Know the Risk: Digital Transformation's Impact on Your Business-Critical Applications REGISTER >
Network security vendor Fortinet is continuing to grow its business, thanks to more than just its traditional network firewall market, according to CEO Ken Xie.
Fortinet reported third quarter fiscal 2017 financial results on Oct. 26, with revenue coming in at $374.2 million for an 18 percent year-over-year gain. Net income was reported at $26.6 million, up significantly from the $6.3 million in net income reported for the third quarter of fiscal 2016.
During his company's earnings call, Xie noted that Fortinet is still a market leader in network security, which includes enterprise network firewalls and UTMs. Beyond that, Xie said that the Fortinet Security Fabric is also a driver of growth, providing an automated layer for enabling security across an a network. Additionally Fortinet is growing in the cloud, providing a security backbone to the service providers around the world that operate the majority of the public cloud infrastructure.
Xie is particularly enthusiastic about the opportunities for his company in the Internet of Things (IoT) and critical infrastructure space.
"Smart cities and connected homes coexisting with local, national, and global infrastructures are creating a new hyperconnected environment," Xie said. "This environment needs an architecture that scales the entire infrastructure for complete visibility, segmentation and end-to-end protection."
Fortinet is also seeing traction in the threat intelligence market and particularly with with its FortiSIEM (Security Information and Event Management) products. Xie noted that FortiSIEM has one of the best growth rates in the Fortinet product portfolio.
Having multiple security products is perhaps the thing that Xie most optimistic about given the fact that most enterprise need multiple security products. Xie said that modern enterprise need e-mail security, web security, the client, sandbox, as well as switch and access point security. With Fortinet's fabric all the different parts can also be tied to together in automated way with management capabilities.
Looking forward, Xie noted that his company has plans for new innovations powered by silicon. The new innovation, is something Xie referred to as the FortiASIC Security Processing Unit (SPU). According to Xie the new SPU will triple the performance of Fortinet's hardware appliances.
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.