Portland-based tech company PayRange has reached a significant settlement in a patent infringement lawsuit, potentially earning more than $62 million in licensing fees over the next decade. The lawsuit, which targeted Florida-based KioSoft Technologies, concluded with an agreement that solidified PayRange’s position in the market.
Background: PayRange’s Innovative Solutions
PayRange specializes in developing hardware devices and accompanying software designed to modernize vending machines, enabling them to accept mobile payments. Established in 2013, the company boasts a portfolio of patents safeguarding its pioneering technologies.
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The Legal Battle Unfolds
In 2020, PayRange initiated legal proceedings against KioSoft Technologies, alleging patent infringement related to its proprietary payment solutions—the dispute centered on the unauthorized use of PayRange’s patented technology in KioSoft’s products.
The Settlement Terms
Following negotiations, both parties reached a settlement that obliges KioSoft to license PayRange’s patented technology for ten years. The agreement includes a base license fee of $40 million, with the potential for additional payments exceeding $62 million based on specific performance criteria.
PayRange’s Triumph and Vision
Paresh Patel, the founder and CEO of PayRange, hailed the settlement as validation of the company’s innovative prowess. Patel emphasized the significance of intellectual property rights in driving technological advancements and fostering a culture of innovation. He reaffirmed PayRange’s commitment to vigorously defending its patents against future infringements.
A Costly Defense
Patel disclosed that PayRange has invested approximately $10 million in defending its patents, underscoring its unwavering dedication to protecting its intellectual property rights.
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