Fortinet declares profit for 2008
Security provider records 36% growth in revenue
Unified threat management (UTM) solutions provider Fortinet has reported revenues of $212 million in 2008, which is an increase of 36% year over year.
This was aided by a strong final quarter of the year in which its revenues topped $59 million.
"While many companies are contracting during this economic downturn, Fortinet is experiencing strong growth and experienced our best year to date in 2008," said Ken Xie, founder, president and CEO of Fortinet.
"In this cost-conscious environment, efficiency is the new technology must-have. As technological and cost efficiencies are the foundation upon which the Fortinet integrated security platform was built, it has served Fortinet and our customers very well, especially in times of financial uncertainty," continued Xie.
In sharp contrast to many global companies, Fortinet increased employee headcount globally by 14% with staff numbering more than 1100. This move was in part due to its continued success in the UTM market which saw it retain the lead in the key enterprise UTM price band segment. To date the company has sold in excess of 400,000 appliances.
The period also saw Fortinet expand its FortiGate multi-threat security product line with the introduction of the FortiGate-620B. Like the FortiGate-310B appliances announced in the first half of 2008, the enterprise-class FortiGate-620B appliances also leverage accelerated performance processors and expanded network capabilities typical of Fortinet's highest-end systems, and deliver performance of up to 16 Gbps firewall and 12 Gbps VPN throughput.