Payment providers PayRange Inc. and KioSoft Technologies have settled a four-year patent dispute over mobile payment technology used to enable consumers to pay self-service retail machines, including laundry and vending machines.
PayRange had alleged that KioSoft and its affiliate, TechTrex, had infringed on numerous PayRange patents.
Under terms of the settlement, KioSoft has agreed to license PayRange technology, which could exceed $62 million over a 10-year period based on outcomes with a base license of $40 million, according to PayRange.
“While we had challenged the PayRange patents vigorously, the Patent Trial and Appeal Board upheld the PayRange patents and, although we disagreed with the result, we must now accept that PayRange has valid claims,” said Charles Lee, president of KioSoft. “We respect the technologies that have helped the self-service industry thrive, and we look forward to continuing to lead innovation and development by providing best-in-class service to our customers with this fully licensed technology, without any further legal distractions.”
PayRange has developed technology that allows consumers to pay unconnected self-service machines with a smartphone, which has led to added convenience, improved sales and reduced operating costs, according to the company.
PayRange’s earliest patents date back to 2013.
“We’re thrilled that we have finally resolved the patent dispute with KioSoft and that our technological innovations have been vindicated,” noted Paresh Patel, founder and CEO of PayRange. “This agreement is more than a settlement – it’s recognition of the importance of intellectual property in fostering game-changing industry innovation, and in the American dream itself in which hard work, innovation, and individual property rights matter. We will continue to pursue enforcement of our payment app solution patents against all infringers.”
