Wejo’s Proprietary Data to Create Real-Time Mapping Solutions
MANCHESTER, England — (BUSINESS WIRE) — October 19, 2021 — Wejo, a global leader in connected vehicle data, today announced an expanded collaboration with Microsoft through which Wejo’s real-time mapping and traffic data will be integrated with Microsoft mapping services to deliver enhanced accuracy, safety, and efficiency to its location services. The expansion of the strategic relationship follows the company’s previous announcement that Wejo will build its suite of data and intelligence solutions on the Microsoft Azure cloud platform.
Accounting quickly and accurately for new roads, routes, journey times, and travel disruption information is a challenging problem for mapping service providers. Wejo’s high-quality, proprietary data platform will enhance Microsoft Azure Maps and Bing Maps services with real-time, accurate information across the U.S. and Europe. This information includes live updates on street-specific traffic, brand new roads, and parking availability.
Utilizing more than 16 billion data points that Wejo collects in real-time each day across a growing network of over 11 million connected vehicles, Microsoft can enhance its mapping solutions to create a faster, smarter, and more cost-efficient driving experience. Additionally, Wejo’s proprietary data sets can help Microsoft perpetuate improved smart city applications in a consolidated, map-based application that allows for visualization of pertinent information crucial to its mapping users.
“We are thrilled that Wejo will enhance Microsoft’s mapping platform across its ecosystem of services and solutions,” said Richard Barlow, founder and CEO of Wejo. “This expanded integration, combined with Microsoft’s previous investment in Wejo, further validates our vision to transform the way connected vehicle data is utilized and distributed. We look forward to continuing to work with Microsoft to deliver new solutions and accelerated growth opportunities.”
”Azure and Bing Maps are the default location services for Microsoft’s ecosystem of services, platforms and applications, including Azure, Windows, Office, Bing, and many others”, said Donna Liu, Corporate Vice President, Maps at Microsoft. “Our customers, partners, and developers expect a world class offering, with highly accurate and fresh information. We look forward to leveraging Wejo’s data to enhance our maps.”
Wejo has also agreed to a business combination with Virtuoso Acquisition Corp. (NASDAQ: VOSO), through which it will become a public company later this year.
Since announcing its definitive agreement to merge with Virtuoso, Wejo has established partnerships with leading companies across several industries that have invested in the company. In addition to Microsoft, Wejo has partnered with Palantir (NYSE: PLTR) to create an integrated data ecosystem for the automotive industry; Sompo Holdings (TYO: 8630) to bring the power of connected vehicle data to the APAC region; and General Motors (NYSE: GM). Separately, Wejo also has business relationships with 17 automotive OEMs.
About Wejo
Wejo is a global leader in connected vehicle data, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The company enables smarter mobility by organizing trillions of data points from over 11 million vehicles and more than 48 billion journeys globally, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs more than 250 people and has offices in Manchester in the UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com.
Forward Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Virtuoso Acquisition Corp.’s (“Virtuoso”) and Wejo Limited’s, a private limited company incorporated under the laws of England and Wales with company number 08813730 (“Wejo”) actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Virtuoso’s and Wejo’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Virtuoso’s and Wejo’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger (the “Merger Agreement”); (ii) the outcome of any legal proceedings that may be instituted against Virtuoso, Wejo Group Limited, a company incorporated under the laws of Bermuda (the “Company”) and/or Wejo following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Virtuoso, certain regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Wejo’s business and/or the ability of the parties to complete the proposed business combination; (vi) the inability to obtain or maintain the listing of the Company’s common shares on the Nasdaq Stock Market following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Wejo to grow and manage growth profitably, and retain its key employees; (ix) costs related to the proposed business combination; (x) changes in applicable laws or regulations; and (xi) the possibility that Wejo, Virtuoso or the Company may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Virtuoso’s most recent filings with the SEC and is contained in the Company’s preliminary Form S-4 (the “Form S-4”), which was filed on July 16, 2021 (as amended on September 7, 2021, October 1, 2021 and October 7, 2021), including the preliminary proxy statement/prospectus expected to be filed in connection with the proposed business combination. All subsequent written and oral forward-looking statements concerning Virtuoso, Wejo or the Company, the transactions described herein or other matters and attributable to Virtuoso, the Company or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Virtuoso, Wejo and the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.
No Offer or Solicitation.
This communication is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Virtuoso, the Company or Wejo, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.
