Fortress Investment Group is excited to announce that is investment strategy has now been expanded to include a secure investment for clients in iPass, a global provider of connectivity options. The total amount of funding to be made available to iPass is $20 million, $10 million of which will be made available to the company immediately.
Garry Griffins, president and chief executive officer of iPass, explains now that the company is strengthened with the finance offered to it by Fortress it can now shift the company focus to increasing revenue and profitability. Griffin also broke down the benefits of using the company’s patents for its SmartConnect and Veri-Fi products as security for the loan.
iPass maintains the largest wi-fi network in the world and allows individuals and businesses access to the internet via 64 million hotspots located across the globe. iPass hotspots are located at airports, train stations, hotels, restaurants, and many other locations.
The growth of iPass is expected to include 340 million hotspots by the end of 2018 and this makes the investment all the more valuable for Fortress Investment Group clients.
Fortress Investment Group was launched in 1998 and went on to become the first private equity investment group to reach public status. Fortress has long been viewed as a trendsetter in its industry and has shown a preference for investments that provide clients with strong returns over the long-term.
Fortress executives feel that their latest investment in iPass is a perfect fit for this philosophy because of the company’s astonishing ability to provide wi-fi accessibility. The services offered by iPass can be expected to become more familiar in the future as more and more individuals perform work outside of traditional work environments seemingly located anywhere in the world.
The Fortress approach has resulted in a 39.7 percent return for its investors from 1999 to 2006 and nearly $3 billion was raised by the company in 2017 during the sixth of the company’s rounds of funding.
Fortress Investment Group is a well-respected industry giant that has been recognized and awarded with many industry honors including the 2014 recognition by Institutional Investor Magazine as the ‘Hedge Fund Manager Of The Year.’