(Sharecast News) - Video advertising technology company Tremor has reached an agreement to settle the complaint brought about by Uber, it announced on Monday.
The AIM-traded firm said the car service giant filed its complaint in the Superior Court of California on 11 June 2019, against Taptica.
Taptica is the company's legacy performance marketing business.
"Taptica was one of a number of performance marketing companies against which the complaint was filed, and there has not been any court finding as to wrongdoing by the company or indeed the merits of the lawsuit," Tremor said in its statement.
"The company has made no admission of any liability or wrongdoing."
However, in order to resolve the matter and avoid the expense and burden of a drawn-out litigation process, Tremor's board said it believed it was in the company's best interests to enter into a settlement agreement with Uber.
"Therefore, Tremor will pay a total of $1.7m to Uber, which will result in the full dismissal of the case."
At 1451 GMT, shares in Tremor International were up 1.81% at 338p.
20 Dec 2023 15:55