PayRange, a mobile payment solutions provider for unattended retail, and Card Concepts Inc., a laundry payment technology company, have settled a patent infringement lawsuit.
Under the terms of the settlement, CCI will license certain PayRange mobile payment technology. The agreement resolves allegations that some CCI products infringed on PayRange patents.
Both companies emphasized their commitment to respecting intellectual property rights and continued innovation in the payment technology sector.
«We are pleased to have reached an equitable agreement that validates our intellectual property and fosters innovation,» Paresh Patel, founder and CEO of PayRange, said in the release. «This resolution underscores our dedication to protecting our patents while providing fair and reasonable access to our technology.
«We believe that this outcome not only resolves our dispute with CCI but also sends a clear signal to the industry—while PayRange will continue to invest in R&D to modernize the industry, PayRange will also enforce its rights and uphold the integrity of its intellectual property, ensuring a level playing field for everyone.»