Alternative asset manager Fortress Investment Group has once again proved itself a trendsetter. The publicly traded private equity hedge fund just allocated $20 million dollars to global connectivity company iPass. Secured by iPass’s wide range of assets including patent portfolio’s and SmartConnect Technology, the loan provides iPass with $10 million up front and the rest coming later. The deal was brokered by Riley Financial Incorporated and has both sides smiling. “Our balance sheet is strengthened so we can put focus back to growing revenue and profitability,” Cary Griffiths, the iPass President and Chief Executive Officer said. For Fortress the investment is a finger in yet another pie. In a tenure dating back to 1998, the New York-based investment group has managed upwards around $70.2 million dollars. Its investors, which at present number over 1,750, have enjoyed returns as high as 39.7%. Through Fortress, founders Wesley Edens, Randal Nardone, and Rob Kauffman are able to invest in the latest technology as well as numerous business ventures. iPass is yet another example of Fortress Investment Group betting on the future.
iPass possesses the largest Wi-Fi network in the world. It’s service provides both commercial and domestic consumers to access millions of hot spots. Each of them completely run off Wi-Fi. The Wi-Fi is unlimited and can be used on a wide-variety of devices. The recent investment from Fortress Investment Group will allows the business to take advantage of cloud services. Currently, the company has 64 million hotspots all over the place. They are located in train stations, outdoor venues, hotels, airports, convention centers, and restaurants. In a world where connectivity becomes a more and more valuable commodity, iPass is set up to offer a large dose of it. The hotspot number is set to increase to 340 million by the end of the year. The potential profit from this investment has great possibility for Fortress Investment Group, it also gives the company a foot in the door for Wi-Fi technology.
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