If you have ever sat down at an airport to connect to the Wi-Fi network then you have probably linked up your device to iPass. iPass is an innovative technology company that specializes in connectivity options. The company operates worldwide with more than 64 million different hotspots. These hotspots are mostly centered around airports, hotels, restaurants, bars, event areas, sports stadiums and music halls.
iPass offers customers an incredibly comprehensive package of Wi-Fi connectivity options. Customers are allowed to connect to any of these Wi-Fi hotspots with an unlimited number of devices at any time. And the connectivity company plans to expand to 340 million different hotspots worldwide by the end of 2018.
They plan to facilitate this growth with a $20 million loan from Fortress Investment Group. The company’s CEO, Gary Griffiths, is excited about the loan even though his company can only get $10 million of the loan up front. The CEO says that the loan has fortified the company’s balance sheet and now they are free to focus on making a profit. He goes on to further state that the company laid down its patent portfolio as collateral for the loan which gives the company’s innovations credibility on a worldwide scale.
And iPass is doing business with one of the most powerful private equity firms in the world. Fortress Investment Group has been operating for nearly 20 years and is in charge of more than $40 billion worth of assets worldwide. The company started humbly in New York City with a few investments in real estate in the United States and in Canada. But it quickly diversified to command billions of dollars in assets.
Fortress Investment Group has always been on the cutting edge of technology investments. They understand that the growing need for Wi-Fi access should facilitate iPass’s growth to 340 million hotspots by the end of the year. Analysts believe that more business people are working on the go and that iPass can fill their need for convenient Wi-Fi connectivity across the globe. It’s just another sound investment from Fortress Investment Group that should pay dividends for their investors.