Fortress Investment Group has continued to diversify its investments to different industries over the years. The firm has collaborated with prominent players in the rail transport and banking sectors among other portfolios. In a recent development, the renowned investment giant decided to spread its wings to the technology sector. Fortress made headlines after collaborating with iPass, one of the reputable global connectivity firms. According to the President and Chief Executive Officer of iPass, Gary Griffiths, his company was happy to collaborate with Fortress because it gave the firm a stronger financial background.
The connectivity firm received $10 million from the $20 million immediately it signed the agreement with Fortress Investment Group. Griffiths added that the company would bounce back to the profit-making lane after the boost. Veri-Fi and iPass SmartConnect are some of the products under the iPass portfolio. The company would use its patents and assets, including SmartConnect technology as the collateral for the loan. The two companies involved Riley Financial Inc.as the facilitator of their deal. Click here to learn more about Fortress Investment Group.
Riley Financial Inc. is an investment specializing in Capital Markets as well as Liquidation and Auction categories. The firm also has expertise in Appraisal, Valuation, and Principal Investment matters. Besides, it has facilitated various successful deals in the mentioned categories over the years. Companies, including Fortress Investment Group, respect the firm through its expertise in equity research. As one of the investment banks that understand equity value, the deal between iPass and Fortress met its valuation protocols.
Fortress Investment Group rekindled the visions of iPass significantly. As one of the companies with the largest slightly above 64 million Wi-Fi networks globally, iPass would increase the number significantly. Most of its hotspots customers include hotels, convention centers, train stations, airports, and restaurant as well as other entertainment centers.
iPass targets to have approximately 340 million from the deal with Fortress. On the other hand, Fortress investors would enjoy having a new item in their investment basket. The agreement came at a time when every company is yearning to have a slice of modern technology. As the company continues with its expansion strategies, investing in the technology market is one of the best decisions that neither an investor nor a shareholder would reject.