The Manchester based connected vehicle data company Wejo and Virtuoso Acquisition Corp, a publicly traded special purpose acquisition company, have completed their previously announced merger.
It means a cash injection to Wejo of around $225.7 million (£167 million) which it says it’ll use to execute 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, who’ll lead the combined company said, “This is a monumental day for Wejo and the passionate members of our team who have remained steadfastly committed to our mission of utilising 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.”
The combined company will operate under the Wejo name and will trade on America’s NASDAQ.
(Picture – Wejo)