In a deal brokered by Riley Financial, Inc, The Fortress Investment Group, diversified is portfolio even further by injecting up to 20 million dollars into ipass operations. The loan advanced to ipass would be guaranteed by the considerable asset base held by the organization ranging from its smartconnect technology to its line of patent portfolios.
Today ipass prides itself on being the largest Wi-Fi Provider in the world, providing hotspots all over the globe for businesses and individuals in an easy to set up process. The deal as lauded by Gary Griffiths, iPass CEO and President. He was confident that the investment of which 10 million was available upfront would enable them to expand even further as well as concentrate on bringing more products into the fold.
The deal would continue to show the commitment of the Fortress Investment Group to diversify its portfolio as well as its commitment to being a leading private asset management group. Fortress was founded in 1998 by three partners and has over the years grown to be one of the best performing alternative asset management groups.
They were able to grow an initial four hundred million dollars into four billion dollars within the first few years before later becoming the first private owned equity group to list on the NYSE.These have been some of the well know results yet so much has been achieved by this group that is hardly ever mentioned. It is of importance to note that within their first five years they were giving a 39 percent return on investment to their private equity investors. A Force of Innovation: Two Decades of Fortress Investment Group.
This was at the time one of the highest yields by a private equity group.The Fortress Investment Group was able to raise 2.9 billion in 2017 which was going to go into various investment opportunities as identified by the various divisions within the group. With 0ver 340 million hotspots globally Fortress and ipass hope that the investment made will pay off even sooner than anticipated given the continued growth of internet consumption globally. The Fortress Investment Group in the meantime continues to look for emerging opportunities to invest in as it hopes to keep its winning streak going.