PayRange Inc., the inventor and solution provider of the leading mobile payment app and hardware for automated retail, and KioSoft Technologies, have settled a four-year patent dispute over mobile payment technology used to enable consumers to pay self-service retail machines such as laundry and vending machines. PayRange, which has an extensive patent portfolio, 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 (PTAB) upheld the PayRange patents and, although we disagreed with the result, we must now accept that PayRange has valid claims,” Charles Lee, president of KioSoft, said in the announcement. “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 empowers consumers to pay unconnected self-service machines with a smartphone, which has provided significant improvements in convenience, improved sales for machine owners and reduced operating costs. The earliest patents date back to 2013, making PayRange a pioneer in the space.
Parties interested in learning more about licensing PayRange technology may contact [email protected].
