Uber and Waymo have reached a settlement over the trade secret dispute. Uber expressed ‘regret’ and agreed to give Waymo $245 million worth of its own shares to bringing an end to the lawsuit between the companies, Reuters reported.
As part of the deal, Waymo has got a 0.34 percent stake in Uber, worth about $245 million based on Uber’s current $72 billion valuation. Waymo has also got assurance from Uber that the confidential information will not be incorporated into Uber’s self-driving car technology.
It is known that the two firms had got into the dispute after an engineer Anthony Levandowski, who was working for Google on its self-driving cars joined Uber as its self-driving car chief. Waymo had accused its former employee of stealing confidential documents related to self-driving technology and had filed the lawsuit against the company.
Waymo had earlier sought at least $1 billion from Uber which was brought down $500 million, and the finally the deal was done on $245 million. The controversy had a huge impact on Uber’s self-driving car program and the company getting over it is being considered as a big achievement for the new CEO Dara Khosrowshahi.
This lawsuit, apart from causing harm to the reputation of the company also had in a way stalled its work on self-driving cars. The company had planned to have self-driving cars in 20 cities by the end of 2018, 50 cities by 2019 and 150 by 2020, but Uber failed to achieve these targets. It is expected that now when this controversy we will get to see more of Uber this year.