Just recently, Fortress Investment Group extended its investment platform in a new merger with iPass. iPass is an international network service provider. In the merger, a total of $20 million was paid off. Half of the amount was available on the spot. The president and chief executive officer of iPass, Gary Griffin, said that they could change their focus back to acquiring revenue. Mr. Griffin was basing his argument on the company’s current balance sheet. He added that by using their patents as security, they would promote the credibility of their company to their investors. Moreover, the patents would provide the platform for iPass SmartConnect and Very-Fi products.
To acquire the loan, one has to have iPass assets that consist of SmartConnect tech and patent selection. The iPass company is recognized on a global level by other financial institutions due to its research in equities. The merger between Fortress Investment Group and iPass provided enough proof that the two corporations had adequate experience in the financial industry. iPass engages the most extensive Wi-Fi network in the United States. It incorporates hotspots in millions of locations to enable consumers have access to the internet.
Designed as a Software-as-a-Service (SaaS) app, iPass enables the consumer to gain a stable value for the services that it offers. In fact, users can connect to the internet at approximately 64 million hotspots globally. The hotspots are found in places like hotels, airports, restaurants, train stations, and convention summits. By the end of the year, it is projected that the hotspot will have grown to a total of 340 million. Under the deal with Fortress Investment Group, iPass gets $10 million. The funds are meant to increase the number of hotspots globally. Fortress Investment Group is shifting into a cloud-based franchise. A third-party analytics company, Maravedis-Rethink, will be involved with the aim of setting up the projected hotspots. The internet is to be provided to individuals and companies that are willing to use the new Wi-Fi program.
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