Fortress Investment Group And Ipass Agrees On A Deal Expected To Meet The Global Demand For Unlimited Wi-Fi

Fortress Investment Group is a leading investment company that has been helping investors across the world to produce risk-adjusted returns. Fortress recently partnered with iPass, a company that specializes in providing connectivity options across the world. Their partnership is a form of investment strategy whereby fortress was to provide funding of $20 million to iPass of which $10 million was provided immediately. iPass secured the loan using their assets such as patent portfolio and SmartConnect technology. According to iPass CEO and president, Gary Griffiths, the funding has strengthened their balance sheet, and now they have a chance to shift their focus on growth and to improve their revenues. He also added that the fact that they can use their patents to secure such a loan proves credibility of their patents, which are the foundation of their Veri-Fi product and iPass Smart Connect technology.

The deal between Fortress Investment Group was brokered by an experienced investment bank, Riley Financial, whose main focus is on spearheading such prominent deals. Riley Financial deals with four categories of investment and these include Auction and Liquidation, Principal Investments, Capital Markets, and Valuation and Appraisal. The company was the best choice for this transaction because they apprehend the value of equity and this particular deal was within their valuation protocols. iPass is renowned for its giant Wi-Fi network across the world and has been helping consumers to enjoy fulltime connectivity through Wi-Fi. Using their Software-as-a-Service (Saas), one can enjoy unlimited Wi-Fi using unlimited devices because they have over 60 million hotspots in the world. The hotspots are situated in places such as airports, hotels, train stations, conventional centers, restaurants, and outdoor entertainment venues.

With the funding provided by Fortress Investment Group, iPass intends to increase the number of hotspots to about 340 million before the year 2018 ends. In today’s digital world, Wi-Fi technology seems to grow rapidly, and this is one of the reasons why Fortress saw iPass as a good investment decision. Inventors at Fortress Investment Group also saw it as a brilliant idea to take a risk in investing in exponentially growing Wi-Fi technology. Since the deal gave ipass access to $10 million immediately, they can begin to transform their iPass Unlimited into a cloud-based business while leveraging the 340 million hotspots in its business model.

According to an analysis carried out by Maravedis Rethink, these hotspots will be available globally, and it’s the company’s responsibility to grab the opportunity and expand their operations. The demand for unlimited Wi-Fi has been foreseen by other tech companies such as Microsoft and HP, and this encouraged Fortress Investment Group to join these elites by investing in iPass’ cloud-based SaaS policy among other services they offer.

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