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Fortinet maintains strong growth in economic downturn

Ross O. Storey | Dec. 9, 2008
Demand for security appliances drives 3Q growth, market share gains and workforce expansion.

SINGAPORE, 5 December 2008 Fortinet - the pioneer and leading provider of unified threat management (UTM) solutions says it has enjoyed continued profitable growth into the third quarter of 2008, and remains focused on continuing this in 2009.

Fortinet has announced a 42 percent increase in revenues and a 27 percent increase in billings year over year. It says it is aggressively hiring numerous key engineering and sales positions to help drive continued innovation and fulfill market opportunities'.

Fortinet grew billings 27 percent to US$59 million and grew revenues 42 percent to US$54 million, compared to the third quarter of 2007.

Sales of Fortinet's enterprise and high-end security appliances continued to constitute the fastest-growing segments of its business, helping to fuel continued growth.

The company attributes its performance to technology focus and solid business execution, growing customer adoption of its integrated security solutions, a diversified and global revenue base, and security's position as an indispensable technology.

Valuable security

Even in a down economy, protecting the corporate network is not a discretionary expense, but when companies are faced with budget cuts and need to do more with less, the value of an integrated security solution becomes even greater, said Fortinet founder, president and CEO Ken Xie.

Beyond providing improved protection and ease of management, integrated security appliances, like Fortinet's, offer a significant reduction in CAPEX and OPEX over multiple point products. These advantages help drive demand for our market-leading products even in challenging economic times.

IDC research data recently confirmed that Fortinet maintained its No. 1 ranking in worldwide UTM factory revenue for ten consecutive quarters ahead of Check Point, Cisco, Juniper and SonicWALL.

Analyst firm Frost & Sullivan recently highlighted Fortinet's low TCO and leading 15-percent share of the US$1.6 billion UTM market, which the firm forecasted would increase at a compound annual growth rate of 23 percent to US$6.9 billion in 2014. 


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