Manchester-based connected vehicle data company Wejo is partnering with an acquisition company in a deal that values the company at around £780 million.
Wejo will combine with Virtuoso Acquisition Corp on the US$1.1 deal, which it expects to deliver approximately $330m of gross proceeds, including $230m cash contribution from Virtuoso and a $100m fully committed PIPE (Private Investment in Public Equity).
The company says the money will help it support its 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.”
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.”
The combined company will operate under the Wejo name.
(Picture – Wejo logo)