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22 Sep 2008
Unified threat management vendor Fortinet claims it is outpacing its rivals after hitting annual growth of more than a third in the first half of 2008.
The security vendor grew sales by 34 per to $98m (£53m), while billings rose by 32 per cent to $120m. Enterprise and high-end security appliances represented the fastest growing segment of its business.
Fortinet also achieved non-GAAP operating profitability for the first time in the second quarter of 2008.
Further reading
The vendor announced it has bolstered its board of directors with two new appointments, including former Symantec chief financial officer Greg Myers.
Recent data from IDC shows Fortinet clung on to top spot in the UTM market in the first half, beating Check Point, Cisco, Juniper and SonicWall in factory revenues.
Ken Xie, who left Netscreen to found Fortinet in 2000, said: “Increased market recognition, global large customer adoption, and solid business execution are driving Fortinet's growth, which is outpacing the market.
“Additionally, our strong cash position and revenues - well-balanced across products and services, geographies and market segments - provide a solid foundation for continued growth and market opportunities.”
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