Daily Forex Report recently published Jacob Maslow’s article “Fortress Investment Group Partners with iPass to the Tune of $20m in Credit”. The article reveals the recent expansion of Fortress Investment Group to ensure that the investors have a completely secured investment in iPass. iPass is a leading connectivity provider that offers the world’s largest global Wi-Fi network. They wanted to focus on a return to growing their revenue, providing their patents with the secure loan. iPass includes a considerable number of assets like the Smart Connect technology and the Veri-Fi products.
iPass provides internet and Wi-Fi to millions of hotspots around the world. It was created as a SaaS, or software-as-a-service, application. This allows customers to have a strong, unlimited Wi-Fi on however many devices they want. Customers will have access to more than 64 million Wi-Fi hotspots located in airports, train stations, outdoor entertainment venues, and hotels. They continue to grow through 2018, expecting to have more than 240 million hotspots by the end of the year.
This agreement with Fortress Investment Group will provide iPass with access to $10 million immediately. They hope to use iPass Unlimited as a cloud based business to create unlimited Wi-Fi for both businesses and individuals.
The investment company was also featured in the Hi-Tech Chronicle for the same investment in the article “Fortress Investment Group and iPass Arrange Strategic Credit Facility.” Fortress Investment Group is a large global investment company that has more than 1,750 clients around the world. They manage $40.9 billion in assets and the latest venture is iPass. The company is one of the world’s largest Wi-Fi providers and the credit established between the two companies will allow the connectivity company up to $20 million from funds.
The benefit for the investment group lies in the potential of the Wi-Fi provider. It has been present for nearly two decades, though it did not become a household name. The company established new leadership in 2015 and created changes to include unlimited data and a Smart Connect tool. Investors have started recognizing that there is more to the company than initial profitability, especially after watching the monumental growth of Amazon.