Fortress Investment Group is funding Wi-Fi with its newest venture with iPass. iPass has the world’s largest Wi-Fi network, and plans to make it even bigger. It offers consumers millions of Wi-Fi hotspots to access. iPass is designed as software, functioning as an app on Smart phones. Other types of portable devices can use it as well. The number of hotspots is planned to expand to 340 million by the end of the year. Such growth makes iPass a valuable investment for Fortress to take part in.
In order for iPass to transfer into a cloud business it needs funding, and Fortress Investment Group is picking up the tab. The alternative asset business has signed an agreement with iPass to offer it $20 million dollars, $10 of it upfront and the rest coming in later. The iPass plans to use the funds to offer unlimited connectivity to both business and individuals. The value of such widespread connection is limitless which is why elite companies like HP and Microsoft whose forward thinking allowed them to invest in hot spot technology as well. Fortress Investment Group’s contract with iPass now allows them access to this new market as well.
Fortress Investment Group came to be in 1998, formed as a private-equity investment firm. The company likes to be a trendsetter investing in areas that bear risk-adjusted returns. Such long-standing investments allow Fortress to be a part of ever-bridging innovation. Their business philosophy and model has proved to be very successful, allowing impressive returns for investors and making Fortress Investment Group a $70 Billion dollar asset manager. It has 1750 investors so far and has successful rounds of fund raising every year. The funds are always met with successful returns, with 2017 seeing a 39.7% return between 1999 and 2006. Its has been named Institutional Hedge Fund Manager of Year by Institutional Investor Magazine.
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