PORTLAND, OR / ACCESSWIRE / March 4, 2020 / PayRange Inc., a network for everyday purchases, has filed a patent infringement lawsuit against KioSoft, seeking damages estimated to be in excess of $50 million and a permanent injunction barring further infringing sales.
Founded in 2013, PayRange developed the original mobile payment system for non-networked unattended retail machines such as vending, laundry, and amusement. Its innovative technology and intellectual property portfolio are protected by 18 patents and another 35+ pending patent applications.
While PayRange is the market share leader with millions of users and hundreds of thousands of deployed machines, KioSoft unlawfully sells mobile payment solutions that infringe PayRange's patented technology. PayRange's patents cover, not only the foundational approach of authorizing payment to unconnected machines leveraging the user's smart phone, but other innovations including viewing machine status on smartphones, firmware updating of offline machines, and retrofitting existing machines with payment acceptance devices.
"We've invested tens of millions of dollars in research and development to bring to market solutions that revolutionized the industry," stated Paresh Patel, founder and CEO. "We will vigorously defend our investment to prevent competitors from selling infringing products."
Wilson Sonsini Goodrich & Rosati (PayRange's counsel on this matter) filed allegations stating that KioSoft "blatantly disregarded PayRange's patent rights by attempting to poach PayRange's customers with a copycat product and solicit new business with a copycat product. PayRange seeks recovery of its damages, which could exceed $50 million based on lost profits, royalties
and/or price erosion, as well as a permanent injunction to prevent [KioSoft's] continued and future infringement by selling, maintaining, and supporting copycat products (e.g., mobile apps)."
About Wilson Sonsini Goodrich & Rosati:
Headquartered in the Silicon Valley and with ten offices across the country, Wilson Sonsini Goodrich & Rosati is one of the top 100 law firms in the United States and boasts a strong intellectual property practice-ranked among the top 10 in Vault's Intellectual Property Practice Area Ranking.
About PayRange:
PayRange was founded by Paresh Patel, an unattended retail veteran, to provide operators and consumers with a simple and secure mobile payment and loyalty solution for laundry, vending, amusement, and other small ticket merchants. PayRange is the North American leader in mobile payments for unattended retail, with over 3 million users and a network of machines throughout 350 cities and towns in the US and Canada. Find out more at: https://www.payrange.com
Media Contact:
Gracie Shefelton
[email protected]
SOURCE: PayRange Inc.