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Fortinet Announces Closing of Initial Public Offering of Common Stock and Exercise of Over-Allotment Option
SUNNYVALE, Calif., Nov.23, 2009 - Fortinet® (NASDAQ: FTNT) - a provider of network security appliances and unified threat management (UTM) solutions - today announced that it has closed its previously announced initial public offering of 12,500,000 shares of its common stock at a price to the public of $12.50 per share. In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1,875,000 shares of common stock from the company. As a result, the total initial public offering size was 14,375,000 shares, which consisted of 7,656,683 shares sold by the company and the remaining 6,718,317 shares sold by the selling stockholders. Fortinet will not receive any proceeds from the sale of shares by the selling stockholders. Morgan Stanley & Co. Incorporated, J.P. Morgan Securities Inc., and Deutsche Bank Securities Inc. acted as joint book-runners for the offering. Robert W. Baird & Co. Incorporated, RBC Capital Markets Corporation, ThinkEquity LLC, JMP Securities LLC, and Signal Hill Capital Group LLC served as co-managers. A copy of the final prospectus for this offering may be obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649, or by emailing prospectus@morganstanley.com; J.P. Morgan Securities Inc., Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, telephone: (718) 242-8002, or by emailing addressing.services@jpmorgan.com; and Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, New Jersey 07311, Telephone: (800) 503-4611, or by emailing prospectusrequest@list.db.com. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Fortinet (www.fortinet.com)
Copyright © 2009 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiDB and FortiWeb. Other trademarks belong to their respective owners.
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QUICK FACTS
Year Founded
2000Stock Symbol
NASDAQ: FTNTHeadquarters
Sunnyvale, CaliforniaNumber of Employees
1,200+Financial Highlights
FY09 Revenue: $252M$260M+ cash and no debt Profitable First Product Release
May 2002Units Shipped to Date
500,000+Customers
75,000+ customersMarket Leadership
Top 4 Largest Network Security Appliance VendorPatents
40 patents100+ patents pending Industry Accolades
80+ awards, including:Security Product of the Year Best Integrated Security Appliance Best IPS solution Top Mid-market Solution 2006 Technology Pioneer 7 ICSA security certifications NSS certified (UTM) ISO 9001 certified Corporate and Securities Counsel
Wilson SonsiniGoodrich & Rosati Palo Alto, California Auditors
Deloitte Touche TohmatsuSan Jose, California Most manufacturers were able to offer two out of our three desired security functions but Fortinet was the only vendor with the capability to provide all three in a single security solution, while meeting our high expectations in terms of performance and cost effectiveness. On top of providing first-class security, the flexibility of the FortiGate systems allows our security solution to evolve on a per-region basis, as and when required. Moving forward, Fortinet's integrated approach means that other security functions such as SSL VPN, firewall and traffic shaping can be switched as per a country's individual requirements. As a fast-growing acquisitive company, this made for a very compelling proposition. |