No, it's nothing like that, I've not heard of Transform Materia.

[But he's equally as interested in return. All of these worlds here have opened up a vaster array of information than he ever could have dreamed of, and maybe buried in one world is the key to getting their bodies back.]

Transmutation uses the energy from tectonic plates to deconstruct the chemical make up of one object and reconstruct it into something else of an equivalent exchange.