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Company Research10 Jun 2024
Ken Xie: From Stanford to Fortinet
Learn how Ken Xie built Fortinet from a startup to a global cybersecurity giant, balancing cloud services and hardware innovations.
Fortinet (FTNT) investor relations material
Fortinet Goldman Sachs Communicopia + Technology Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs Communicopia + Technology Conference 2025 summary11 Sep, 2025
AI and security integration
AI-related security offerings are categorized into AI Assist, AI Protect, and AI Secure AI, with AI-driven operations representing 11% of business and growing at 35% last quarter.
Over 550 AI patents support a long-term focus on AI, with internal and customer-facing applications for automation and risk reduction.
Security needs differ between AI training and inference, with enterprise adoption driving new security requirements.
Internal finance and R&D functions leverage AI for efficiency and risk management, mirroring customer concerns about prompt injection and data leakage.
Collaboration between finance and infosec teams is key to addressing evolving AI security risks.
Network security, cloud, and product innovation
Network security remains a top market, especially for OT/IoT devices with limited endpoint protection options.
FortiOS integrates 30+ functions, with ASIC hardware enabling high-speed, efficient processing and simplified infrastructure.
SASE and SD-WAN are integrated into the firewall platform, driving cross-sell opportunities and shorter sales cycles.
Newer firewalls and security functions address increased traffic and evolving threats, with significant upgrade opportunities in the next few years.
OT security is a $1B+ business, growing over 20% YoY, with long-term potential as more devices connect and require protection.
Sales strategy, growth drivers, and market outlook
Upsell and cross-sell strategies are supported by incentives for sellers and channel partners, with a focus on integrating networking and security budgets.
SASE penetration is about 13% in large enterprise, with significant room for growth across all segments.
Product revenue growth is driven by new functions, speed, and expanding attack surfaces, not by refresh or end-of-support cycles.
Enterprise customers are expanding into OT security, a major growth area due to the need for network-based protection.
Visibility and forecasting are improved through closer partner collaboration and long-term account planning.
How does Fortinet protect AI infrastructure?
SASE: Is it displacing branch firewalls?
What are the key product revenue drivers?
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Next Fortinet earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Cybersecurity Providers
Fortinet is an American company that provides businesses and institutions with various cybersecurity solutions. Within the company’s offerings, one finds firewalls, endpoint protection, secure access service edge (SASE), and threat intelligence services. The company has multination operations with regional offices spread throughout the world, but the company headquarters is located in Sunnyvale, California. Fortinet’s shares are listed on the Nasdaq.
FortiGate
Fortinet was founded in 2000 by brothers Ken and Michael Xie. Drawing from their experience in the cybersecurity sector, they identified a market need for robust network security solutions. The founding idea was to offer multifaceted security systems capable of handling the increasingly sophisticated nature of cyber threats. With a strategic focus on integrated security platforms, they introduced their first product, the FortiGate firewall.
As internet use surged and cyber threats became more sophisticated, Fortinet expanded its offerings, steadily building a comprehensive suite of security products. Their approach was to provide an integrated system that could defend against a spectrum of cyber risks, a strategy that proved to be successful. Today, Fortinet is well-established and competes against companies such as Crowdstrike, Palo Alto Networks, and SentinelOne.
Firewalls, Clouds, and More
Fortinet provides a suite of cybersecurity solutions aimed at safeguarding organizational IT infrastructures. Their flagship products, FortiGate firewalls, are central to a network's security, regulating traffic and preventing unauthorized access. The company's portfolio extends to endpoint security, intrusion prevention systems, and secure gateways, all of which contribute to a multi-layered defense strategy. For cloud environments, Fortinet offers specialized security tools to protect data and applications in these increasingly prevalent platforms. Additionally, their Security Fabric architecture integrates these various products, enabling a more coordinated and efficient security posture.
Support and Training
Fortinet also supports its products with a range of services, including round-the-clock technical support, training programs, and tailored professional services. By offering this they ensure that their customers not only have robust equipment but that employees of its clients are well equipped to identify security threats.
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