An Inside Look into the Connected Vehicle
Platform Wejo and Palantir are Building to Power the Future of
Mobility
Wejo, a global leader in connected vehicle data, and Palantir
Technologies (NYSE: PLTR) (“Palantir”) today detailed the early
success of a new partnership aiming to solve the most ambitious
problems of the mobility revolution. As the world moves at furious
pace to reduce emissions, improve vehicle safety, and design
resilient smart cities, Wejo and Palantir are looking to create an
integrated data ecosystem for the automotive industry and beyond.
The two companies discuss the partnership, Palantir’s investment in
Wejo (which entered into a definitive agreement to merge with
Virtuoso Acquisition Corp. (NASDAQ: VOSO)), and their progress to
date in a video published today.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210916005437/en/
“The partnership between Wejo and Palantir is ultimately about
delivering on the promise of connected vehicle data to improve the
way we live, work, and travel for the better,” said Sarah Larner,
Executive Vice President of Strategy & Innovation at Wejo.
“It’s about putting our DataForGoodTM products and services to
work, and making a safer and better transportation experience. The
partnership is accelerating the invaluable connected vehicle data
insights we can give.”
Connected vehicle data is vastly underutilized across the
automotive industry, and needs to be turned into actionable
intelligence in order to address the most pressing mobility
problems of the day. Wejo collects and analyzes more than 16
billion data points per day in near real time across a network of
11 million live vehicles. To date, Wejo has ingested more than 10
trillion data points and 48 billion journeys from connected
vehicles. The partnership aims to combine Wejo’s robust data asset
with the power of Palantir’s Foundry platform to unlock a diverse
set of use cases that will benefit society on a global scale. These
use cases range from working with parts suppliers on component
quality, to working with regulators in defining the future of
autonomous driving, to helping city planners make data-driven
investments in smart city infrastructure.
Together, Wejo and Palantir are expanding the perimeter of who
can benefit from the billions of journeys taken by millions of
connected vehicles around the world — beyond just drivers and OEMs
— all while implementing robust access control and data provenance
tracking to secure the ownership, security, privacy, and safety of
data. The new data ecosystem will also allow OEMs and other
stakeholders to discover the hidden value that lies within their
data, spurring innovation, improving quality, and opening the doors
for new products and services.
“Wejo is SaaS for the real world, therefore, it must account for
the complexity of the real world with a massive connected vehicle
data asset,” added Ted Mabrey, Head of Global Commercial at
Palantir. “In this scenario, a cloud is not enough. Vast amounts of
data require the robust, integrated infrastructure Foundry provides
in order to deliver new solutions, opportunities, and accelerated
growth.”
Through Wejo’s definitive agreement to merge with Virtuoso
Acquisition Corp. (NASDAQ: VOSO), Wejo will become a publicly
listed company later this year. Since announcing the merger, Wejo
has established partnerships with a number of leading companies
across several industries that have invested in the company. In
addition to Palantir, Wejo has partnered with Microsoft (NASDAQ:
MSFT) to bring the power of connected vehicle data to the
commercial sector and enrich Wejo’s mobility intelligence
portfolio; 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 200 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 Palantir
Palantir Technologies Inc. is a software company that builds
enterprise data platforms for use by organizations with complex and
sensitive data environments. From building safer cars and planes,
to discovering new drugs and combating terrorism, Palantir helps
customers across the public, private, and nonprofit sectors
transform the way they use their data. Additional information is
available at www.palantir.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), 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.
In addition to as noted above, this press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
relate to, but are not limited to, Palantir’s expectations
regarding the partnership and the contract, as well as the expected
benefits of Palantir’s software platforms. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Forward-looking
statements are based on information available at the time those
statements are made and were based on current expectations as well
as the beliefs and assumptions of Palantir’s management as of that
time with respect to future events. Additional information
regarding these and other risks and uncertainties is included in
the filings Palantir makes with the Securities and Exchange
Commission from time to time. Except as required by law, Palantir
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
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). 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 has been declared effective, the
definitive proxy statement/prospectus will be mailed to Virtuoso’s
stockholders as of a record date to be established for voting on
the proposed business combination. Stockholders will 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
will be set forth in the proxy statement/prospectus for the
proposed business combination when available. 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, will be set
forth in the proxy statement/prospectus relating to the proposed
business combination when it becomes available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210916005437/en/
Wejo Media Contact Mark Semer/Sam Cohen Gasthalter & Co.
(212) 257-4170 wejo@gasthalter.com Wejo Investor Relations Idalia
Rodriguez Arbor Advisory Group Email: investor.relations@wejo.com
Palantir Media Contact Lisa Gordon media@palantir.com
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