- Utilizing Hella’s comprehensive sensor and diagnostic
expertise, Wejo is identifying new use cases for connected vehicle
data with broad implications across the diagnostic, roadside
assistance and connected vehicle sectors
- Collaboration between companies in R&D and other areas are
on the forefront of the broader mobility revolution and are
providing transformative insights about vehicles and their
environments where they are used
Wejo, a global leader in connected vehicle data, and Hella
Gutmann Solutions (“Hella Gutmann”), a leading diagnostics and
automotive data provider, which is a subsidiary of HELLA GmbH &
Co. KGaA (“Hella”), one of the world’s leading automotive
suppliers, today detailed notable recent achievements of their
partnership, which include multiple business applications for
connected vehicle data across the vehicle lifecycle. Hella is a
minority investor in Wejo, which expects to become a publicly
listed company later this year through its planned merger with
Virtuoso Acquisition Corp. (NASDAQ: VOSO). The companies discuss
the partnership and their progress to date in a video released
today.
Hella Gutmann boasts an extensive diagnostic and data portfolio
designed to enhance the diagnosis and repair process of vehicles in
the automotive aftermarket. This portfolio, Hella Gutmann’s
exceptional auto expertise, and Wejo’s connected vehicle data
platform, which has ingested more than 12 trillion data points and
59 billion journeys from connected vehicles worldwide, will combine
to revolutionize the ways in which OEMs, passengers, businesses,
dealerships, and independent workshops maintain vehicle health and
residual value. As the video details, the actionable intelligence
uncovered through the collaboration has created real business
applications across the broader automotive industry that can
address and solve some of the most significant mobility
challenges.
Richard Barlow, Founder and CEO at Wejo, said, “The Hella-Wejo
partnership is enabling amazing outcomes for drivers like you and
me - where a malfunction in your car can be communicated and you
can take preventive action instead of being stranded – or when a
problem has occurred, the mechanic already has all of the
information they need to identify, diagnose, and repair the issue
swiftly and accurately to minimize the time your car is off the
road or prevent additional expenditures. This is just the
beginning. From e-mobility to the broader digitalization of the
vehicle and ever more intelligent sensors, Hella and Wejo together
will deliver insights to passengers, manufacturers, mechanics, OEMs
business fleets that demonstrate the power and potential of how
connected vehicle data can be used.”
Rolf Kunold, CEO at Hella Gutmann, added: “Wejo’s connected
vehicle data expertise is an outstanding complement to Hella
Gutmann’s product portfolio and has enabled us to develop new
digital data driven products and services for the connected vehicle
data supply chain to benefit OEMs. We are glad to continue to build
on the early success of this innovative partnership as we seek to
push the boundaries of the connected vehicle sector.”
In addition to Hella Gutmann, Wejo has established partnerships
with a number of leading companies across several industries that
have invested in the company. These include Palantir Technologies
(NYSE: PLTR) to power the leading connected vehicle data platform;
Microsoft (NASDAQ: MSFT) to deliver the scale, performance and
security in the cloud with Microsoft Azure; Sompo Holdings (TYO:
8630) to bring the power of connected vehicle data to the APAC
region; and General Motors (NYSE: GM). Additionally, Wejo also has
business relationships with 17 automotive OEMs and Tier 1s.
About Wejo
Wejo is a global leader in connected vehicle data,
revolutionizing the way we live, work and travel by transforming
and interpreting real-time vehicle data. The company enables
smarter mobility by organizing 12 trillion data points from
approximately 12 million vehicles and more than 59 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, underpinned by
leadership in data privacy, 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.
About HELLA GmbH & Co. KGaA, Lippstadt
HELLA is a global, family-owned company listed on the stock
exchange, with over 125 locations in some 35 countries. With
currency and portfolio-adjusted sales of € 6.5 billion in fiscal
year 2020/2021 and more than 36,000 employees, HELLA is one of the
world’s leading automotive suppliers. HELLA specialises in
innovative lighting systems and vehicle electronics and has been an
important partner to the automotive industry and aftermarket for
more than a century. Furthermore, in its Special Applications
segment, HELLA develops, manufactures and sells lighting and
electronic products for specialist vehicles. For more information,
visit: www.hella.com
About Hella Gutmann Solutions GmbH, Ihringen
Hella Gutmann Solutions is a subsidiary of HELLA GmbH & Co.
KGaA. Our main product range features professional equipment for
automotive workshops, car dealerships and automotive testing
agencies. Core products are data, software, devices and tools for
diagnostics, exhaust emission tests, headlight adjustment, system
checks and the associated measuring technology. Some 45,000
automotive companies in 24 countries utilize the tools and
professional expertise of Hella Gutmann Solutions on a daily basis.
This converts into a coverage approximately 90% of the European car
parc for our workshop customers. Out of this core business HGS is
now developing new smart data driven business models (e.g.
over-the-air diagnosis, cloud-based data on demand services, etc.)
catering to new customers groups (e.g. Insurance, Telematics, Fleet
Management, etc.). For more information, visit:
www.hella-gutmann.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, October 7, 2021 and October 18, 2021), and thereafter
declared effective on October 22, 2021, including the definitive
proxy statement/prospectus filed on October 22, 2021 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.
Important Information About the Proposed Business Combination
and Where to Find It.
In connection with the proposed business combination, a
preliminary registration statement on Form S-4 was filed by the
Company with the SEC on July 16, 2021 (as amended on September 7,
2021, October 1, 2021, October 7, 2021 and October 18, 2021), which
was thereafter declared effective on October 22, 2021. The Form S-4
included preliminary proxy statements to be distributed to holders
of Virtuoso’s common stock in connection with Virtuoso’s
solicitation for proxies for the vote by Virtuoso’s stockholders in
connection with the proposed business combination and other matters
as described in the Form S-4, as well as a prospectus of the
Company relating to the offer of the securities to be issued in
connection with the completion of the business combination.
Virtuoso, Wejo and the Company urge investors, stockholders and
other interested persons to read the Form S-4, including the proxy
statement/prospectus incorporated by reference therein, as well as
other documents filed with the SEC in connection with the proposed
business combination, as these materials contain important
information about Wejo, Virtuoso, and the proposed business
combination. Such persons can also read Virtuoso’s final prospectus
dated January 21, 2021 (SEC File No. 333-251781), for a description
of the security holdings of Virtuoso’s officers and directors and
their respective interests as security holders in the consummation
of the proposed business combination. After the Form S-4 was
declared effective, the definitive proxy statement/prospectus was
mailed to Virtuoso’s stockholders as of a record date of October
14, 2021 for voting on the proposed business combination.
Stockholders are also be able to obtain copies of such documents,
without charge, at the SEC’s website at www.sec.gov, or by
directing a request to: Virtuoso Acquisition Corp., 180 Post Road
East, Westport, CT 06880, or (203) 227-1978. These documents can
also be obtained, without charge, at the SEC’s web site
(http://www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation.
Virtuoso, Wejo, the Company and their respective directors,
executive officers and other members of their management and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Virtuoso’s stockholders in connection
with the proposed business combination. Investors and security
holders may obtain more detailed information regarding the names,
affiliations and interests of Virtuoso’s directors and executive
officers in Virtuoso’s final prospectus dated January 21, 2021 (SEC
File No. 333-251781), which was filed with the SEC on January 26,
2021. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies of Virtuoso’s
stockholders in connection with the proposed business combination
is set forth in the definitive proxy statement/prospectus for the
proposed business combination. Information concerning the interests
of Virtuoso’s and Wejo’s participants in the solicitation, which
may, in some cases, be different than those of Virtuoso’s and
Wejo’s equity holders generally, is set forth in the definitive
proxy statement/prospectus relating to the proposed business
combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104005860/en/
Wejo Media Contact Mark Semer/Sam Cohen Gasthalter & Co.
(212) 257-4170 wejo@gasthalter.com
Wejo Investor Relations Wejo Investor Relations Tahmin Clarke
investor.relations@wejo.com
Idalia Rodriguez Arbor Advisory Group
investor.relations@wejo.com
HELLA Corporate Communications & Investor Relations Dr.
Markus Richter Executive Vice President Phone: +49 (0)2941 38-7545
Markus.Richter@hella.com
Virtuoso Acquisition (NASDAQ:VOSO)
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