On the fifth day of the Waymo v. Uber trial in San Francisco, the two tech giants announced that they’ve reached a settlement. The case has officially been dismissed with Uber paying the Alphabet division approximately a quarter of a billion dollars.
According to Waymo, the agreement will protect its “intellectual property now and into the future.”
We are committed to working with Uber to make sure that each company develops its own technology. This includes an agreement to ensure that any Waymo confidential information is not being incorporated in Uber Advanced Technologies Group hardware and software
Meanwhile, Uber CEO Dara Khosrowshahi says that his company did not use any trade secrets from Waymo, nor has Alphabet’s proprietary information made its way into their self-driving technology. However, he does acknowledge that “Uber’s acquisition of Otto could and should have been handled differently.”
Overall, the Uber CEO takes a very conciliatory tone, acknowledging that Alphabet is “an important investor in Uber”:
I’ve told Alphabet that the incredible people at Uber ATG are focused on ensuring that our development represents the very best of Uber’s innovation and experience in self-driving technology.
According to some sources, the settlement comes in at 0.34% of a $72 billion Uber valuation, or $244,800,000. In settlement talks last year, Waymo reportedly proposed $1 billion in damages, as well as a public apology and the appointment of an independent monitor. Meanwhile, damages were estimated at $1.9 billion, with the Alphabet division also desiring a permanent injunction.
The settlement comes on the fifth day of the federal trial in San Francisco that has already seen Uber founder Travis Kalanick testify. In light of the settlement, U.S. District Judge William Alsup dismissed the case with prejudice this morning.
Waymo’s full statement is below:
“We have reached an agreement with Uber that we believe will protect Waymo’s intellectual property now and into the future. We are committed to working with Uber to make sure that each company develops its own technology. This includes an agreement to ensure that any Waymo confidential information is not being incorporated in Uber Advanced Technologies Group hardware and software. We have always believed competition should be fueled by innovation in the labs and on the roads and we look forward to bringing fully self-driving cars to the world.”