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PCI-PAL PLC - London-based cloud payment and data protection solutions provider - Reaches a confidential settlement with competitor Sycurio. The settlement resolves a patent litigation that has been ongoing since September 2021. Says it brings an end to all legal proceedings, which includes both the UK and US. ‘The resolution follows PCI Pal’s resounding victory in the High Court of England & Wales, and subsequent decision by the Court of Appeal, finding that Sycurio’s UK patent is invalid and not infringed by PCI Pal,’ it adds. ‘For over two and a half years the business has been battling the unwelcome distraction of this patent litigation brought by a competitor. Following our resounding victory in the UK, it’s excellent news that we have now fully resolved the remaining legal proceedings,’ says Chief Executive James Barham. ‘During the last three years we have continued to execute against our core strategy, to lead the market in cloud services and grow the strongest global partner eco-system in our space. This continued progress is testament to both our team, who have showed exceptional commitment, and also our investors who have supported us throughout.’ Current stock price: 63.70 pence, up 15% in London on late Thursday morning 12-month change: up 19% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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