Fortinet Announces New $200 Million Share Repurchase Program
SUNNYVALE, Calif. – January 28, 2016 - Fortinet® (NASDAQ: FTNT) - the global leader in high-performance cybersecurity solutions – today announced that its Board of Directors has authorized a new share repurchase program of up to $200 million through December 31, 2017. Share repurchases may be made by the company from time to time in privately negotiated transactions or in open market transactions.
Fortinet’s prior share repurchase program was completed on December 31, 2015. During the program’s duration, Fortinet purchased 5.5 million shares of its stock for $137.5 million.
The actual timing, number and value of shares repurchased under the new program will be determined by Fortinet at its discretion, and will depend on a number of factors, including the trading price of the stock, compliance with the terms of our outstanding indebtedness, general market and business conditions and applicable legal requirements. This program does not oblige Fortinet to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.
Fortinet (NASDAQ: FTNT) protects the most valuable assets of some of the largest enterprise, service provider and government organizations across the globe. The company's fast, secure and global cyber security solutions provide broad, high-performance protection against dynamic security threats while simplifying the IT infrastructure. They are strengthened by the industry's highest level of threat research, intelligence and analytics. Unlike pure-play network security providers, Fortinet can solve organizations' most important security challenges, whether in networked, application or mobile environments - be it virtualized/cloud or physical. More than 210,000 customers worldwide, including some of the largest and most complex organizations, trust Fortinet to protect their brands. Learn more at http://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.
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