Wejo, the Manchester-based connected vehicle data company which is backed by US giant General Motors, has floated on the Nasdaq after completing a reverse merger.
The deal with Virtuoso Acquisition Corp was first announced at the start of June and valued the North West business at $800m.
As a result of the move, Wejo has received about $225.7m.
Wejo was founded in 2014 and employs more than 250 people.
Richard Barlow, chief executive and founder of Wejo, said: “This is a monumental day for Wejo and the passionate members of our team who have remained steadfastly committed to our mission of utilizing data for good by solving critical mobility challenges.
“The closing of our merger with Virtuoso and public market listing provides us with the platform to continue to grow our relationships with OEMs and Tier 1 partners and customers, while expanding into new marketplaces, including fleet management services, end-to-end insurance, remote diagnostics, roadside assistance, car sharing, and payments.
“We have worked hard to position Wejo as the industry standard in connected mobility data and are confident we will continue to gain meaningful market share through the numerous addressable markets in front of us as this robust industry continues to grow.”
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Mr Barlow will lead the combined company alongside the current Wejo management team.
Timothy Lee, co-founder of Hawksbill Group, and former General Motors senior executive, will serve as chairman.
Other members of the board include Lawrence D. Burns, former corporate vice president of research and development at General Motors, Diarmid Ogilvy, co-founder of Wejo and co-founder and managing partner of ValuAnalysis, Samuel Hendel, co-founder of ataminr, Ann Schwister, former vice president and CFO of North America and Greater China at Procter & Gamble, and Alan Masarek, former CEO of Vonage.
Jeffrey D. Warshaw, chairman and CEO of Virtuoso Acquisition Corp, added: “Connected vehicle data represents a truly transformative market opportunity for the broader mobility industry, as well as other growing markets.
“Wejo’s advanced platform and proven ability to gather high quality in-journey connected vehicle data will further this rapidly developing industry, while also establishing new use cases for connected vehicle data across a variety of new addressable markets.
“We are tremendously confident in the ability of Richard Barlow and Wejo’s talented team members to build on their many accomplishments and create long-term shareholder value while also making mobility safer, smarter, and more sustainable.”