PayRange Inc., which is a network for day-to-day purchases, has quite
recently filed a lawsuit against KioSoft Technologies LLC, a technology leader
in the payments industry since 2002, alleging Patent
Infringement. Consequently, PayRange is now looking forward to seeking
damages estimated to be over $50 million, along with a permanent injunction
barring further infringing sales.
Established and founded in 2013, PayRange proactively developed the
original mobile payment system for use in non-networked unattended retail
machines, including amusement, laundry, and vending. The company efficiently
protects its innovative technology, creative works, and Intellectual
Property (IP) portfolio with 18 patents and even more than 35
pending Patent
Applications.
At present, PayRange is the market share leader having millions of users
and hundreds of thousands of deployed machines. On the other hand, KioSoft
Technologies sells mobile payment solutions unlawfully by infringing upon
PayRange’s patented technology. PayRange’s patents cover a wide variety of
innovations, including the foundational approach of authorizing payment to
unconnected machines leveraging the user’s smartphone, firmware updating of
offline machines, viewing machine status on smartphones, and retrofitting
existing machines along with payment acceptance devices.
Paresh Patel – the founder and CEO of PayRange, has stated in the lawsuit
that his company has invested tens of millions of dollars in both research and
development for bringing to market the solutions that have revolutionized the
industry. He further said that his company shall always vigorously protect its
investment to prevent the competitors from selling infringing products.
PayRange’s counsel on this matter, Wilson Sonsini Goodrich & Rosati,
filed the Patent Infringement Lawsuit against KioSoft by
stating that the company disregarded PayRange’s Patent
Rights blatantly by attempting to encroach upon PayRange’s
customers with a solicit new business and copycat product. Now, PayRange is
looking forward to seeking recovery of damages, which may even exceed $50
million as per the lost profits, royalties, or price erosion, along with a
permanent injunction for preventing KioSoft from continuing future infringement
by selling, maintaining, and supporting copycat products, for instance, mobile
apps.
Founded by Paresh Patel, a veteran of the automated retail industry,
PayRange provides operators and customers with convenient and secure mobile
payment and loyalty solutions for amusement, laundry, and vending. With even
more than 3 million users and a network of machines throughout 350 cities and
towns in the US and Canada, PayRange is currently the North American leader in
mobile payments for unattended retail. For more visit: https://www.trademarkmaldives.com
Don’t forget to
follow us on social media:
Contact - US
Website:
www.trademarkmaldives.com
No comments:
Post a Comment