The investment that Fortress Investment Group offered their investors through a partnership with iPass it totally secured. A leader in global connectivity options throughout the world, iPass was given $20 million in funding through the deal. Of this funding, half of it could be accessed immediately by the company. The Chief Executive Officer and President of iPass, Gary Griffiths, plans on being able to focus on growing the revenue of the company in order to bring them closer to becoming profitable. The security for the loan from Fortress Investment Group includes patents from product families of the company like Veri-Fi and SmartConnect. The deal was brokered by Riley Financial, a company that operates in capital markets, auction and liquidation, valuation and appraisal, and principal investments. The investment bank has experience arranging these kinds of deals between high profile companies. See more on Wikipedia.
Through iPass, businesses and consumers are able to access the largest Wi-Fi network on the planet. This network includes millions of different hotspots around the globe which allows their customers to enjoy Wi-Fi that is always on. There are plans to add millions of hotspots which made Fortress Investment Group confident in its choice to invest in the future of the tech company. iPass Unlimited is working on becoming a business that is cloud-based and according to research done by a third party, their goal of adding 340 million hotspots to their service is completely reasonable. Fortress Investment Group is joining companies like Microsoft who have invested in iPass in the past.
Fortress Investment Group has been proving time and time again that the firm is on the cutting-edge of investment opportunities. The company went private after a $3.3 billion purchase by SoftBank and the company has been adapting to its new role since the end of 2017. Fortress Investment Group has always been known for leading the industry with innovations and this trend is continuing even as a subsidiary of SoftBank. In addition to the investment in iPass, they have also been investing in high-speed rail projects that have the potential to expand to different parts of the United States. Read: https://www.nytimes.com/topic/company/fortress-investment-group-llc