Unattended retail platform provider PayRange has purchased KioSoft in a move they say will “allow the combined company to accelerate the transformation of millions of coin-operated machines, enabling consumers through digital payment convenience and empowering machine owners to deliver elevated engagement experiences and better insights into their business.”
“Unattended retail is one of the last frontiers of digital transformation,” said Paresh Patel, founder and CEO of PayRange. “For the past decade, PayRange has focused on bringing convenient mobile-first connectivity to everyday transactions. Through the acquisition of KioSoft, we bring together our complementary skills and product offerings to reinvent self-service commerce and simplify how people pay for everyday items and experiences.”
Added Charles Lee, president of KioSoft: “Today’s announcement represents a major leap forward in our shared vision to make everyday payments smarter, simpler and more connected than ever. This combination is about accelerating a modernized, convenient, and unified payment experience for the millions of consumers who use unattended retail machines every day. On behalf of my KioSoft colleagues, I am delighted to be joining the PayRange family and look forward to working together to accelerate innovation and bring more machines online.”
Moving forward, KioSoft will operate under the PayRange brand; Charles Lee will become vice chairman of PayRange and retain a significant ownership stake in the business. Terms of the transaction were not disclosed.