Wejo is partnering with Microsoft to build
cloud infrastructure to deliver near real-time vehicle data and
significantly enhanced predictive analytics
Wejo (the “Company”), a global leader in connected vehicle data,
today reported additional progress in its strategic partnership
with Microsoft in which Wejo’s robust suite of data assets are
being built on the Microsoft Azure cloud platform, enabling near
real-time data exchange and the ability to deliver a range of new
solutions to the broader mobility sector. The partners demonstrated
this progress in a video released today.
Wejo has to date ingested 12 trillion of data points from nearly
12 million connected vehicles, including information on locations,
road conditions, and weather, which
are now combined with the data security, privacy and scalability of
Azure. As the volume of Wejo’s data continually grows, Azure AI
capabilities enhance predictability such as helping to reduce road
traffic accidents through near real-time data modelling. The
growing library of data generated by Wejo across the U.S. and
Europe can be leveraged across a broad array of use cases across
the mobility, automotive and mapping sectors. The cloud-based
infrastructure on which this collaboration is based has become more
crucial as OEMs increasingly rely on data insights harnessed from
individual vehicles.
“The strategic partnership between Wejo and Microsoft continues
to produce unique technical and commercial benefits for the broader
mobility sector,” said David Burns, CTO, Wejo. “The Microsoft Azure
gives Wejo’s extensive data and growing library of data assets the
power and scalability to enable customers to make better business
decisions, provide differentiated experiences, find new revenue
streams and drive future innovation across the broader mapping and
automotive sectors.”
“Wejo is ideally positioned to address the automotive industry’s
growing mobility data problem through its OEM relationships and
growing library of data assets,” said Sanjay Ravi, General Manager
of Automotive, Mobility and Transportation Industries at Microsoft.
“With Wejo’s data on Azure, together we can deliver at scale the
solutions that the industry, individual vehicle users and everyone
involved in the mobility and transportation ecosystem have long
needed.”
Richard Barlow, Founder & CEO of Wejo, continued: “The fact
that Wejo now ingests over 17 billion data points a day, every 1-3
seconds, from 11.9 million vehicles on Wejo’s platform, is
unlocking real value for the challenges such as interaction between
driven and driverless vehicles. Wejo’s ability to show the trends
in electric vehicle usage – and the lack of infrastructure in
cities to accelerate the adoption of low emission vehicles – is
data for good in action.”
In addition to its partnership with Microsoft, which is a
strategic investor in Wejo, the Company also has partnered with
Palantir Technologies (NYSE: PLTR) to power the leading connected
vehicle data platform; 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. Wejo has agreed
to a business combination with Virtuoso Acquisition Corp.
(NASDAQ:VOSO); when completed, Wejo will become a public
company.
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.
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/20211110005774/en/
Wejo Media Contact Mark Semer/Sam Cohen Gasthalter & Co.
(212) 257-4170 wejo@gasthalter.com
Wejo Contact Tahmin Clarke Investor.relations@wejo.com
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