The Principals Of Fortress Investment Group Continue To Lead The Company Nearly Two Years After Its Acquisition By SoftBank


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Fortress Investment Group LLC, one of the world’s largest alternative asset managers, was acquired by SoftBank Group Corp. The news was announced by the Tokyo-based Softbank organization in 2017. The closing took place in December. Fortress is an American company based in New York, New York. Fortress Investment Group was founded in 1998 as a private equity firm. It will continue its operations in New York City under its current management team. Fortress has numerous other offices including in San Francisco, California.

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The principals of the organization, Wesley Edens, Randal Nardone and Peter Briger are based in Fortress’ two U.S. offices. SoftBank Group Corp. acquired the financial firm for a sum of $3.3 billion. The Japanese company paid cash for Fortress Investment Group. The latter publicly trades on the New York Stock Exchange. SoftBank and its subsidiaries are now the owners of all of the outstanding shares. The existing stockholders approved the transaction in July of 2017, and the regulatory approvals were granted. All of the other terms of the agreement were satisfied by both sides. The common stocks are no longer trading, and Fortress Investment Group (FIG) has been delisted from the stock exchange. SoftBank is a leading, internally known technology company. It has a worldwide portfolio of wholly-owned subsidiaries. These companies specialize in smart robotics, internet services, clean energy technology, telecommunications, and other sectors.

Fortress Investment Group manages a diversity of global funds. As of the third quarter of 2017, the organization managed over $36 billion in alternative global assets. The team at Fortress serve 1,750 private and institutional investors. The firm specializes in asset-based investments, credit funds and private equity. Randal Nardone has served as the chief executive officer of Fortress since 2011. Nardone and Wes Edens are co-founders of the organization. Pete Briger assumed the role as an executive member of the board of directors in 2006. Mr. Briger is the co-chief executive officer of Fortress. Read: https://www.nytimes.com/topic/company/fortress-investment-group-llc

GreenSky Is Proving That The Sky Is The Limit

GreenSky has become one of the fastest growing and most profitable FinTech companies to date. Through a combination of unique strategy and careful attention to their business endeavors, they have managed to create steady growth and are projected to continue to prosper in the years to come.

Strong Q2 Performance

A recent article posted to Forbes discussed GreenSky’s strong second quarter performance and the fact that it is now clear that the company was undervalued. One of the reasons for the company’s strong performance lately is their partnership with American Express. They recently finished revamping their company’s growth strategy, and as part of the process, decided to offer GreenSky’s services to their already existing merchant clientele or potential merchant clients.

A Unique Concept Took The Market By Storm

GreenSky has a business model that is unlike the other FinTech companies on the market. The company began in the basement of co-founder David Zalik’s home in 2006. Eventually, the company took off and he was forced to expand the business, which has grown into a multi-billion dollar company.

To date, they have helped facilitate over $5 billion in loans. The company itself doesn’t actually lend money, but rather they partner with other lenders such as banks and act as a mediator between the individual or business seeking the loan and the lending institution. They collect a commission from the loan in return. They assume very little risk because they work exclusively with applicants who have a strong credit history and only facilitate the actual loan.

New Features For Customers

GreenSky’s stock rose 17.1% in August as a result of their deal with American Express. The benefits to all parties involved include a convenient application process due to their easy to use mobile app as well as paperless loans. The average approval time for a loan through the company only takes approximately 60 seconds and is ideal for merchants who wish to make large purchases. They will also now offer American Express vPayment which is a virtual payment system used by approved clients.

GreenSky has laid the foundation and groundwork for a successful future in the FinTech industry. Their strong recent performance is expected to continue, especially with their wealth of new customers resulting from their partnership with American Express.

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