PORTLAND, Ore. — 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 such as laundry and vending machines, the companies announced via a press release.
PayRange, which says it 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 KioSoft had challenged the PayRange patents vigorously, the Patent Trial and Appeal Board (PTAB) upheld them.
“Although we disagreed with the result, we must now accept that PayRange has valid claims,” says 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 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, which PayRange says makes it a pioneer in the space.
Paresh Patel, founder and CEO of PayRange, says his company is thrilled to have resolved the patent dispute and to see its technological innovations vindicated.
“This agreement is more than a settlement,” says Patel, “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.”
PayRange will continue to pursue enforcement of its payment app solution patents against any infringers, he adds.
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