, today announced the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios’ visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents. With this acquisition, Matterport aims to increase adoption of digital twin technology and expand further into the real estate industry while adding marketing services for other key markets such as commercial real estate, travel and hospitality, and the retail sector. Matterport’s acquisition of VHT Studios provides real estate brokerages and their professionals access to an expanded selection of marketing services and expertise they need to effectively market and promote properties. These include high-end photography, drone imagery, floor plans, virtual tours, and other marketing services. When combined with Matterport digital twins and collaboration tools, the newly expanded solution not only helps brokerages and agents save time with an easy-to-order and comprehensive source for their digital marketing needs but also reduces their costs with comprehensive marketing packages along with flexible, optional add-ons. This all-in-one marketing solution provides one of the richest and most compelling digital experiences for property seekers and has been proven to drive increased sales for brokerages and agents. “We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring,” said RJ Pittman, Chief Executive Officer at Matterport. “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. 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.” “We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration,” said JD Fay, Chief Financial Officer of Matterport. “What makes this acquisition unique is how complementary our services are to one another,” said Brian Balduf, CEO of VHT Studios. “In today’s market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure, and experience a space from anywhere, anytime, as many times as needed.” The all-in-one marketing solution that brings together VHT Studios’ and Matterport’s services is expected to be available through Matterport’s Capture Services during the third quarter this year. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport’s Cortex Artificial Intelligence engine. VHT Studios has helped more than 200,000 real estate professionals sell more than $200 billion in properties since the company’s founding in 1998. Seven of the top 10 brokers1 in the United States are customers of VHT Studios, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and more. Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 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 visit our Discover page to browse a collection of digital twins captured by our customers.

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REAL ESTATE TECHNOLOGY

Scores of Pandemic Homebuyers Purchased Vacation Homes With High Natural-Disaster Risk

Redfin | July 06, 2022

In 2020 and 2021, purchases of second homes with high flood risk rose 45% from the prior two-year period (2018-2019), according to a new analysis of ClimateCheck data from Redfin (redfin.com), the technology-powered real estate brokerage. There were also significant increases in purchases of second homes with high storm risk (40%) and high heat risk (39%). Demand for second homes surged during the pandemic as low mortgage rates, remote work and the desire to escape the city drove up demand for vacation properties. Overall, purchases of second homes were up 37% higher in 2020 and 2021 compared with 2018 and 2019. Demand has since fallen back below pre-pandemic levels as life has returned somewhat to normal, but many Americans now own at-risk second homes, which has implications for the future. “The threat of climate change isn’t the top concern for a lot of homebuyers, which means they often prioritize factors like warm weather and proximity to the beach over avoiding natural-disaster risk. Second-home owners, in particular, have another place to live if disaster strikes—another reason climate danger may not feel like a pressing issue, But house hunters should be aware that purchasing in a disaster-prone area not only puts them and their home at risk, but their finances as well. Home values in climate-endangered places may fall in the coming years as consumers learn more about the risks to properties in these areas.” Redfin Senior Economist Sheharyar Bokhari A recent Redfin analysis found that more people have been moving into than out of the U.S. counties with the largest share of homes at high risk from natural disasters. That’s partly because some buyers just aren’t aware of the risks. Redfin.com now publishes climate-risk data for nearly every U.S. home, with the exception of rental listings, to help house hunters make more informed decisions. “House hunters from out of town ask about climate change because they’re very concerned about flooding, but most of them don’t change their minds,” said Miami Redfin agent Cristina Llanos. “They hear horror stories of hurricanes, but generally still move forward. People want to talk about it but it typically doesn’t make or break their decision.” Heat and Storm Are Most Common Risks Second-Home Buyers Face Overall, heat is the most common risk facing second-home buyers—nearly all (94%) of second homes purchased in the past two years face high heat risk. Next comes high storm risk, which plagues more than three-quarters (78%) of second homes bought in the past two years, followed by high flood risk (26%), high fire risk (23%) and high drought risk (21%). Many popular second-home destinations, like Florida and Arizona, face significant heat and/or storm risk. The most popular destinations for homebuyers looking to relocate are Miami, Tampa and Phoenix, which attracted scores of affluent out-of-towners in search of vacation homes during the pandemic. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

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MARKET OUTLOOK

Cherre and Fortimize Announce Strategic Alliance

Cherre and Fortimize | August 12, 2022

Cherre, the industry’s leading real estate data management and analytics platform, and Fortimize, a Salesforce partner since 2012, have entered into a strategic alliance to help real estate firms make faster and more accurate decisions within Salesforce. The alliance combines an industry-leading real estate data management platform with an industry-first consulting approach on the world’s #1 CRM and customer engagement ecosystem, to increase deals in the pipeline and improve the accuracy of underwriting for acquisitions and dispositions. Together – and along with the expertise and advisement of Jonathan Fishman of Bizydev – the new partnership brings multiple decades of experience in the real estate and proptech sectors, to bring new and innovative solutions to the market. “Real estate investors and operators are demanding more data-driven insights for decision making. The Cherre and Fortimize alliance provides the real estate industry with expertise and a turnkey solution for users to get the data they want into a tool of their choice,” - Grant Wood, Cherre Vice President of Strategic Solutions Fawn Perazzo, Fortimize Real Estate Practice Lead added, This partnership amplifies the power of Salesforce for real estate companies. By connecting a mutual customer’s disparate real estate data, Cherre’s platform enables us to seamlessly integrate property data into Salesforce, creating a single source of truth around a team's deal pipeline. Firms can customize the Salesforce platform to meet their team’s needs, which many pointed solutions lack. In this highly competitive landscape, this means dealmakers are better enabled to focus on building relationships and closing deals, instead of wasting time swiveling between disparate systems. With the launch of this partnership, Cherre and Fortimize will arm real estate organizations and teams with key data points to help reduce space downtime, maximize rental terms and improve revenue forecasting for leasing use cases, all from within their CRM. About Cherre Cherre is the leader in real estate data and insight. We connect decision makers to accurate property and market information, and help them make faster, smarter decisions. By providing a unique “single source of truth,” Cherre empowers customers to evaluate opportunities and trends faster and more accurately, while saving millions of dollars in manual data collection and analytics costs. Cherre launched in 2016 and is located in New York City. About Fortimize Fortimize, a financial services and real estate consulting firm, partners with clients to design, build, automate and enhance digital experiences for their customers and employees leveraging the Salesforce platform and other leading technologies. Fortimize has been a Salesforce partner since 2012. About Bizydev Bizydev is a business development firm based in New York City that specializes in working with technology, product and service companies across industries such as PropTech, business intelligence, analytics, and other verticals to help accelerate growth. Bizydev creates value for the groups it works with by generating unique opportunities around customers, partners, and capital.

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