PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to announce that it has reached a confidential settlement with its competitor, Sycurio. The settlement resolves the patent litigation it has been involved in since September 2021 and 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.
Commenting on the news, James Barham, Chief Executive Officer of PCI Pal, said:
"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.
"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.
"Today the Company is in a strong position with an expanding customer and partner base, innovative and proven IP, good cash reserves, and a profitable growth strategy. This will allow us to continue the momentum in the business and capitalise on the long term opportunities ahead of us. It is an exciting time for PCI Pal."
For further information, please contact:
PCI-PAL PLC | Via Walbrook PR |
James Barham - Chief Executive Officer William Good - Chief Financial Officer
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Cavendish Capital Market Limited (Nominated Adviser and Broker) | +44 (0) 20 7227 0500 |
Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance) Sunila De Silva/Ondraya Swanson (Corporate Broking)
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Walbrook PR | +44 (0) 20 7933 8780 |
Tom Cooper/Joe Walker | +44 (0) 797 122 1972 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that empower companies to take payments from their customers securely, adhere to strict industry governance, and remove their business from the significant risks posed by non-compliance and data loss. Our products secure payments and data in any business communications environment including voice, chat, social, email, and contact centre. We are integrated to, and resold by, some of the worlds' leading business communications vendors, as well as major payment service providers.
The entirety of our product-base is available from our global cloud platform hosted in Amazon Web Services ("AWS"), with regional instances across EMEA, North America, and ANZ.
For more information visit www.pcipal.com or follow the team on Linkedin: https://www.linkedin.com/company/pci-pal/
