Daily Forex Report recently reported on the private equity firm, Fortress Investment in the article Fortress Investment Group Partners with iPass to the Tune of $20 Million in Credit.” The article was written by Jacob Maslow and he dives into how the firm shifted its investment strategy in 2018. They recently funded iPass, a provider of connectivity, with $10 million in immediately available funds. With a total funding of $20 million, Gary Griffiths the CEO of iPass was quite pleased. He reveals the company is excited to focus on becoming profitable and using their patents to create their new products SmartConnect and Veri-Fi. The company has secured considerable assets.
iPass has one of the biggest Wi-Fi networks in the world, helping millions of people to access Wi-Fi hotspots. The SaaS application gives customers unlimited data on an unlimited number of devices. They created more than 64 million hotspots worldwide and expect to create up to 340 million by the end of the year. The potential growth in Wi-Fi technology makes this a secure bet for Fortress Investment Group.
The deal was brokered by Riley Financial. Riley Financial is an investment bank that focuses on a niche of high-profile deals. They work within for different markets, auction and liquidation, valuation and appraisal, principal investment capital market.
Fortress Investment Group was created in 1998 and was one of the first private equity firms to go public. Their IPO caused a storm in 2007 and led many other firms to do the same. Their investment in iPass is aligned with the philosophy of the company because of the growing need for continual Wi-Fi around the world. Fortress Investment Group is aware that many people are becoming digital nomads and need the technology to work.
The iPass assets include SmartConnect, a software program that focuses on learning from previous experiences to help people make more intelligent connections. Fortress Investment Group has more than 900 employees and is centered in New York. There they have more than 1,750 investors and they manage a fund of more than $40 billion. The company recently raised $2.9 billion in early May of 2017.