Fortress Investment Group, an investment management company from NY, recently worked out a $20 million worth partnering dealwith iPass. Was the agreement well accepted in the Fortress Investment Group?
The Brief History Of Fortress Investment Group
FIG was founded in 1998, by three gentlemen named Wesley R. Edens, Randal A. Nardone and Rob Kauffman. The company immediately started growing roots in the hedge fund sector, loans, and various real estate investments. More importantly, they worked very closely with Goldman Sacs.
The company snowballed, netting 39.7% in the time span of seven years (from 1999 to 2006.) They launched on the NYSE in 2007, becoming the first large private equity company to be traded publically. The company went through a rough time during the 2008 Financial Crisis but has managed to bounce back.
Moreover, in 2014 FIG was named “Hedge Fund Manager of the Year” by the Institutional Investor. FIG went through major changes on its road to the success. Nevertheless, the firm went forward with each new decision, and with each new deal, they made.
In one 2016 report, it was calculated that the Fortress Investment Group was worth $70.2 billion. More importantly, it showed the four primary sources of revenues: credit (mostly loans), private equities, free markets and traditional asset management.
On Recent Deal With iPass
iPass is one of the leaders in providing global connectivity options. Their $20 million deal with Fortress Investment Group netted them %50 of the mentioned summa instantly. iPass CEO boasted about this deal, claiming that this injection will help improve their financial structure.
But the deal was also greeted in Fortress Investment Group. They have always been investing on a low term basis, seeking technological trends. The fact that the FIG invested in iPass means that the iPass will only improve their already impeccable services.
Remember, iPASS is a tech-oriented company, focused on delivering net services, WiFi services, and well as roaming opportunities. The company allows its users to freely connect to more than 64 million hotspots worldwide.
Thanks to the new financial injection, they plan to own 340 million hotspots on planet Earth before they enter 2019; now that’s a lot of hotspots!