IPass Receives Offer to Sell its Managed Wi-Fi Hotspot Business
Published on: 13th Feb 2014
By: Ian Mansfield
Wi Fi roaming services provider iPass says that it has received an offer to buy its legacy managed hotspot business from an unnamed suitor.
Over the last several years, iPass has increasingly transitioned away from its legacy business and towards its growing roaming business. The Open Mobile roaming platform is now iPass' largest revenue generator and is the principal growth driver of the company.
A committee has been set up to review the offer.
"We feel very positive about Unity's long-term prospects and are proud of the momentum in the business," said Evan Kaplan, President and CEO of iPass. "As we continue to deliver growth with Open Mobile, we are constantly evaluating our corporate strategy, portfolio of assets and resource allocation to help ensure that we are maximizing long-term value creation."
On other news, the company announced that its Wi-Fi roaming revenues grew by 43% in the fourth quarter of last year to reach US$13 million.