Wejo, a UK technology company which collates data from connected vehicles, said its technology was now tracking 7m vehicles in 190 countries and it has acquired a Silicon Valley based firm as part of its expansion plans.
Carjojo, which helps consumers negotiate the best deal when they buy a new car in the US, is the first acquisition for Wejo, marking a major milestone for the group.
Go deeper with GlobalData
The number of vehicles on Wejo's technology platform, which analyses data from thousands of car sensors, has risen to more than 7m, doubling in just six months.
The data can be used to predict breakdowns, analyse collisions and monitor a car's impact on the environment. Wejo's strategic ambition, led by CEO and founder Richard Barlow, is to become the world's leading automotive data business and the acquisition of Carjojo is integral to this plan.
Carjojo uses big data and has proprietary algorithms to analyse the 17m new cars for sale in the US to predict the lowest prices and represent consumers in the car buying process. Carjojo is an automobile buyer's information site and a negotiating service that helps buyers secure the best price on a new car purchase.
Wejo specialises in analysing car data and with Carjojo it now has access to, and will accrue value from, a new data set giving it insight and intelligence across the full breadth of vehicle ownership and lifecycle in the US. It now has a live, dynamic and comprehensive picture of the automobile market in the US, a key trend setting market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe deal also gives Wejo presence in San Jose, in Silicon Valley, with Carjojo's 10 employees who are expert data architects, programme developers and computer engineers.
Wejo has also just opened a tech hub in Manchester. Staffed by data engineers, programmers, data architects and analysts, the office will support the 150 strong team in the US and at the head office in Tattenhall, outside Chester.
Chief executive Richard Barlow said: "The acquisition of Carjojo is a really exciting development as it enables us to understand even more about the car market in the US and it's a great fit for the business. In the rapidly evolving car ecosystem, we are now even better placed to understand and monetise the data produced by car owners and drivers around the world."
