PayRange, a mobile-first commerce platform for unattended retail, has acquired KioSoft Technologies, a global provider of cashless payment and IoT solutions, for an undisclosed sum.

The move aims to accelerate the modernisation of coin-operated machines and enhance digital payment options for consumers.

The combined company will serve millions of machines across the US, Canada, Latin America and Europe, merging PayRange’s mobile payment platform with KioSoft’s global operator network.

KioSoft will operate under the PayRange brand, with its president, Charles Lee, joining as PayRange’s vice chairman.

Paresh Patel, founder and CEO of PayRange, said: "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."

"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: "Today's 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 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."