The internet age in the 21st Century changed the game for most businesses and companies. Today, any company that is worth its salt is bound to keep innovating and investing in technology because it is the future of doing business. Fortress Investment Group is the latest multinational company to do so, having put pen to paper on a financing deal with iPass. iPass is one of the top global providers of connectivity network, accounting for more than 64 million wi-fi hot-spots around the world.
This effectively makes iPass the leading provider of the most extensive Wi-Fi network. It gets better because their system supports all devices running SaaS( Software-as-a-Service), which means that users can sign in anywhere, anytime using any device. This technology has been tipped to be the future of doing business and networking . With Fortress now invested in iPass, it gives them an added advantage, given the future profitability of iPass.
According to Maravedis Rethink, more than 300 million Wi-Fi hot-spots will be available by the end of 2018 across all parts of the globe. iPass has strategically positioned itself in a position to take full advantage of the surging industry by coming up with unique products such as SmartConnect and Veri-Fi. As iPass CEO Gary Griffiths notes, the financial resources provided by Fortress will be a big boost to their projected growth. Fortress Investment Group financed iPass to a tune of $20 million, with $10 million being immediately accessible to iPass.
The move by Fortress Investment Group is a welcome gesture to the stakeholders of the company who now stand to make a killing in the future when iPass gathers momentum. With the digital revolution taking shape, companies with no digital plans will find it had to survive in the industry. Fortress is on the safe side and has made one step further by investing in the technology of the future.
More about Fortress
Fortress Investment Group, a wealth management firm was founded back in 1988 by Wesley Edens, Rob Kauffman and Randal Nardone. Since then, the company has grown to be one of the most trusted investment partner by hundreds of companies and individuals all over the world. In 2007, the company made history by being the first private-equity investment firm to go public and list in the New York Stock Exchange. To know more about the company click here.