Combination to accelerate the modernization of millions of unattended retail machines, elevating consumer experiences and creating greater value for machine operators worldwide
PayRange LLC (“PayRange”), the category-defining commerce platform for unattended retail, announced the acquisition of KioSoft Technologies (“KioSoft”), a global provider of cashless payment and IoT solutions. The acquisition will allow the combined company to accelerate the transformation of millions of coin-operated machines, enabling consumers through digital payment convenience and empowering machine owners to deliver elevated engagement experiences and better insights into their business.
PayRange’s acquisition of KioSoft represents a strategic step forward in modernizing the unattended retail industry. By combining PayRange’s pioneering mobile-first payment platform with KioSoft’s global footprint and strong operator network, PayRange will deliver a more powerful end-to-end solution to operators and, ultimately, consumers. The combined company will serve millions of connected machines in markets across the world, including the United States, Canada, Latin America, and Europe.
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“Unattended retail is one of the last frontiers of digital transformation,” said Paresh Patel, Founder and CEO of PayRange. “For the past decade, PayRange has focused on bringing convenient mobile-first connectivity to everyday transactions. Through the acquisition of KioSoft, we bring together our complementary skills and product offerings to reinvent self-service commerce and simplify how people pay for everyday items and experiences.”
“Today’s announcement represents a major leap forward in our shared vision to make everyday payments smarter, simpler, and more connected than ever,” said Charles Lee, President of KioSoft. “This combination is about accelerating a modernized, convenient, and unified payment experience for the millions of consumers who use unattended retail machines every day. On behalf of my KioSoft colleagues, I am delighted to be joining the PayRange family and look forward to working together to accelerate innovation and bring more machines online.”
KioSoft will operate under the PayRange brand and continue to serve existing customers and partners seamlessly. Charles Lee will become Vice Chairman of PayRange and retain a significant ownership stake in the business.
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