Those who invest with Fortress investment group now have a reason to smile as the firm recently expanded its investment scope by providing a $20 million funding to IPass, a firm specializing in the provision of Global WI-FI connectivity thereby offering them more investment options. IPass received $10 million immediately after pen was put to paper and according to Gary Griffiths, the firm’s CEO, this deal will go a long way in enhancing its operations. Commenting on the matter, Gary said that with the loan, they will now be able to implement strategies that were yet to become a reality due to capital issues thus maximizing on their profits.
The fund was secured using IPass’s most significant assets such as its patent portfolio and smart connect and it had been brokered by Riley Financial, a firm specializing in areas of capital markets, valuation and appraisal, auction and liquidation and principal investments. IPass is a big name in tech as it happens to be one of the company’s offering global WI-FI connectivity based on the Saas Software. This makes it possible for the firm to provide always on-WI-FI for its client base as there are more than sixty-four million hotspots, spread in all random places such as the train station, airport, restaurant and many others.
IPass plan is to expand and increase the number of hotspots from 64 to 340 million thus broadening its user base and maximizing profits, thereby making it a viable investment option for investors looking to invest in big tech.
About Fortress Investment Group
Fortress investment group is an alternative asset management firm based in New York. The firm is notable for being the first private equity company to go public and is also famed for its robust risk-adjusted returns strategy which always brings massive benefits for its investors. For instance, seven years after its inception, all Fortress Investment group got to enjoy returns of over 39.7% and IPass being its latest addition will help investors plough even more gains. Fortress Investment group started off as a company overseeing assets worth $400 million, but today, it has seen significant growth and currently directs assets worth over $40.9 billion for more than 1700 investors spread across all sectors. Today it is a conglomerate with over 900 employees and continues to expand into the realm of finance with each wake. For instance, the firm recently went private again after it signed a $3.3 billion deal with Softbank. This deal will go a long way in helping it achieve its goal of becoming the largest alternative asset management firm in the world.