The Fortress Investment Group has taken their investment strategy to new heights by offering investors the opportunity to invest in iPass, one of the largest providers of Wi-Fi in the world.
Overall iPass will get a total of $20 million in funding. However, only $10 million of that funding was available for immediate use.
Gary Griffiths, the current CEO and President of iPass, believes the funding provided by the Fortress Investment Group will help the company strengthen its balance sheet so they can turn their focus back to growing revenue and making a profit.
To secure the $20 million in funding iPass used its patent portfolio which includes its SmartConnect technology. This provided credibility and showed just how much the Fortress Investment Group believes in the future of this company.
Since this was such a high profile deal it was brokered by Riley Financial, Inc., a company known for its top notch equity research. If Riley Financial, Inc. signed off on this deal then you know it was a good deal.
As previously stated, iPass owns the largest Wi-Fi network in the world. They have 64 million hotspots located in hotels, convention centers, train stations, restaurants, outdoor entertainment venues and airports all over the world.
By the end of 2018 there will be an estimated 340 million hotspots in the world. iPass is hoping to leverage some of the over 300 million hotspots so they can provide unlimited Wi-Fi to businesses and individuals all over the world.
The potential for growth in the Wi-Fi technology sector is what made iPass such as an attractive investment opportunity for the Fortress Investment Group.
The Fortress Investment Group is now in a class of elite companies that recognize, and are hoping to capitalize on, the high demand for unlimited access to the world wide web.