Fortress Investment Group has recently extended their investment strategies to give investors more security when it comes to i-Pass, a worldwide leader offering global connectivity. The total amount of funding came to $29 million with an extra 10 million available to immediately pass on to iPass. Their CEO and President, Gary Griffith, stated their balance sheet would certainly strengthen from this particular financing and allow them to turn their focus back to increasing revenues and reaching more profits.
Overall loan security includes patent portfolio, SmartConnect technology along with iPasses assets. The company that brokered the deal is Riley Financial which has business in four categories such as appraisal, capital markets, principal investments and valuation and auction and liquidation. The organization is a well-known investment bank specializing in high-profile deals such as these. Riley Financial has a great reputation when it comes to the financial world pertaining to their talents and equity research. They understand the importance of equity, what it brings to the table and that the i-Pass-Fortress Investment Group agreement meets their specific protocols.
iPass is an innovative WI-fi network that allows consumers and businesses to take advantage of having wide unlimited access. It’s design is called software-as-a-service or better known as an SaaS application. Ipass WI-fi has a strong value regarding consumers relying on unlimited WI-fi and have a list of devices to use. The network brings access to nearly 64 million worldwide hotspots. These locations can include outdoor entertainment venues, airports, train stations, hotels, restaurants and convention centers. It’s expected that nearly 340 million hotspots will be available by the time 2018 ends. The market has shown tremendous growth to consumers wanting to use WI-fi technology. It’s also a good investment for Fortress Investment Group and i-Pass along with the investors who appreciate the idea and concept.
The demand for unlimited WI-fi has been recognized by many progressive companies namely Microsoft and HP. Fortress investment group has stepped in this category with the elite companies by taking on this agreement to invest in i-Pass and its innovative SaaS strategy. Fortress investment group started back in 1998 and soon captured the market as the first private equity investment company to go public.