Wejo, a Global Leader in Connected Vehicle Data, to List Publicly in the U.S. Through a Business Combination with Virtuoso Acquisition Corp.

Wejo Limited, a leader in connected vehicle data, and Virtuoso Acquisition Corp., a special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination. This transaction will support Wejo’s vision of building the manufacturer-agnostic industry standard in connected vehicle data, creating applications across multiple marketplaces and enriching lives around the globe. Upon completion of the transaction, the combined company will operate under the Wejo name.

Wejo is a leader in the fast-growing landscape of connected vehicle data

Every day, Wejo collects in near-real-time 14.6 billion data points and analyzes 66 million journeys across a network of 10.7 million live vehicles from a supply base of over 50 million connected vehicles. Wejo expects its connected vehicle network to expand significantly, with nearly half of all vehicles globally expected to be connected vehicles by the end of this decade. Unlike collectors of legacy vehicle data, which aggregate historical batch data, Wejo provides the capability to source live data directly from integrated vehicle sensors across multiple major auto manufacturers and auto part suppliers (“OEMs” and “Tier 1s”), allowing for near-real-time collection and analysis. Wejo’s cloud platform aggregates and normalizes data, creating standardized outputs across vehicles that deliver unique insights to data providers and data consumers. Wejo is building the industry standard that is manufacturer-agnostic, partnering with some of the world’s largest and most significant auto manufacturers and tier one suppliers.

Wejo’s position as a global leader in connected vehicle data is highlighted by:

• Wejo’s data set being the only truly proprietary connected vehicle data set in the market
• Engagement with 17 OEMs and Tier 1s
• 9.1+ trillion data points collected to date, or 5 petabytes of information
• 44.4 billion journeys mapped to date and 354 billion miles curated
• A supply base of 50+ million connection-ready vehicles including 10.7 million live vehicles
• 24 patents pending plus one granted
• 274 customer and partner agreements

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Richard Barlow, CEO and Founder of Wejo, said, “The team at Virtuoso champions our vision to transform connected vehicle data into data for good, and we are proud to establish the market standard for collecting and aggregating that data. Insights developed by our data will make mobility safer, smarter, and more sustainable. Driven by our marketplace solutions for customers and SaaS solutions for OEM and Tier 1 partners, we expect rapid growth in revenues over the next several years.”

Wejo’s mission of data for good is an integral part of its business. With insights derived from high quality in-journey connected vehicle data, Wejo is addressing today’s and tomorrow’s critical travel challenges such as EV infrastructure design and efficiency, traffic management, road safety and maintenance, fleet management, diagnostics and more.

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Wejo has a diverse and growing customer base in traffic management and advertising, and it is actively expanding into new marketplaces, including fleet management services, usage-based insurance, remote diagnostics, roadside assistance, car sharing, and payments. With 65 percent of existing customers buying additional products or services and a 98 percent customer retention rate, Wejo is well-positioned within the industry to continue its growth and expansion across current and future marketplaces. By 2030, Wejo estimates a Connected Vehicle Data Market of $500 billion and a Serviceable Addressable Market of $61 billion driven by projections of over 600 million connected vehicles worldwide.

Barlow continued, “The connected vehicle is becoming an increasingly indispensable piece of technology, ever-present and ever-useful in our daily lives, and our innovative platform revolutionizes the way data is collected by plugging directly into the source, which creates unprecedented in-journey insight. This transaction will accelerate our growth plans through expansion across geographies and our addressable markets, which are significant. We are excited to have found a partner in Virtuoso who understands the potential of our business as we take this step forward in an important and burgeoning market.”

Jeffrey D. Warshaw, Chairman and CEO of Virtuoso Acquisition Corp, said, “Wejo is uniquely positioned to set the industry standard and realize the extraordinary potential in connected vehicle data, and we are confident that Wejo’s innovative platform, strong leadership and proprietary data sets will set the company apart as the market for connected vehicles and their data continues to grow. We are excited to partner with Richard and the Wejo team, and we look forward to supporting their transition to becoming a publicly traded company.”

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