PayRange Inc. reports that it has settled a four-year patent dispute with KioSoft Technologies over mobile payment technology used to enable consumers to pay self-service retail machines like laundry and vending machines. PayRange had alleged that KioSoft and its affiliate TechTrex had infringed on numerous PayRange patents.
KioSoft has agreed to license PayRange technology that could exceed $62 million over a 10-year period based on outcomes with a base license of $40 million.
“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.”
Said Paresh Patel, founder and CEO of PayRange: “We’re thrilled that we have finally resolved the patent dispute with KioSoft and that our technological innovations have been vindicated. This agreement is more than a settlement; it’s recognition on 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.”
Those interested in learning more about licensing PayRange technology can email licensing@payrange.com.