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Once virtually unknown in the security industry, channel partners say that up and coming unified threat management vendor Fortinet is emerging as a solid enterprise player, boosted by strong growth through its first year as a publicly traded company.
Fortinet on Thursday reported $85 million in revenue at the close of its third quarter, growing 29 percent from $66 million in revenue from the third quarter of 2009. Third quarter income totaled $14 million, compared with $6.4 million in the year-ago period.
The third quarter earnings represent the conclusion of a full year since the company achieved an IPO at the end of 2009 and the third consecutive quarter that the Sunnyvale-based company has achieved double digit growth that has surpassed Wall Street analysts expectations.
Ken Goldman, Fortinet chief financial officer, acknowledged that the company exceeded its guidance for the first three quarters following its IPO in November of 2009. "From a growth point of view, from a profitability point of view, we've already overachieved the long term model," he said.
In particular, the Sunnyvale, Calif.-based company experienced the biggest gains in its product business, which took a sharp upward spike to $35.9 million, rising 41 percent year over year. The company also experienced solid growth in its services business, which grew 21 percent over the last year to $44.5 million.
