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Fortinet, Inc. (NASDAQ: FTNT) is a leading global provider of network security appliances and the market leader in unified threat management (UTM). Headquartered in Sunnyvale, California, Fortinet develops comprehensive cybersecurity solutions that help businesses protect against dynamic security threats while simplifying IT security infrastructure. The company's flagship product, FortiGate, offers ASIC-accelerated performance and integrates multiple layers of security to safeguard against application and network threats. Fortinet's extensive product line extends beyond UTM to secure the entire enterprise, from endpoints to the core network, including databases and applications.
Fortinet's platform-based cybersecurity offerings cover network security, cloud security, zero-trust access, and security operations. The company generates most of its revenue through sales of its subscription and support-based services. With over 700,000 customers worldwide, including many from the 2010 Fortune Global 100, Fortinet has established itself as a trusted cybersecurity provider for enterprises, service providers, and government entities globally.
Recent achievements include the launch of the FortiGate Rugged 70G with 5G Dual Modem, designed for industrial environments and remote ATMs. This new product merges enterprise-grade threat protection with high-performing networking capabilities, ensuring high availability and secure connectivity in extreme conditions. Fortinet's commitment to innovation is evident in its continuous development of the FortiOS, the industry's most powerful network security operating system. The latest version, FortiOS 7.6, introduces new generative AI features, enhanced data protection, and managed services to help customers mitigate risks and simplify network management.
Financially, Fortinet has shown strong performance. For the fourth quarter of 2023, the company reported significant growth in Security Operations billings and SASE billings, driven by a successful sales strategy shift and improved execution. The firm's platform strategy continues to resonate with enterprises worldwide, positioning Fortinet as a leader in secure networking and firewall solutions.
Fortinet is also committed to closing the global cybersecurity skills gap. Through the Fortinet Training Institute, the company offers extensive training programs and has made remarkable strides in providing cybersecurity education to underserved communities, including women and veterans. Fortinet's collaboration with various public and private entities further emphasizes its dedication to enhancing global cyber resilience.
Learn more about Fortinet's innovations, financial highlights, and commitment to cybersecurity at Fortinet.com.
Fortinet has announced the pricing of a public offering totaling $1.0 billion in senior notes. This includes $500 million of 1.000% notes due in 2026 and $500 million of 2.200% notes due in 2031. The offering, expected to close on March 5, 2021, aims to raise funds for general corporate purposes such as working capital, capital expenditures, debt repayment, share repurchases, and strategic investments. The offering is managed by major banks including BofA Securities, J.P. Morgan, Morgan Stanley, and Goldman Sachs.
Fortinet (NASDAQ: FTNT) released its Global Threat Landscape Report for 2H 2020, highlighting a dramatic surge in cyber threats amid the pandemic. Key findings include a sevenfold increase in ransomware attacks, with significant targeting of the healthcare and public sectors. Supply chain attacks gained attention following the SolarWinds breach, indicating a complex threat landscape. The report emphasizes the need for integrated security strategies, including AI-driven threat detection and cybersecurity training for employees to combat evolving vulnerabilities.
Fortinet (NASDAQ: FTNT) has been recognized for the second consecutive year as a 2021 Gartner Peer Insights Customers’ Choice for both WAN Edge Infrastructure and Email Security. This recognition highlights Fortinet's commitment to delivering robust cybersecurity solutions, with over 500,000 customers benefiting from its Secure SD-WAN and FortiMail products. Notably, FortiMail has achieved a 94% threat detection rate, bolstering its reputation in preventing email threats. The accolades underscore Fortinet's Security-Driven Networking approach, enhancing security across networks, endpoints, and clouds.
Fortinet (FTNT) announced its Q4 2020 results with total revenue of $748.0 million, reflecting a 21% year-over-year increase. Product revenue also grew by 21% to $288.4 million, while service revenue rose 21.2% to $459.6 million. The company reported a GAAP diluted EPS of $0.89. For the full year, total revenue totaled $2.59 billion, up 20% year-over-year. Guidance for Q1 2021 projects revenue between $670 million and $685 million.
Fortinet (NASDAQ: FTNT) announced the launch of FortiOS 7.0, introducing over 300 new features that enhance its Security Fabric for consistent cybersecurity across networks, endpoints, and clouds. This update addresses key challenges like Zero Trust Network Access and improves remote access and application security. The platform now supports SASE and offers self-healing SD-WAN capabilities, enhancing user experience. FortiOS 7.0 is set to be available by the end of Q1 2021.
Fortinet (NASDAQ: FTNT) launched FortiXDR, an advanced Extended Detection and Response solution designed to automate cybersecurity incident management using artificial intelligence. This solution aims to reduce operational complexity, speed up detection, and facilitate a coordinated response to cyber threats. FortiXDR claims to lower alert volumes by over 77% and significantly reduce investigation time from 30 minutes to seconds. It integrates seamlessly with Fortinet's Security Fabric, enhancing threat protection and operational efficiency.
Fortinet recently announced that its customers experience an average of 70% ROI in three years and 100% ROI in five years using Fortinet Secure SD-WAN. The company launched the FortiGate 200F, enhancing its SD-WAN ASIC-powered firewall portfolio, which integrates advanced routing and built-in LTE options. The FortiGate 200F outperforms competitors significantly, boasting 14x better IPsec VPN performance. This solution supports diverse network environments, aiding enterprises in digital innovation and operational efficiency.
Fortinet has announced that it will continue to offer its entire catalogue of self-paced Network Security Expert training at no cost indefinitely, responding to the severe cybersecurity skills gap. In 2020, over 800,000 registrations were recorded for these free training offerings. The program includes more than 30 security courses that cover topics such as cloud security and operational technology. Fortinet collaborates with various partners to develop a diverse cybersecurity workforce and provides access to NSE Certification exam preparation and CPE credits through (ISC)².
Fortinet (NASDAQ: FTNT) will hold a conference call on February 4, 2021, at 1:30 p.m. PT to discuss its Q4 2020 financial results. Access details include dialing (877) 303-6913 for domestic callers or (224) 357-2188 internationally, using conference ID #9656007. The call can also be streamed via a live webcast on Fortinet's Investor Relations page, with a replay available until February 11. Fortinet is a leader in cybersecurity solutions, serving over 480,000 customers globally, and ranks #1 in security appliances shipped worldwide.
Fortinet's Global Reach Expands with New SD-WAN Partnerships
Fortinet (NASDAQ: FTNT) announced that six new service providers, including Fireminds and MTN Business Kenya, have adopted its Secure SD-WAN solution. This expansion highlights organizations' increasing need for integrated network security and efficiency. Fortinet's SD-WAN solution provides advanced routing and security functionalities while achieving a low total cost of ownership. The company continues to be recognized as a leader in the 2020 Gartner Magic Quadrant for WAN Edge Infrastructure and Network Firewalls.
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