Bermudan-owned sports graphics company Virtual Spectator and Craig Meek's iVistra have dropped High Court actions against each other over technology ownership.
Virtual Spectator operations manager Stephan Rothlander said both parties had withdrawn their claims and filed a notice of discontinuance, ending the year-long row.
"The negotiations have been protracted as the natureof the dispute was complicated. But our new owners recognised everybody's best interests lay in commercial resolution rather than litigation," he said.
The row was kicked off last year when former Virtual Spectator co-owner Neville Jordan alleged that staff had found a confidential iVistra document in a rubbish bin in Virtual Spectator's foyer.
Virtual Spectator shares a floor in a Newmarket office building with design firm Frontend, which had been hired to add graphics to a document being used in iVistra's pitch to supply television and internet graphics for the 2007 America's Cup.
Meek, a Virtual Spectator founder, quit the firm in March last year over concerns at its direction under Jordan's ownership.
iVistra took Virtual Spectator to court, demanding it return any copies of the document which outlined the new firm's "visionary strategies" and "ideas of technology development".
When the case came before the High Court at Auckland, Virtual Spectator's lawyers said the document showed iVistra was presenting intellectual property that belonged to Virtual Spectator
In the end neither party won the America's Cup work.
Jordan quit the company in April, selling his 60 per cent stake to co-owner Investors Guaranty, a Bermuda investment company.
Meek said Jordan's departure "enabled us to reach a quick and positive settlement. It also opens the door for us to investigate opportunities where we could work together."
He said iVistra was concentrating on data visualisation for business, using its EVS (Enterprise Visibility System) application.
Virtual Spectator continues to build television and internet graphics for sports events.
