Fortinet Set to IPO in Strengthening Market

Fortinet builds solutions for network security (known as Unified Threat Management or UTM). As seen with the hacks at Twitter and Facebook, it’s still a dangerous world on the Web. So, even though information technology (IT) budgets have tightened, companies are still buying security solutions.

Fortinet has about 13.9% of the UTM market. And, the market is expected to go from $1.3 billion in 2007 to $3.5 billion in 2012 (according to a study from IDC).

From 2006 to 2008, revenues for Fortinet increased from $123.5 million to $211.8 million. What’s more, the company has been cash-flow positive since 2005.

The lead underwriter on the offering is Morgan Stanley.