In the wake of a settlement of a patent infringement lawsuit involving two major financial planning software products, both sides are proclaiming victory.

“We are extraordinarily happy,” said David Loeper, CEO of Wealthcare Capital Management, the plaintiff in the case. “We’re not just happy; we had a great celebration when the agreement was settled. I can understand why the other side would be too, given the liability if we had proceeded with litigation.”

Richmond, VA-based Wealthcare had accused UBS Financial Services of using two of its patented planning processes in its financial planning system. That system uses MoneyGuidePro, made by ProPIEtech, a software firm in nearby Powhatan, VA. PIEtech later joined the suit as a defendant to argue the case for its client, UBS. Wealthcare’s competing product is called Financeware.

Bob Curtis, PIEtech’s founder, also said he is happy with the settlement and that he hopes it will provide “peace of mind” to MoneyGuide users.

Although both sides said the terms of the settlement are confidential, Loeper added that the settlement “upholds” his firm’s right to continue to use the two patents at issue in the case exclusively. Those cover an approach to preparing clients for “future market instability,” according to Loeper.

“What [the settlement] means going forward is our patents are now valid,” Loeper says. “We and our licensees will be the ones that are able to use those patents.”

He added that, “We’ve been the innovators that many have tried to imitate for years.”