Fortinet is a leader in cybersecurity and the convergence of networking and security. The company's mission is to secure people, devices and data everywhere. Their integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (“SASE”) and AI-driven security operations. As of December 31, 2023, over a half million customers trusted Fortinet's solutions. The company is headquartered in Sunnyvale, California with a global footprint of support and centers of excellence around the world.

• Employees: 13,568 (as of December 31, 2023)
• Geographic Footprint: Over 100 countries
• Headquarters: Sunnyvale, California
• Founded: November 2000
• Number of U.S. Patents: 957 (as of December 31, 2023)
• Number of Global Patents: 1,299 (as of December 31, 2023)
• Revenue: $5.30 billion (FY2023)

• CEO: Ken Xie
• Chief Financial Officer: Keith Jensen
• President and Chief Technology Officer: Michael Xie

• Annual Revenue: $5.30 billion (FY2023)
• Net Income: $1.15 billion (FY2023)
• Total Assets: $7.26 billion (as of December 31, 2023)
• Employees: 13,568 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 20% year-over-year, and net income increased by 34% year-over-year.

Fortinet offers a broad portfolio of cybersecurity products and services, including:

• Secure Networking: Network firewalls, switches, access points, and secure connectivity solutions.
• Unified SASE: A single-vendor SASE solution that includes Firewall, SD-WAN, Secure Web Gateway, Cloud Access Services Broker, Data Loss Prevention, Zero Trust Network Access and cloud security.
• Security Operations (SecOps): A platform that automates detection and response to accelerate discovery and remediation.
• FortiGuard Security Services: AI-powered security capabilities that deliver coordinated detection and enforcement across the entire attack surface.
• FortiCare Technical Support Service: Per-device support service with 24x7 global technical support.

Fortinet's revenue is primarily derived from two main categories:

• Product Revenue: Primarily from sales of physical and virtual machine appliances.
• Service Revenue: Primarily from FortiGuard security subscriptions and FortiCare technical support services.

In 2023, the Americas region contributed 41% of total revenue, EMEA contributed 39% and APAC contributed 20%.

Fortinet's strategy is focused on providing a converged networking and security approach. Key strategic initiatives include:

• Focusing on the convergence of networking and security.
• Expanding offerings in unified SASE and security operations.
• Increasing sales to large and medium-sized businesses, service providers and government organizations.
• Investing in research and development to enhance existing products and introduce new offerings.

Fortinet operates in the highly competitive cybersecurity market. Key market trends include:

• Increasing demand for secure networking solutions.
• Growing adoption of cloud-based security solutions.
• Rising need for integrated cybersecurity platforms.

Major competitors include Aruba Networks, Check Point, Cisco, CrowdStrike, F5 Networks, Huawei, Juniper, Palo Alto Networks, SonicWALL, Sophos, VMware and Zscaler.

• Operating Results: Fortinet's operating results are likely to vary significantly and be unpredictable.
• Supply Chain: The company is susceptible to supply chain constraints, shortages, and disruptions.
• Competition: Fortinet faces intense competition in the cybersecurity market and may not maintain or improve its competitive position.
• Product Defects: The company is susceptible to defects or vulnerabilities in its products or services.
• Reliance on Third Parties: Fortinet relies on third-party channel partners for substantially all of its revenue.