Oregon-based unattended retail company PayRange has acquired KioSoft Technologies, a provider of cashless payment and IoT products.

The acquisition should allow the combined company to accelerate the transformation of millions of coin-operated machines into accepting digital payments and helping machine owners deliver elevated engagement experiences and better insights into their business.

By combining PayRange’s mobile-first payment platform with KioSoft’s global footprint and strong operator network, PayRange aims to deliver a more powerful end-to-end option to operators and, ultimately, consumers. The combined company will serve millions of connected machines in markets across the world, including the USA, Canada, Latin America and Europe.

“Unattended retail is one of the last frontiers of digital transformation,” said Paresh Patel, 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.”

Charles Lee, president of KioSoft, added: “This announcement represents a major leap forward in our shared vision to make everyday payments smarter, simpler and more connected than ever. This combination is about accelerating a modernised, 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. Charles Lee will become vice chairman of PayRange and retain a significant ownership stake in the business. Terms of the transaction were not disclosed.

PayRange (www.payrange.com) has an end-to-end IoT platform, offering a diverse ecosystem of connections that enable seamless payment, identity verification and commerce. By modernising businesses with integrated cashless payment options, real-time analytics and all-in-one PoS systems, PayRange helps operators increase revenue, reduce operational expenses and enhance customer experiences.

KioSoft (kiosoft.com) provides unattended payment options for a variety of industries including laundry markets, air pumps and vacuums, car washes, amusements, parking, and vending. KioSoft has offices in Florida, Toronto and Mexico.