Fortinet Opens New Company-Owned Innovation Hub in Chicago, Deepening its Global Reach and Commitment to Elevating Enterprise Customer Experiences Worldwide

Rhea-AI Summary

Fortinet (NASDAQ: FTNT) has unveiled a new Innovation Hub in downtown Chicago, marking a significant expansion of its global infrastructure. This $30 million investment includes a 90,000 square foot, 6-story facility featuring:

1. A Fortinet Cloud Point of Presence (POP) to enhance global cloud services
2. A Research and Development Center for advancing cybersecurity technology
3. An Executive Briefing Center for stakeholder engagement
4. A Cybersecurity Training Facility to address the skills gap
5. Expanded customer support capabilities

The hub aims to foster innovation, improve collaboration, and strengthen Fortinet's ability to serve enterprise customers worldwide. Additionally, Fortinet is making donations to local chapters of Women in CyberSecurity and Blue Star Families, reinforcing its commitment to diversifying the cybersecurity workforce.

Positive

• $30 million investment in new Chicago Innovation Hub
• Expansion of global cloud infrastructure with new Point of Presence
• Enhanced R&D capabilities for cybersecurity technology advancement
• New Executive Briefing Center for improved stakeholder engagement
• Expanded customer support and training facilities

Negative

• None.

Insights

Market Research Analyst

Fortinet's investment in the Chicago Innovation Hub demonstrates a strategic move to enhance its global presence and customer support capabilities. The $30 million investment signifies a substantial commitment to the region, potentially boosting local employment and economic growth. The multi-faceted facility, including an R&D center and Fortinet Cloud Point of Presence, indicates a focus on technological advancement and service improvement.

From an investor's perspective, this expansion aligns with Fortinet's long-term growth strategy, particularly in cloud services and SASE (Secure Access Service Edge) solutions. The emphasis on customer experience and support could lead to increased customer retention and potentially higher revenue. However, the immediate financial impact may be , as the benefits of such investments often materialize over time.

While positive for Fortinet's operational capabilities, this news alone is unlikely to significantly move the stock price in the short term. Investors should monitor how this and future Innovation Hubs contribute to Fortinet's market share and financial performance in the coming quarters.

Tech Expert

Fortinet's new Innovation Hub in Chicago represents a significant technological investment, particularly in cloud infrastructure and cybersecurity research. The inclusion of a Fortinet Cloud Point of Presence (POP) is especially noteworthy, as it expands the company's global cloud footprint. This enhancement should improve service delivery, particularly for SaaS products and SASE solutions, potentially giving Fortinet a competitive edge in performance and user experience.

The integration of Fortinet's proprietary ASIC technology in the POP is a key differentiator. This custom hardware approach often results in better performance and energy efficiency compared to software-based solutions, which could translate to cost savings and improved service quality for customers.

The R&D center's focus on interdisciplinary collaboration suggests a push for innovation in cybersecurity technology. This could lead to new product developments or enhancements, important in the fast-evolving cybersecurity landscape. However, the real measure of success will be in the tangible outputs - new patents, products, or significant improvements to existing offerings - which investors should watch for in future announcements.

Latest Fortinet-owned facility will include an R&D Center, Fortinet Cloud Point of Presence, Executive Briefing Center, Training Facility, and Support Center to Drive Innovation, Collaboration, and Growth in the Region

CHICAGO, Sept. 10, 2024 (GLOBE NEWSWIRE) --   

John Whittle, Chief Operating Officer at Fortinet  
“Our investment in Chicago reflects Fortinet’s long-term commitment to delivering top-tier solutions and support for our enterprise customers across the United States and globally, always with a ‘built to last’ approach in mind. As we roll out new Innovation Hubs in strategic locations throughout 2025 and beyond, we will continue to enhance our infrastructure and innovation to provide unmatched experiences and solutions to protect our customers around the world.”

News Summary  
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the opening of a new Innovation Hub in downtown Chicago. This is the latest Fortinet-owned facility to open this year and is part of the company’s global expansion strategy to foster innovation and enhance collaboration for Fortinet’s customers, partners, employees, and other key stakeholders.

Representing a more than $30 million investment in the local region, the newly renovated 6-story building encompasses more than 90,000 square feet and will serve as Fortinet’s latest Innovation Hub as part of the company’s strategic business initiative to expand its Fortinet Cloud points of presence (POPs) globally. Key features of the Chicago space include:

• Fortinet Cloud Point of Presence (POP): Powered by Fortinet appliances and enhanced by Fortinet’s proprietary ASIC technology for higher performance, improved energy efficiency, and lower costs, Fortinet’s latest POP will expand Fortinet’s global cloud footprint. This will enable the company to further meet the needs of its customers through the delivery of services, SaaS products, and SASE, providing customers a superior user experience, while enabling a strong security posture and significant cost savings.
  
  
• Research and Development Center: The new space has been designed to facilitate the company’s high-impact research and development activities, fostering interdisciplinary collaboration among employees including engineers and developers, as well as advancing the development of Fortinet’s industry-leading cybersecurity technology with the contribution of local talent.
  
  
• Executive Briefing Center: The new Executive Briefing Center (EBC) is poised to become a pivotal venue for driving business growth and cultivating long-term relationships with key stakeholders, offering collaborative meeting spaces.
  
  
• Cybersecurity Training Facility: Furthering Fortinet’s commitment to closing the cybersecurity skills gap, the new building provides an in-person learning environment to deliver the Fortinet Training Institute’s award-winning Certification program curriculum.
  
  
• Customer Support Expansion: A local services and sales team will bring the region a wealth of expertise and knowledge to enhance customer support and satisfaction.
  

The new facility will be officially opened on September 10 with a ribbon cutting ceremony, which will be attended by Fortinet leadership, including Ken Xie, Founder, CEO, and Chairman; Keith Jensen, CFO; and Carl Windsor, CISO, among others.

Additionally, furthering its investment in the region and consistent with the company’s focus on expanding the cybersecurity workforce, Fortinet is donating to the local Chicago chapters of Women in CyberSecurity (WiCyS), supporting the advancement of women, and Blue Star Families, providing upskilling and reskilling resources to the military veteran community. These donations build on Fortinet’s existing partnerships with these organization that align with the company’s longstanding commitment to closing the skills shortage by creating a diverse, highly-skilled cybersecurity workforce.

Additional Resources

• Find out what makes Fortinet one of the top cybersecurity companies in the world.
• Visit fortinet.com/trust to learn more about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.  
• Learn more about Fortinet's commitment to product security and integrity, including its responsible product development and vulnerability disclosure approach and policies.  
• Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs. 
• Read about how Fortinet customers are securing their organizations. 
• Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.  

About Fortinet 
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

Media Contact:	Investor Contact:	Analyst Contact:
Stephanie Lira Fortinet, Inc.  408-235-7700  pr@fortinet.com	Aaron Ovadia  Fortinet, Inc.   408-235-7700  investors@fortinet.com	Brian Greenberg   Fortinet, Inc.  408-235-7700  analystrelations@fortinet.com

FAQ

What is the significance of Fortinet's new Innovation Hub in Chicago?

Fortinet's new Innovation Hub in Chicago represents a $30 million investment, expanding the company's global infrastructure and enhancing its ability to serve enterprise customers. It includes a Cloud Point of Presence, R&D Center, Executive Briefing Center, Training Facility, and expanded customer support capabilities.

How will the new Fortinet Cloud Point of Presence (POP) in Chicago benefit customers?

The new Fortinet Cloud POP in Chicago will expand Fortinet's global cloud footprint, enabling improved delivery of services, SaaS products, and SASE. This will provide customers with a superior user experience, stronger security posture, and potential cost savings.

What initiatives is Fortinet (FTNT) taking to address the cybersecurity skills gap?

Fortinet (FTNT) is addressing the cybersecurity skills gap through its new Training Facility in Chicago, which will deliver the Fortinet Training Institute's certification program curriculum. Additionally, the company is donating to local chapters of Women in CyberSecurity and Blue Star Families to support diversity in the cybersecurity workforce.

When will Fortinet's (FTNT) new Innovation Hub in Chicago officially open?

Fortinet's (FTNT) new Innovation Hub in Chicago will officially open on September 10, 2024, with a ribbon-cutting ceremony attended by key Fortinet leadership, including CEO Ken Xie, CFO Keith Jensen, and CISO Carl Windsor.