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Fortinet | Leading in Cyber Security and Software | SKYY

Fortinet Offering

Fortinet Inc. provides network security solutions and is a leader in cybersecurity applications and software.

Offering network security appliances, related software, and subscription service, Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping [1].

More recently, Fortinet has been active in the Cloud space. The company have rapidly expanded their partner-focused Security-as-a-Service (SaaS) cloud offerings with additional FortiCloud solutions, providing the industry’s most extensive collection of Management-as-a-Service (MaaS) and SaaS services [2].

The breadth of services available provides Fortinet partners and customers the opportunity to select cloud security and management offerings that are easy-to-implement and scalable as their business grows. Their broad FortiCloud Services portfolio enables customers to consolidate their number of security vendors to streamline threat correlation [3].

FortiCloud Services currently includes 10 MaaS and SaaS offerings, including FortiGate Cloud Service, Fortinet’s cloud-based firewall management tool, which is experiencing rapid growth and already has over 550,000 subscriptions. Similarly, FortiSandbox Cloud has a high adoption rate – reaching 125,000 licensed users [4].

In addition to Fortinet's strong revenue growth in recent years, its expense management efforts have shown impressive operating margins and earnings-per-share (EPS) growth [5].

Security Breaches Benefit Fortinet 

As security breaches become a more regular occurrence, along with threats becoming more sophisticated affecting millions of people around the world, Fortinet is at an advantage as its solutions are being adopted by organisations globally.  

Further, Gartner research expects that cyber security will generate more than $200 billion in revenue by 2021. This, coupled with the growth of Cloud means that Fortinet is well positioned as these two areas benefit from increased corporate spending [6].

Fortinet was the first cyber security company named as a founding partner of the World Economic Forum’s Centre for cyber security, as it is seen as a leader in responding to the growing global cyber security threat [7].

Additionally, Gartner has ranked Fortinet within the top three companies in its Magic Quadrant for enterprise network firewalls, which measures market trends and direction. And in January 2017, Fortinet worked closely with Interpol, conducting an investigation into web security in several Southeast Asian countries.  Fortinet discovered a spyware that scammed victims by impersonating the US IRS. In 2018, Fortinet entered into an information-sharing agreement with Interpol [8].

Analysts are 'Bullish' 

A key reason why analysts are bullish on Fortinet is because it is a subscription and service sales model. It costs far less to service existing customers than relying solely on generating new sales.

With the growth of the Internet of Things (IoT), cloud, and infrastructure markets continuing to skyrocket, Fortinet is well placed for future growth. 

Find out more about the HAN-GINS Cloud Technology UCITS ETF (SKYY)

As of 31st July 2019, the HAN-GINS Cloud Technology UCITS ETF (SKYY) held 1.93% of its weight in Fortinet. 

Read our SKYY Whitepaper "Ahead in the Clouds" here

Cloud Security Article Date: 1st August 2019. 

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