In late 2018, Fortress Investment Group expanded its investment plan to provide its investors with a fully secured investment in one of the leading service providers of global connectivity solutions, iPass. The total funding amount was $20 million, half of which was readily available to iPass. According to iPass President and CEO Gary Griffiths, the financing helped in reinforcing the provider’s balance sheet. He added that the money would allow the company to re-focus its attention on reducing the profitability gap and boosting its revenue.
All iPass’s assets, including its patent portfolio and SmartConnect technology, were used as collateral for the loan. Riley Financial Incorporated acted as the deal’s broker. The company is known for operating in four primary segments, including Appraisal and valuation, liquidation and auction, principal investments, and capital markets.
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iPass runs the biggest Wi-Fi network in the world, which allows enterprises and consumers to gain access to numerous Wi-Fi hotspots. Built as a SaaS application, iPass Wi-Fi delivers excellent value to its customers by providing unlimited Wi-Fi to multiple devices. Under the company’s agreement with Fortress Investment Group, iPass would gain immediate access to a whopping $10 million.
Although Softbank acquired Fortress Investment Bank for a staggering $3.3 billion, the investment manager has continued with its operation as if nothing changed. Away from its deal with iPass, the global investment manager owns a rail service entity, All Aboard Florida. Fortress Investment Group also partially manages the TSX Broadway Project, a 46-story building. These projects help position FSG as a cutting-edge company on the verge of transforming multiple industries simultaneously.
About Fortress Investment Group
Fortress Investment Group prides itself on being a leading international investment manager with an estimated $40.9 billion AUM as of June 30, 2019. Established back in 1998, the institution boasts more than 1,750 private investors and institutional clients globally. As of the close of June 2019, Fortress had 204 investment experts and 902 asset management professionals at its New York-based headquarters and global affiliate offices. The institution’s leadership is devoted to preserving stringent corporate governance practices and policies.