Fortinet Achieves Strong Revenue Growth in 2008
Fortinet® - a market-leading network security provider and worldwide leader of unified threat management solutions - today announced positive financial results in the fourth quarter of 2008 and for the fiscal year ending December 28, 2008.
Strong market demand for Fortinet’s consolidated security appliances, coupled with sound business execution, led the company to achieve the first ever full-year GAAP profitability. Fortinet increased fourth quarter 2008 revenues by 35 percent to $59 million and billings by 31 percent to $73 million, compared to the fourth quarter of 2007. Additionally, Fortinet increased fiscal year 2008 revenues by 36 percent to $212 millions and billings by 30 percent to $252 million year over year.
“While many companies are contracting during this economic downturn, Fortinet is experiencing strong growth and experienced our best year to date in 2008,” said Ken Xie, founder, president and CEO of Fortinet. “In this cost-conscious environment, efficiency is the new technology must-have. As technological and cost efficiencies are the foundation upon which the Fortinet integrated security platform was built, it has served Fortinet and our customers very well, especially in times of financial uncertainty.”
Fortinet continued to retain and hire key talent during 2008. To meet increasing market demand for its solutions, the company grew employee headcount by 14 percent in 2008, closing the year with more than 1,100 employees.
Fortinet’s results demonstrate that although spending for critical security technology is not discretionary, defined and measurable value and ROI have become a business imperative for both network integrity and the bottom line. As a result, many businesses around the globe have chosen Fortinet’s integrated security appliances to secure their networks and applications for strong technology, ease of deployment, and cost effectiveness.
Fourth Quarter
2008 Corporate Highlights
Fortinet maintained its leadership position in the worldwide Unified Threat Management (UTM) market for the eleventh consecutive quarter, according to analyst firm IDC. Most recent data from the December 2008 IDC Worldwide Quarterly Security Appliance Tracker confirmed Fortinet as the overall leader in UTM factory revenue[1] for the third quarter of 2008, ahead of Check Point, Cisco, Juniper and others. IDC has also reported that Fortinet leads in worldwide factory revenue and unit shipments in the key enterprise ($25K-$49.9K) UTM segment for the same time period. This data supports the growing adoption of Fortinet’s solutions among enterprises worldwide. To date, the company has shipped more than 400,000 security appliances.
Delivered via its flagship family of FortiGate appliances, Fortinet provides a flexible platform that enables enterprises and service providers of all sizes to consolidate critical security technology and services to maximise network protection and reduce total cost of ownership. The company’s extensive solution set also includes FortiMail™ e-mail security appliances, FortiDB™ database security appliances and software, FortiManager™ security management appliances, FortiAnalyzer™ analysis and logging appliances, and FortiClient and FortiClient™ Mobile end-point security software.
FortiGate and FortiMail systems are automatically kept up to date by Fortinet’s FortiGuard® subscription services, which provide updates to help protect against the latest viruses, worms, Trojans and other threats – around the clock and around the world.
For more information on Fortinet products, please visit: http://www.fortinet.com/products.
About Fortinet (www.fortinet.com)
Fortinet is the pioneer and leading provider of ASIC-accelerated unified threat
management, or UTM, security systems, which are used by enterprises and service
providers to increase their security while reducing total operating costs.
Fortinet solutions were built from the ground up to integrate multiple levels
of security protection--including firewall, antivirus, intrusion prevention,
VPN, spyware prevention and anti-spam -- designed to help customers protect
against network and content level threats. Leveraging a custom ASIC and unified
interface, Fortinet solutions offer advanced security functionality that scales
from remote office to chassis-based solutions with integrated management and reporting.
Fortinet solutions have won multiple awards around the world and are the only
security products that are certified in six programs by ICSA Labs: Firewall, Antivirus, IPSec VPN, SSL VPN,
Network IPS, and Anti-spam. Fortinet is privately held and based in
Copyright © 2008 Fortinet, Inc. All rights reserved. The symbols ® and ™
denote respectively federally registered trademarks and unregistered trademarks
of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks
include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail,
FortiClient, FortiCare, FortiAnalyzer,
FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP,
FortiBIOS, FortiLog, FortiResponse, FortiDB and FortiWeb. Other
trademarks belong to their respective owners.
This press release contains forward-looking
statements that may involve risks, uncertainties and assumptions. If the risks
or uncertainties ever materialize or the assumptions prove incorrect, the
results of Fortinet may differ materially from those expressed or implied by
such forward-looking statements and assumptions. All statements other than
statements of historical fact are statements that could be deemed forward-looking
statements, including but not limited to any projections of future growth and
financial results. Risks, uncertainties and assumptions include macroeconomic
and geopolitical trends and events and trends in the network security
market. Any
forward-looking statements speak only as of the date on which they are made and
Fortinet shall be under no obligation to (and expressly disclaims any such
obligation to) update or alter such forward-looking statements whether as a
result of a new information, future events or otherwise.
[1] IDC defines Factory Revenue as vendor revenue derived from units shipped, exclusive of channel revenue and manufacturing revenue
