Published: Mon, February 12, 2018
Industry | By Dora Warner

Uber Settles With Waymo/Google For $245 Million In Stock

Uber Settles With Waymo/Google For $245 Million In Stock

Waymo filed a lawsuit almost a year ago accusing Uber of conspiring with Levandowski to create a fake company that would be purchased by Uber and used to steal eight trade secrets from Google's self-driving auto team.

Witnesses like Alphabet CEO Larry Page and Levandowski were expected to appear at some point this week at the federal court session in San Francisco, but the this settlement has put an end to that.

Uber has finally reached a settlement with Google's company Waymo after the latter claimed that Uber stole self-driving technology ideas from it.

As part of the deal, company officials said, Uber has agreed to pay 0.34 percent of the company's equity at a $72 billion valuation - a sum that exceeds $244 million.

In a statement provided to Business Insider, Waymo states that Uber has also agreed to not use any of its hardware or software trade secrets going forward - suggesting that Uber might have done so in the past and Waymo's suspicions were correct.

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The settlement followed four days of testimony from both Waymo and Uber employees, including former Uber chief executive Travis Kalanick, who was accused of recruiting star Google engineer Anthony Levandowski to Uber to steal Google's intellectual property. Uber CEO Travis Kalanick, left, and Anthony Levandowski, co-founder of Otto, pose for a photo in the lobby of Uber headquarters in San Francisco.

The case had hinged on whether Uber used the trade secrets to further its autonomous vehicle program.

Waymo alleged that Levandowski heisted its technology and took it to Uber via a startup he founded and which Uber purchased a few months later for $680 million. Kalanick has acknowledged discussing plans for Otto with Levandowski before he started it, though both he and Uber deny using any Google technology to build a fleet of self-driving cars.

Its legal battle with Waymo may be over, but the U.S. Department of Justice has launched a criminal probe into Uber's alleged theft of trade secrets. The judge in the case didn't allow that figure into the trial.

Alphabet's Waymo division was seeking at least $1 billion over the theft of secrets from its self-driving auto program in the trial before federal judge William Alsup.

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In a statement Friday, Kalanick said Uber would have won had the trial continued.

Khosrowshahi expressed "regret" over the company's actions. It was an early investor in Uber and, although it sold some of its stock late previous year, it still holds a significant stake in Uber.

"To our friends at Alphabet: we are partners, you are an important investor in Uber, and we share a deep belief in the power of technology to change people's lives for the better", Khosrowshahi said in the statement.

The actions helped lead to a compromise. "The evidence at trial overwhelmingly proved that, and had the trial proceeded to its conclusion, it is clear Uber would have prevailed", the statement said.

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