Connected Car
Manchester-based connected vehicle data company Wejo has announced its intention to list publicly in the US through a reverse merger with Virtuoso Acquisition Corp, a special-purpose acquisition company (SPAC). Upon completion of the transaction, the combined company will operate under the Wejo name. The deal values the company at $800 million (£565.2 million), and will raise approximately $330 million in proceeds - including $32m debt - the company said. Proceeds will fund Wejo’s plans, which include the continued rollout of new offerings and services for connected vehicle customers and further expansion into “new geographies and in-demand marketplaces”. Richard Barlow, CEO and Founder of Wejo, said the company expects rapid growth in revenues in coming years.