Fortress Investment Group recently extended its strategy in equity investment to offer a fully secured investment using iPass. This is one of the most progressive global connectivity options. The funding summed up to $20 million. Half of the money was made available to iPass immediately. ipass CEO and President, Mr Gary Griffins, said that the deal with Fortress Investment Group would help the company focus more on growing their revenue and closing the profitability gap. He added that using his company’s patents as the security for the loan improves the patents’ credibility. He also added that it would form the foundation of ipass Veri-Fi and SmartConnect product lines.
Riley Financial, Inc., helped in brokering the deal that provides that all of ipass’ valuable assets, including the SmartConnect technology and patent portfolio, are to be used in securing the load. Riley Financial is an investment bank that has specialized in putting these sort of high-profile deals together. Ipass operates the largest Wi-Fi network in the world. It enables consumers to get access to millions of Wi-Fi hotspots. Ipass Wi-Fi has strong value to consumers by providing an unlimited number of devices with unlimited data.
Currently, customers get access to more than 64 million hotspots around the globe in hotels, restaurants, airports, train stations and convention centres among others. The hotspots are expected to increase drastically to 340 million before the end of 2018. Fortress Investment Group joins forward thinking companies like HP and Microsoft by investing in ipass and their cloud-based SaaS technology. The deal will enable Fortress Investment Group’s clients to access the best roaming experience available in the world.
The decision to invest capital in software that helps the company’s customers in making sound connection is profoundly wise on the part of Fortress Investment Group. The investment company employs 900 people. It has its headquarters in New York where it manages assets worth more than $40 billion from its over 1,750 investors. IPass will likely lock down a competitive advantage of $20 million in funding and will scale its profits faster. For the foreseeable future, simple and secure Wi-Fi is likely to remain a wise investment decision for companies. The two parties will likely rip great profits and profile appraisals over this deal and will better deliver on long-term dividends to investors.