Fortress Investment Group, one of today’s largest alternative asset managers, has recently concluded a $20M financing round with iPass. The credit will be released in different segments, with the initial $10M available immediately to iPass. Consumers will recognize the company through their endeavors named iPass SmartConnect and Veri-Fi brand of products. The financing is going to be used by the tech company to close some of their recent profitability gaps and strengthen their balance sheet.
The partnership between iPass and Fortress Investment Group creates a synergy for both parties and provides investors in the fund with a strong stake in the wifi industry. In addition to providing millions of wifi hotspots, iPass is also enhancing their cloud and SaaS offerings. This latest investment from Fortress Investment Group will provide the funding that is needed to improve their cloud-based business lines and expand their consumer products. As a public company, Fortress Investment Group is keenly aware of its profile and the effect that its investments and financing moves have on the overall market.
The investment from Fortress Investment Group will allow iPass to increase its offerings on a global basis, allowing its customers to access a strong wifi connection wherever they are in the world. This technology has important implications for areas that are currently underserved by more traditional internet service providers. It is the goal of iPass to provide seamless connectivity to their clients on a global basis.
The current assets and patent holdings that iPass has through their SmartConnect and VeriFi services also allow customers to access roaming services on nearly all areas of the globe. It is expected that the demand for such services will only increase as more and more firms move to a remote-work model. With a larger percentage of employees able to work from anywhere in the world, the need for secure and dependable wifi service will become even more important.
FIG is excited about the future with iPass and providing the capital that is necessary to build a truly global wifi interface that will serve millions of people wherever they are in the world.