Fortress Investment Group recently doled out $20 million to a company called iPass. This technology company is a worldwide leader in connectivity options. Only half of the money, $10 million, was immediately available to iPass, but CEO Gary Griffiths is incredibly optimistic about the company’s future. He says that the balance sheet of the company is strengthened by the financing and that iPass can now focus on profitability. He’s also proud of the fact that the company used its patents as security for the loan which brings credibility to the company’s innovations.
The loan is secured with its Smart Connect technology and the company’s entire patent portfolio. This high-profile financial move should bolster iPass and its worldwide operations. The company runs the globe’s biggest Wi-Fi network. iPass offers up unlimited Wi-Fi access on an unlimited number of devices and customers can tap into these Wi-Fi networks through 64 million different hotspots around the world. These hotspots can be found in restaurants, bars, train stations, stadiums, convention centers, hotels and airports.
iPass is growing rapidly and that’s why they needed this $20 million investment from Fortress Investment Group. The company plans to expand to 340 million different Wi-Fi hotspots around the globe by the end of 2018.
Fortress Investment Group has always been a trendsetter. The company was founded back in the late 90s and started out with investments in real estate in the New York City area as well as the Toronto area. The company quickly grew and is now in charge of more than $40 billion worth of assets.
Fortress Investment Group became the first private equity investment group to go public with an IPO. The group has garnered worldwide acclaim for offering up long-term investment strategies that produce good risk-adjusted returns.
Analysts at Fortress Investment Group are obviously betting on iPass’s ability to continue to grow. They are banking on the fact that more and more business people are working on the go and that demand for convenient Internet access will continue to grow. The $20 million investment should facilitate this growth and it marks another solid investment by Fortress.