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.