Wejo, a global leader in connected vehicle data, and Virtuoso Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have completed their previously announced merger. The combined company will operate under the Wejo name, and its common stock and warrants are expected to commence trading on the Nasdaq Stock Market at the opening of trading on November 19, 2021 under the new ticker symbols “WEJO” and “WEJOW,” respectively.
In connection with the merger and related private investment in public equity (PIPE) financing, Wejo received approximately $225.7 million in cash proceeds. Wejo looks forward to executing on its vision of building the manufacturer-agnostic industry standard in connected vehicle data by creating applications across multiple marketplaces and enriching lives around the globe.
Richard Barlow, Chief Executive Officer and Founder of Wejo, said, “This is a monumental day for Wejo and the passionate members of our team who have remained steadfastly committed to our mission of utilizing data for good by solving critical mobility challenges. The closing of our merger with Virtuoso and public market listing provides us with the platform to continue to grow our relationships with OEMs and Tier 1 partners and customers, while expanding into new marketplaces, including fleet management services, end-to-end insurance, remote diagnostics, roadside assistance, car sharing, and payments. We have worked hard to position Wejo as the industry standard in connected mobility data and are confident we will continue to gain meaningful market share through the numerous addressable markets in front of us as this robust industry continues to grow.”
Mr. Barlow will lead the combined company alongside the current Wejo management team. Timothy Lee, Co-Founder of the Hawksbill Group, and former General Motors senior executive will serve as Chairman of the Board of the combined company. Additional members of the Board include Lawrence D. Burns, former Corporate Vice President of Research and Development at General Motors; Diarmid Ogilvy, Co-Founder of Wejo and Co-Founder and Managing Partner of ValuAnalysis; Samuel Hendel, Co-Founder of Dataminr; Ann Schwister, former Vice President and CFO of North America and Greater China at Procter & Gamble; and Alan Masarek, former CEO of Vonage.
Jeffrey D. Warshaw, Chairman and CEO of Virtuoso Acquisition Corp, said, “Connected vehicle data represents a truly transformative market opportunity for the broader mobility industry, as well as other growing markets. Wejo’s advanced platform and proven ability to gather high quality in-journey connected vehicle data will further this rapidly developing industry, while also establishing new use cases for connected vehicle data across a variety of new addressable markets. We are tremendously confident in the ability of Richard Barlow and Wejo’s talented team members to build on their many accomplishments and create long-term shareholder value while also making mobility safer, smarter, and more sustainable.”