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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 (NASDAQ: FTNT) has agreed to acquire Lacework, a leading AI-powered cloud security company. Lacework's platform integrates CNAPP services, providing comprehensive security from code to cloud. The acquisition will enhance Fortinet's Security Fabric platform and support its Unified SASE expansion. This merger aligns with Fortinet's growth strategy and commitment to innovation. Financial terms are undisclosed, and the transaction is expected to close in the second half of 2024, subject to regulatory approvals.
FC Barcelona has partnered with Fortinet (NASDAQ: FTNT) as its Official Cybersecurity Partner for the next three seasons, until 30 June 2028. Fortinet's Security Fabric platform will secure digital environments at the future Spotify Camp Nou stadium, making it a global example of technology in sports and entertainment. This collaboration supports FC Barcelona's goal to turn Espai Barça into an international innovation hub. Fortinet's solutions will protect Wi-Fi, OT infrastructure, and data centers, enhancing security and efficiency. The partnership also aims to provide a superior experience for visitors and fans.
DGR Systems (DGR) has been named a Fortinet Engage Preferred Services Partner (EPSP), an exclusive designation recognizing elite partners who excel in service delivery. DGR's extensive knowledge and dedication to implementing and integrating Fortinet's security solutions in multi-vendor environments ensure comprehensive protection against modern security threats. This recognition enhances DGR's service delivery, technical expertise, and sales capabilities. The partnership provides DGR with exclusive access to Fortinet's engineering, training, and support, which will further bolster their ability to deliver complex security solutions.
Fortinet reaffirms its commitment to secure product development processes and responsible vulnerability disclosure policies. The company signed CISA's Secure by Design pledge, emphasizing a culture of radical transparency and customer safety. Fortinet aligns with industry best practices and international standards, promoting secure product development through robust security testing, trusted supplier programs, information security, and third-party certifications. The company's Product Security Incident Response Team maintains high security standards, proactively disclosing vulnerabilities. Fortinet's public and private partnerships further strengthen its dedication to radical transparency and cybersecurity resilience.
Fortinet released the FortiGuard Labs 2H 2023 Global Threat Landscape Report, highlighting cyber attackers exploiting vulnerabilities 43% faster than the first half of 2023. The report emphasizes the need for robust security measures from vendors and proactive patch management by organizations to mitigate risks.
Fortinet reported strong financial results for the first quarter of 2024, with total revenue reaching $1.35 billion, up 7% year over year. The company's service revenue saw a significant increase of 24% year over year, totaling $944 million. Fortinet also achieved a GAAP operating margin of 23.7% and a non-GAAP operating margin of 28.5%. Cash flow from operations reached $830 million, with free cash flow amounting to $609 million. The company's CEO, Ken Xie, highlighted the success in executing their strategic plans and emphasized their leadership in Unified SASE and Security Operations markets.
Fortinet announced the FortiGate 200G series, a next-generation firewall appliance designed to provide top-notch security and networking performance for modern campuses. Built on FortiOS and Fortinet's SP5 ASIC, the new series offers increased firewall throughput, AI-powered security services, and 5GE ports for Wi-Fi 7. This enables organizations to efficiently manage data-rich traffic and cloud-based applications in campus environments.
Fortinet announced new updates to its generative AI (GenAI) portfolio, introducing the industry's first generative AI IoT security assistant. The updates aim to enhance network and security operations, addressing the significant skills gap in the cybersecurity sector. FortiAI supports security and network operations teams, offering GenAI-assisted scripting, IoT vulnerability detection, and threat analysis capabilities. The company prioritizes GenAI security and data privacy to ensure secure and efficient AI operations. FortiAI supports 30+ languages, empowering organizations to bridge the cybersecurity skills gap and improve operational efficiency.
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