Fortress Investment Group, which is publicly traded as FIG, is a top financial firm. Softbank purchased FIG in February 2017. Softbank, a Japanese firm, bought Fortress Investment group for over 3 billion dollars. In July 2018, Fortress Investment Group recently partnered with a worldwide leader in global options called iPass. The total amount of funds that Fortress gave iPass was 20 million dollars. Half of the $20 million was immediately given to iPass.
This loan that was given to iPass based on all of their assets, which includes their patent portfolio and their Smart Connect technology. Riley Financial, Inc., helped to put together this deal between iPass and Fortress Investment Group. Riley Financial operates in four different areas: Valuation and Appraisal, Principal Investments, Capital Investments and Auction and Liquidation. Riley Financial, which is an investment bank, is adept at putting together deals for high-value and high profile clients. Because Riley Financial is a top ranked firm that is involved in equity research, they understand the value placed on equity. With the IPass and Fortress Investment Group deal, it was in line with their expectations regarding their valuation protocols.
iPass operates one of the most extensive Wi-Fi networks in the world. As a company, iPass enables both business and consumers to access Wi-Fi hotspots, which number in the millions. Moreover, the number of Wi-Fi hotspots is expected to only grow more in 2018. iPass is considered a wise investment for Fortress based on the projected exponential growth of Wi-Fi.
Fortress was founded in 1998 and has earned a plethora of awards. These awards help exemplify the company’s achievements and their unbeaten track record for brokering successful deals. Fortress also won the Management Firm of the Year award in 2014.Institutional Investor, which is a finance related publication, gave Fortress recognition for their ability to be successful hedge fund managers. Fortress won a yearly award for being the top credit-focused fund.
Today, Fortress is responsible for managing approximately 1,500 institutional investors as well as other assets for clients. Randal Nardone is the Chief Executive Officer of Fortress and has been the non-interim CEO since 2013.