Fortress Investment Group recently provided iPass with a $20 million loan that is secured by iPass’s SmartConnect technology and its portfolio of patents. $10 million is immediately available to iPass, which will help the company shift its focus on increasing its revenue and profitability according to the company’s Chief Executive Officer and President Gary Griffiths. He also said the loan is secured by the company’s patents, which strengthens the credibility of their SmartConnect and Veri-Fi products. Fortress Investment Group views iPass as a secure investment for its investors due to the growth in the demand for unlimited access to Wi-Fi.
Since 1998, Fortress Investment Group has used long-term strategies to provide its clients with strong returns on their investments. This private equity firm believes iPass fits their overall investment strategy because of its position in making Wi-Fi access convenient for widespread use. iPass currently has the largest Wi-Fi network in the world, and the company’s technology gives its customers access to over 64 million hotspots worldwide. By the end of 2018, the number of hotspots is expected to grow to 340 million. This puts iPass in a perfect position to take advantage of this growth with its patented Wi-Fi technology.
An article on Dailyforexreport.com titled “Fortress Investment Group Partners with iPass to the Tune of $20 Million in Credit,” points out how successful this investment firm has been over the years. They were named Institutional Hedge Fund Manager of the Year in 2014. From 1999 to 2006, the company earned close to a 40 percent return for its investors. Earlier this year, Fortress had $40.9 billion under management, and just last year, the company raised $2.9 billion funding. The $20 million investment Fortress provided iPass will help iPass obtain a competitive advantage in Wi-Fi market over the long-term. It should also give Fortress investors healthy returns for years to come.
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