Card Concepts Inc. recently reached a settlement in the patent infringement lawsuit brought by PayRange against CCI. Based on a mutually agreed upon resolution, CCI will reportedly license certain PayRange mobile payment technology.
“We are pleased to have reached an equitable agreement that validates our intellectual property and fosters innovation,” said Paresh Patel, founder and CEO of PayRange. “This resolution underscores our dedication to protecting our patents while providing fair and reasonable access to our technology.”
Added CCI’s president Steve Marcionetti: “Our priority at CCI has always been delivering the best possible experience to our customers, and entering into this licensing agreement ensures that we can continue to do just that. By working constructively with PayRange, we have found a path forward that allows both companies to focus on delivering solutions to customers and serve our respective markets with confidence and respect.”