Fortress Investment Group has recently decided to instantly fund iPass to the tune of $10 million. Another $10 million in credit is due to iPass, down the road. Recently, Fortress Investment Group was bought by Softbank, in a move that had a massive effect on the global marketplace. The buyout by Softbank may be part of the reason for investing in iPass, since the Japanese-owned banking company is no stranger to investing in smaller businesses. Ipass, which is a company that operates a plethora of wi-fi hotspots in many different locations, is definitely a burgeoning player in the field of wi-fi software. Fortress Investment Group hopes to benefit from investing in iPass, especially since iPass uses the SaaS (Software as a Service) format to deliver their product to customers. While this style of keeping software up-to-date is an increasingly popular choice, there is a greater cost in terms of keeping servers running and staff on hand. Their software is compatible with nearly every phone and tablet available, and its proven to be an effective choice for consumers that want instant access to the internet from a variety of locations. A good amount of the money will likely be allocated to increasing the capability of the marketing department. There’s a hefty amount of competition in this industry, so there’s no doubt that an investment of this size is what’s necessary to compete with the current leaders of the market. While the immediate funding may be put to garnering new customers, the later funding will ensure that iPass will be able to continue to be a profitable company in the future. While iPass already runs the largest wi-fi network in the world, the new funding will give the company a greater chance at dominating the competition and entering a new era of success. Fortress Investment Group also runs a successful high-speed rail project in Florida. It also plans to build a 46-story skyscraper within New York that will give Fortress Investment Group a new way to advertise to pedestrians, as well as supply profitable real-estate for their own projects or to rent out to other businesses.
Learn more about Fortress : https://www.nytimes.com/topic/company/fortress-investment-group-llc