iPass finalized a senior secured credit facility of up to $20 million from affiliates of funds managed by affiliates of Fortress Investment Group.
The facility was secured by all of iPass’ assets, including its patent portfolio. B. Riley served as placement agent and financial advisor to iPass.
“We’re excited to have such a highly regarded institution as Fortress as a partner,” said Gary Griffiths, iPass president and CEO. “With our balance sheet strengthened by this financing, we can shift focus back to growing our revenue and closing the gap to profitability.”
Under the agreement, $10 million is immediately available to iPass and has been drawn down.
iPass is a provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device
Fortress Investment Group is a highly diversified global investment manager with approximately $40.9 billion of assets under management as March 31, 2018.
