PORTLAND, Ore. — PayRange LLC, a provider of mobile payment solutions for unattended retail that includes laundries, reports it is acquiring KioSoft Technologies, a global provider of cashless payment and IoT solutions. Terms of the transaction were not disclosed.

The acquisition, PayRange says, 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.

It also represents what PayRange calls a “strategic step forward” in modernizing the unattended retail industry.

By combining its 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 company says.

The combined company will serve millions of connected machines in markets across the world, including the United States, Canada, Latin America, and Europe.

Paresh Patel, founder and CEO of PayRange, says unattended retail is one of the last frontiers of digital transformation.

“For the past decade, PayRange has focused on bringing convenient mobile-first connectivity to everyday transactions,” he says. “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, calls the deal “a major leap forward” in a shared vision to make everyday payments smarter, simpler, and more connected than ever.

“This combination is about accelerating a modernized, convenient, and unified payment experience for the millions of consumers who use unattended retail machines every day,” he says. “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. Lee will become vice chairman of PayRange and retain a significant ownership stake in the business.