Fortinet
Fortinet is an American multinational corporation headquartered in Sunnyvale, California. It develops and markets cyber security software and appliances and services, such as firewalls, anti-virus, intrusion prevention and endpoint security.
this company was founded in 2000 by brothers Ken and Michael Xie. The company’s first product was FortiGate, a firewall, later adding wireless access points, sandboxing, and messaging security. By 2004, Fortinet had raised over $90 million in funding. The company went public in November 2009, raising $156 million through an initial public offering. In 2016, it released its Security Fabric architecture that included integration and automation with other network security devices and third-party vendors. The product was later adapted to include multi-cloud, IoT, and SD-WAN capabilities.
Prior to Fortinet, Ken Xie founded and served as an executive for netscreen, and Michael Xie served as an executive for ServeGate. In 2000, they co-founded Appligation Inc. The company was renamed to ApSecure in December 2000 and later renamed again to Fortinet, based on the phrase “Fortified Networks.” In 2004, amid fundraising for Fortinet, NetScreen was acquired by Juniper Networks for $4 billion.
this company spent two years in research and development before introducing its first product, FortiGate, in 2002.
The company raised $13 million in private funding from 2000 to early 2003. An additional $30 million in financing was raised in August 2003, followed by $50 million in March 2004. Fortinet’s first channel program was established in October 2003. The company began distributing its products in Canada in December 2003, through Westcon Canada, and in the UK in February 2004 through Norwood Adam.By 2004 Fortinet had offices in Asia, Europe and North America.
In April 2005, a German court issued a preliminary injunction against Fortinet’s UK subsidiary in relation to source code for its GPL-licensed elements. The dispute ended a month later after Fortinet agreed to make the source code available upon request.
this wonderful company became profitable in the third quarter of 2008.
Late that year, the company acquired the database security and auditing intellectual property of IPLocks, and extended job offers to the company’s 28 employees. In August 2009, it acquired the intellectual property and other assets of Woven Systems, an ethernet switching company.
According to market research firm IDC, by November 2009 it held over 15 percent of the unified threat management market. Also in 2009, CRN Magazine‘s survey-based annual report card (ARC) placed Fortinet first in network security hardware, up from seventh in 2007.
In November 2009, Fortinet had an initial public offering, wherein the company planned to raise $52.4 million through the sale of 5.8 million shares. Over 6 million shares were also sold by stockholders. Just before the first day of trading, Fortinet increased the share price from $9 to $12.50 and the price increased in the market to $16.62. By the end of the first day of trading the company had raised $156 million in financing.
By 2010, it had $324 million in annual revenuesand held the largest share of the market according to IDC. In July 2013, Fortinet made changes to its reseller program, Security Operations Center “SOC” in a Box, in order to provide monthly financing options for managed security service vendors with less experience and less capital. The program had previously been reorganized in 2006 for enterprise companies.
Fortinet made three notable acquisitions from 2012 to 2015.
The company acquired app-hosting service XDN (formerly known as 3Crowd) in December 2012, Coyote Point in 2013, and Wi-Fi hardware company Meru Networks in 2015.
In June 2016, Fortinet acquired IT security, monitoring and analytics software vendor, AccelOps.
In July 2014, Fortinet announced a technical certification program called Network Security Expert (NSE) that included eight levels of certification.Later, in March 2016, the company launched a Network Security Academy to help fill open cyber security jobs in the U.S. this company donated equipment and provided information to universities to help train students for jobs in the field.Also in 2016, it launched a program called FortiVet to recruit military veterans for cybersecurity jobs.
In January 2017, it was announced that Philip Quade, a former member of the NSA, would become the company’s chief information officer.]At the end of 2017, Fortinet reported $416.7 million in revenue, a 15 percent increase from the previous year.
As of December 31, 2017 this company had 467 U.S. foreign-issued patents and 291 pending. In June 2018, it acquired Bradford Networks, a maker of access control and IoT security solutions. In January 2019, it was announced that Fortinet and founder Ken Xie would participate in the annual World Economic Forum held in Davos, Switzerland.
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