This story first appeared in The Chicago Business Journal
General Electric Co. and Chicago-based Uptake have agreed to settle their opposing lawsuits.
Terms of the settlement weren't disclosed.
General Electric (NYSE: GE) claimed in its suit, filed in December, that Uptake was in a "ruthless scheme to poach" GE executives. Uptake, GE alleged, was involved in a scheme to "improperly obtain GE’s confidential and trade secret information." GE's Digital unit uses similar technology to that used by Uptake.
Uptake, launched by Groupon co-founder Brad Keywell in 2014, makes predictive analytic software that informs companies when their machines might break down. Uptake sued GE in Cook County Circuit Court in February, alleging breach of contract and misappropriation of trade secrets.
Since October 2017, several top GE executives left the Boston-based conglomerate, including Ganesh Bell, who was named Uptake president. Bell was GE’s first-ever chief digital officer and was the CEO of GE Power Digital.
In Uptake's suit, the company said that since it bought software company Asset Performance Technologies last year, Uptake alleged breach of contract charges.
“We are pleased with the outcome, and we look forward to continued competition with GE in the marketplace,” Keywell said in a statement.
Uptake has raised more than $200 million in venture funding and is valued at more than $2 billion.
In June, Chicago Inno reported that Keywell was the third EY World Entrepreneur Of The Year award winner from the United States, adding that Uptake cut 150 jobs last December, reducing Uptake’s headcount to around 550 employees. It had more than 800 workers at its height. Keywell also co-founded Echo Global Lostistics, Mediaocean, Chicago Ideas Week and other businesses.
It was also reported in February 2017 that Uptake was the fastest startup in the country to raise $2 billion at the time, faster than companies including Snapchat, Pinterest, Zenefits and Blue Apron.
