25th Sep 2023 19:59
(Alliance News) - PCI-PAL PLC on Monday said that it has "comprehensively defeated" a patent infringement suit brought by its competitor, Sycurio Ltd, at the UK High Court.
PCI-PAL is a Suffolk, England-based global cloud provider of secure payment solutions for business communications, while Sycurio is a Surrey, England-headquartered payment software provider.
The judgement, which was handed down after the close of business on Monday, concluded that Sycurio's patent was invalid due to "obviousness from two sources of prior art".
It was also decided that even if the patent had been valid, PCI Pal's Agent Assist solution did not infringe the patent.
PCI-PAL said that it would give investors a further update in the next few days. This will include an update as to the expected timing of the release of its annual accounts for financial 2023, which have been delayed due to the UK High Court case.
PCI-PAL shares closed 1.4% lower at 48.32 pence each in London on Monday.
By Holly Beveridge, Alliance News reporter
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