Slide 1: Investor Presentation - May 2021
© Wejo Ltd. Investor Presentation - May 2021
Slide 2: Disclaimer
© Wejo Ltd. Disclaimer 2 CONFIDENTIALITY AND DISCLOSURES This presentation has been prepared for use by Virtuoso Acquisition Corp. (“V irtuoso ”) and Wejo Limited (“Wejo”) in connection with their proposed business combination. This presentation is for information pur pos es only and is being provid
Slide 3: Introduction to Wejo / Virtuoso Acquisition Corp. Opportunity
© Wejo Ltd. Introduction to Wejo / Virtuoso Acquisition Corp. Opportunity Jeffrey Warshaw CEO Samuel Hendel Director Richard Barlow Founder & CEO John Maxwell CFO Sarah Larner EVP Sales & Partnerships Virtuoso Acquisition Corp. Team Wejo Team Transaction Overview Transaction Structure Valuation & Ow
Slide 4: Introduction to Wejo
Introduction to W wejo
Slide 5: Wejo stands for We Journey
© Wejo Ltd. 5 Wejo stands for We Journey . My vision has always been to transform connected vehicle data into data for good , revolutionizing the way we live, work and travel. Wejo is a leader in connected vehicle data . Wejo onboards and standardizes over 14 billion data points every day, directly
Slide 6: Wejo is Defining the Future of Connected Vehicle Data
© Wejo Ltd. Unlocking the value in connected vehicle data with its proprietary, award - winning data exchange platform • An early leader in connected vehicle data with over 10.7 million live vehicles from a supply base of over 50 million vehicles • Owns the only truly proprietary data set in the mar
Slide 7: Wejo at a Glance
© Wejo Ltd. Wejo at a Glance MARKETPLACES 200+ WEJO TEAM 175+ CUSTOMER & PARTNER AGREEMENTS 274 DATA POINTS INGESTED 9.1 TRILLION+ ACTIVE LIVE STREAMING VEHICLES 10 MILLION+ OEMs & TIER 1s 17 CONTINENTS 4 PENDING + GRANTED PATENTS 24+1 WEJO DATA SUPPLY 50 MILLION Vehicle supply base 14.6 BILLION Dat
Slide 8: Transaction Overview
© Wejo Ltd. Transaction Overview Seller Rollover Proceeds to Selling Shareholders Cash to Balance Sheet Estimated Transaction Expenses Total Uses Market Opportunity
Slide 9: Connected Vehicle 2030 Market Size
© Wejo Ltd. Connected Vehicle 2030 Market Size Represents the entire estimated size of the market for connected vehicle data Wejo’s 2030 Serviceable Addressable Market Wejo’s SAM consists of opportunities in 8 fields of use and SaaS solutions for OEMs & Tier 1s Wejo Sales Today Wejo’s sales today is
Slide 10: The Universe of Connected Vehicles is Rapidly Expanding
© Wejo Ltd. The Universe of Connected Vehicles is Rapidly Expanding In 2030, connected vehicles to account for 44% of all cars globally Total Number of Connected Vehicles (Millions) 10x Growth Wejo connected vehicle supply ase (est) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20
Slide 11: Wejo's Growth: Proven Model, New Fields of Use
© Wejo Ltd. Wejo’s Growth: Proven Model, New Fields of Use Wejo has proven traction in Traffic Management and Advertising, driving growth through 6 new fields of use over the next 3 years 2021 2023 2022 Live Today Traffic Mgt Advertising Usage Based Insurance Car Sharing & Rental Payments Fleet Mana
Slide 12: Wejo is Strongly Positioned in the Competitive Landscape
© Wejo Ltd. Wejo is Strongly Positioned in the Competitive Landscape OEM Relationships ● ◔ ◑ ◔ ◕ ◕ Proprietary Data Set ● ◔ ◑ ◕ ◔ ◔ Breadth of Products ● ◑ ● ◔ ◕ ◕ Geographical Coverage ◕ ◑ ● ◔ ◑ ● Revenue Model ● ◔ ◑ ◔ ● ● Breadth & Depth of Target Markets ● ◑ ◑ ◑ ◔ ◔ Security Certificates ● ◑ ◑ ◔
Slide 13: Why Wejo Leads
© Wejo Ltd. Why Wejo Leads
Slide 14: Wejo is a Leader in the Connected Vehicle Data Market
© Wejo Ltd. Wejo is a Leader in the Connected Vehicle Data Market Location Environment Diagnostic Camera In - Cabin Data Streams Data Packages Developer Interfaces Mobile Apps Web Apps In - Car Apps Traffic Management Mapping & Navigation Construction & Real Estate Parking & Fuel Insurance Fleet & L
Slide 15: Wejo Engages with OEMs & Tier 1s
© Wejo Ltd. Wejo Engages with OEMs & Tier 1s • Data capture : Wejo enables OEMs & Tier 1s to optimize sensor data capture and transmission • Product : Wejo turns billions of data points from 100s of sensors into powerful products • Compliance and regulation: Disciplined approach to compliance and in
Slide 16: Routes to Revenue: Data Marketplace & SaaS
© Wejo Ltd. Routes to Revenue: Data Marketplace & SaaS Source: Market sizing data per PTOLEMUS Consulting, Gartner and Wejo internal research Data fees Platform fees Product/application usage fees Licensing fees Platform and hosting fees Product/application usage fees Wejo Marketplace ~$30bn SAM Pro
Slide 17: Wejo in Action
© Wejo Ltd. Wejo in Action Source: Wejo m anagement 17 Vehicle Data OEM Example Marketplaces & Use Cases Latitude Lane Index 3D Parking Shares Data With Wejo Uses Wejo Lane Index in ADAS & AV Development Longitude Heading Speed Accelerator Position Steering Angle Selected Gear Parking Brake Latitude
Slide 18: Significant Customer Engagement
© Wejo Ltd. Significant Customer Engagement “Wejo has been a strategic partner with Purdue in developing big data processing techniques that can be scaled nationally.” “The Wejo data set allows us to directly measure traffic performance in real - time and make decisions in minutes.” Darcy Bullock
Slide 19: Early Traction Proves Market Demand & Increasing Customer Value
© Wejo Ltd. Early Traction Proves Market Demand & Increasing Customer Value 19 +30% YoY customer growth +228% YoY in long - term contract value 65% of customers repeat buy 274 agreements $ 2.4mm largest single trade $ 14mm total contracted gross sales 98% customer retention rate +$800k YoY revenue f
Slide 20: International Brand Presence
© Wejo Ltd. International Brand Presence Multi - channel, multiple audiences 4 MILLION FOLLOWERS 11 INSTAGRAM ACCOUNTS Source: Wejo management 20
Slide 21: Technology & Data Platform
© Wejo Ltd. Technology & Data Platform
Slide 22: Wejo's Proprietary Technology Positions It For Market Leadership
© Wejo Ltd. Wejo’s Proprietary Technology Positions It For Market Leadership Wejo ADEPT ( A utomotive D ata E xchange P latform & T echnology) is Wejo’s proprietary and award - winning cloud platform designed to support and maximize the value in connected vehicle data. Source - agnostic interfaces p
Slide 23: Wejo's Unique, Market-Leading Data
© Wejo Ltd. Wejo’s Unique, Market - Leading Data Data Attribute Wejo Other Data Providers Location Accuracy Hyper - local (6 decimal point latitude & longitude) Local Collection Frequency 1 - 3 sec intervals Depends on device and provider Latency <30 sec Batch process (sometimes overnight) Relevance
Slide 24: Wejo Marketplace & SaaS Solutions Accelerate Customer Value
© Wejo Ltd. Wejo Marketplace & SaaS Solutions Accelerate Customer Value © Wejo Ltd. 3D PARKING INNOVATION ROAD INTELLIGENCE VEHICLE INSIGHTS Source: Wejo management 24 For Marketplace Customers For OEMs & Tier 1s
Slide 25: Financial Overview
© Wejo Ltd. Financial Overview
Slide 26: Positioned to Grow Rapidly While Driving Profitability
© Wejo Ltd. 2021 - 2025 $ mm 2020 A 2021 E 2022 E 2023 E 2024 E 2025 E CAGR Net Revenue $1.3 $4.3 $23 $118 $325 $764 265% % Marketplace 99% 64% 52% 72% 83% 80% % SaaS <1% 36% 48% 28% 17% 20% Gross Margin NM 9% 43% 58% 64% 69% Operating Expenses $24 $59 $121 $148 $184 $215 38% Technology and Developm
Slide 27: Gross Sales Unit Economic Growth Factors
© Wejo Ltd. Gross Sales Unit Economic Growth Factors $1.14 $2.35 $0.63 $1.86 $3.20 $0.70 $1.36 $3.23 $3.47 $3.74 $0.08 $0.37 $0.65 $0.94 $0 $0 $2 $4 $6 $8 $10 $12 $14 Advertising Traffic Info RDS Roadside Assistance Car Sharing & Rental FMS Leasing UBI Payments Traffic Management Advertising Remote
Slide 28: Expected Growth in Gross Sales Across Marketplace & SaaS
© Wejo Ltd. 97% 3% 57% 37% 6% 2021 $ 1,232mm North America Europe RoW $ 8.3mm 2025 2025 $- $20 $40 $60 $80 $100 $120 $140 $160 $m 2021 $- $20 $40 $60 $80 $100 $120 $140 $160 $m Expected Growth in Gross Sales Across Marketplace & SaaS Source: Wejo management 98% 2% 20% 28% 32% 8% Traffic Advertising
Slide 29: Leveraging Growth for Future EBITDA and Margin Expansion
© Wejo Ltd. Leveraging Growth for Future EBITDA and Margin Expansion Walk of EBITDA Uplift with Increased Revenue Improving Gross Margin Leverage OpEx for higher EBITDA Margins Source: Wejo management 29
Slide 30: Proposed Capital Raise Fully Funds The Plan
© Wejo Ltd. Proposed Capital Raise Fully Funds The 5 - Year Plan Roll Out Of New Products Wejo continues to invest in its robust product pipeline to create new offerings and services for its connected vehicle data customers across existing markets and generate demand in new fields of use Wejo plans
Slide 31: Transaction Overview
© Wejo Ltd. Transaction Overview
Slide 32: Transaction Overview: Sources & Uses and Pro Forma Valuation
© Wejo Ltd. 64% 9% 22% 5% Wejo Rollover Equity PIPE Investors SPAC Investors VOSO Sponsor x Existing Wejo shareholders are rolling 100% of their equity x Transaction fully funds 5 - year business plan x The transaction is targeted to close in Q3 2021 pending SEC review and satisfaction of customary
Slide 33: Comparable Company Analysis
© Wejo Ltd. Comparable Company Analysis ’23 - 25E 2025E 2025E 2024E / 2025E 2024E / 2025E 33 Source: Company filings, investor presentations, equity research, CapitalIQ as of 5/21/2021 1. Otonomo Investor Presentation, February 2021; Market statistics based on NASDAQ:SAII closing price as of 5/21/20
Slide 34: Wejo's Intrinsic Value is Well Above Transaction Value
© Wejo Ltd. $5.9bn $7.0bn $0.80bn $7.4bn $8.5bn Wejo’s Intrinsic Value is Well Above Transaction Value Based on High Growth Data and Information Providers peers revenue multiple range of 16.0x – 20.0x Based on Data Analytics & Infrastructure peers revenue multiple range of 19.0x – 23.0x ~85% Discoun
Slide 35: Appendix
© Wejo Ltd. Appendix
Slide 36: Vehicle Enhancements will Enrich the Data Set
© Wejo Ltd. Vehicle Enhancements will Enrich the Data Set Legacy Vehicle • Limited sensors limited to functional purposes, such as low oil pressure and fuel sensors • Wireless data transmission rare Current Vehicle • Proliferation of sensors expanding well beyond those that alert drivers to imminent
Slide 37: Wejo's Solutions Power Multiple Marketplaces
© Wejo Ltd. Wejo’s Solutions Power Multiple Marketplaces Wejo’s Key Monetization Opportunities Traffic Management Today Payments Marketplaces (200+ Permutations) Expects to benefit from better and more relevant connected vehicle data Vehicle data is expected to enable dynamic pricing based on occupa
Slide 38: Wejo's Robust Product Roadmap Underpins Growth
© Wejo Ltd. Wejo’s Robust Product Roadmap Underpins Growth Traffic Management Advertising Fleet Management & Leasing Remote Diagnostic Services Usage Based Insurance Car Sharing & Rental Roadside Assistance Integrated Payments 2021 2022 2023 2024 2025 • Understand live and historic traffic and flow
Slide 39: Illustrative Enterprise Customer Expansion
© Wejo Ltd. Illustrative Enterprise Customer Expansion $30M Traffic Mgmt $2M 2021 2022 2023 2024 2025 Increasing vehicle volume, sensor availability and product sophistication Europe Rest of World North America Increasing Product Value Rollout of New Geographies Rollout of New Fields of Use, Marketp
Slide 40: Wejo's Data Has Tremendous Potential Value & Unique Insights
© Wejo Ltd. Wejo’s Data Has Tremendous Potential Value & Unique Insights Proven approach for transforming disparate data into usable insights powered by machine learning + + + Wejo ADEPT Vehicle Type Location & Heading Ignition Status Fuel / EV Charge Level Temperature & Wiper Status Seatbelt Status
Slide 41: Data for Good & ESG-Focused
© Wejo Ltd. Data for Good & ESG - Focused Wejo is mission - driven and committed to responsible corporate stewardship CONNECTED VEHICLE DATA INSIGHTS Source: Wejo management • Wejo solutions already help municipalities and DoTs in emergency management and road safety • Wejo data recently identified
Slide 42: Accelerating Growth Through Targeted Acquisitions
© Wejo Ltd. Accelerating Growth Through Targeted Acquisitions M&A provides the opportunity to accelerate inorganic revenue growth and capture market share • New Strategy Team to lead M&A and new market development, with established deal flow , processes and integration blue - prints, supported by an
Slide 43: Operational Benchmarking
© Wejo Ltd. 42% 59% 51% 49% 46% 36% 26% 13% 11% 6% NM NM NM NM NM 39% 14% 9% 5% NM 21% 69% 88% 84% 82% 73% NA 92% 79% 78% 78% 76% 76% 76% 72% 68% 75% 63% 61% 59% 53% 60% 76% 154% 135% 33% 24% 16% 13% 11% 40% 32% 30% 28% 27% 21% 18% 17% 24% 21% 20% 18% 16% 142% 117% ’23 - 25E Revenue Growth (2020A -
Slide 44: Valuation Benchmarking
© Wejo Ltd. 2.5x / 1.0x 21.1x 18.5x 17.7x 13.6x 11.0x 45.5x 24.7x 24.7x 24.7x 21.4x 12.8x 7.6x 7.0x 6.6x 19.8x 17.7x 15.4x 11.0x 9.8x 4.1x / 1.9x EV / 2022E Revenue Data Analytics and Infrastructure High Growth Vertical Software High Growth Data and Information Providers Valuation Benchmarking 2024E
Slide 45: Risk Factors
© Wejo Ltd. Risk Factors 45 1. We have a limited operating history and may be unable to achieve or sustain profitability or accurately predict our future re sul ts. 2. We expect to invest substantially in research and development for the purpose of developing and commercializing new services, an d t
Slide 46: Risk Factors contd.
© Wejo Ltd. Risk Factors contd. 46
Slide 47: Thank you
Thank you wejo.com