Fortinet Completes Acquisition of Cloud Security Firm Lacework

Fortinet Completes Acquisition of Lacework

Acquisition adds a leading AI-driven cloud-native application protection platform to the Fortinet Security Fabric SUNNYVALE, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that it has completed the acquisition of Lacework, a cloud security and cloud-native application protection platform (CNAPP) trailblazer, effective August 1, 2024. "The addition of Lacework aligns with Fortinet's commitment to protect our customers with innovative solutions that provide consistent security across on-premises and cloud environments," said Ken Xie, Founder, Chairman of the Board, and CEO at Fortinet. "Integrating Lacework's organically developed cloud-native platform with the Fortinet Security Fabric will result in the most comprehensive, full-stack AI-driven cloud security platform available from a single vendor." Like Fortinet, Lacework is an innovation-first company that has invested significantly to build, from the ground up, an integrated cloud security solution that adds meaningful value to customers. Lacework has been recognized for its leading technology by industry analysts and was recently named a representative vendor in the 2024 Gartner Market Guide for Cloud-Native Application Protection Platforms. In addition to advanced technology, Fortinet has gained a portfolio of 225 patents and applications, many related to cloud security and artificial intelligence, which reflects the innovation focus and will bring Fortinet's global patent and application count to over 1,800, estimated to be more than the nearest three pure-play security vendors combined. This acquisition also brings an experienced sales team and a talented group of engineers whose expertise will be instrumental in delivering industry-leading solutions to Fortinet's customers. Additional Resources GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner Market Guide for Cloud-Native Application Protection Platforms, By Dale Koeppen, Charlie Winckless, Neil MacDonald, Esraa ElTahawy, 22 July 2024. About Fortinet Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet's commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet's elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. FTNT-F Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release contains forward-looking statements that involve uncertainties and assumptions, such as statements regarding the security platform, integration, and the team's contribution, among others. Changes of circumstances, product release and integration delays and challenges, other execution challenges, and other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.

Fortinet Completes Acquisition of Lacework - Fortinet (NASDAQ:FTNT)

SUNNYVALE, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® FTNT, the global cybersecurity leader driving the convergence of networking and security, today announced that it has completed the acquisition of Lacework, a cloud security and cloud-native application protection platform (CNAPP) trailblazer, effective August 1, 2024. "The addition of Lacework aligns with Fortinet's commitment to protect our customers with innovative solutions that provide consistent security across on-premises and cloud environments," said Ken Xie, Founder, Chairman of the Board, and CEO at Fortinet. "Integrating Lacework's organically developed cloud-native platform with the Fortinet Security Fabric will result in the most comprehensive, full-stack AI-driven cloud security platform available from a single vendor." Like Fortinet, Lacework is an innovation-first company that has invested significantly to build, from the ground up, an integrated cloud security solution that adds meaningful value to customers. Lacework has been recognized for its leading technology by industry analysts and was recently named a representative vendor in the 2024 Gartner Market Guide for Cloud-Native Application Protection Platforms.1 In addition to advanced technology, Fortinet has gained a portfolio of 225 patents and applications, many related to cloud security and artificial intelligence, which reflects the innovation focus and will bring Fortinet's global patent and application count to over 1,800, estimated to be more than the nearest three pure-play security vendors combined. This acquisition also brings an experienced sales team and a talented group of engineers whose expertise will be instrumental in delivering industry-leading solutions to Fortinet's customers. Additional Resources Learn more about this news and Lacework's cloud-native platform in the Fortinet blog. Learn more about the state of cloud security in 2024 by reading Fortinet's latest report.Visit fortinet.com/trust to learn more about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.Read about how Fortinet customers are securing their organizations.Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 1 Gartner Market Guide for Cloud-Native Application Protection Platforms, By Dale Koeppen, Charlie Winckless, Neil MacDonald, Esraa ElTahawy, 22 July 2024. About Fortinet Fortinet FTNT is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet's commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet's elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. FTNT-F Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release contains forward-looking statements that involve uncertainties and assumptions, such as statements regarding the security platform, integration, and the team's contribution, among others. Changes of circumstances, product release and integration delays and challenges, other execution challenges, and other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements. Media Contact:Investor Contact:Analyst Contact:Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com Aaron Ovadia Fortinet, Inc. 408-235-7700 investors@fortinet.comBrian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com Market News and Data brought to you by Benzinga APIs

Fortinet acquires AI cloud security firm Lacework By Investing.com

SUNNYVALE, Calif. - Fortinet (NASDAQ: NASDAQ:FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, announced the completion of its acquisition of Lacework, a company specializing in cloud security and cloud-native application protection platforms (CNAPP), on Thursday. The acquisition, effective as of August 1, 2024, aims to enhance Fortinet's capabilities in securing cloud environments. According to Ken Xie, Fortinet's Founder, Chairman of the Board, and CEO, the integration of Lacework's cloud-native platform with Fortinet's Security Fabric is expected to create one of the most comprehensive AI-driven cloud security platforms available from a single vendor. Lacework's technology has been recognized by industry analysts and was recently cited in the 2024 Gartner (NYSE:IT) Market Guide for Cloud-Native Application Protection Platforms. The acquisition also adds 225 patents and applications to Fortinet's portfolio, many of which are related to cloud security and artificial intelligence, bringing the company's global patent count to over 1,800. This figure is estimated to surpass the combined total of the nearest three pure-play security vendors. Fortinet has also acquired an experienced sales team and a group of engineers from Lacework. These new team members are expected to play a key role in delivering industry-leading solutions to Fortinet's customers. The financial details of the transaction have not been disclosed. The move by Fortinet is part of a broader trend in the cybersecurity industry, where companies are increasingly looking to bolster their cloud security offerings as more businesses migrate to cloud environments. This news is based on a press release statement and provides a factual summary of Fortinet's recent acquisition without any endorsement of claims. The acquisition is a strategic step for Fortinet in expanding its security services and demonstrates the company's commitment to evolving cybersecurity solutions that address the challenges of modern cloud-based infrastructures. In other recent news, Fortinet has been the subject of various analyst revisions following its recent financial performance. The company failed to meet or lowered its financial targets in the past three consecutive quarters, leading Guggenheim to downgrade the stock from a Buy to a Neutral rating. Barclays (LON:BARC), Piper Sandler, and BMO Capital Markets have all reduced their price targets for Fortinet to $70, maintaining their respective Equalweight and Neutral ratings. Truist Securities, however, has upheld a Buy rating with a $70 target. Fortinet's first-quarter results showed mixed outcomes, with a 1% year-over-year decline in billings expected for the second quarter. Despite this, Fortinet's Secure Access Service Edge (SASE) offering saw growth, with a notable increase in its mix to 24% and a year-over-year pipeline growth of 45%. The cybersecurity company also announced its acquisition of Lacework, an AI-powered cloud security firm. This move is expected to enhance Fortinet's security offerings, particularly in the expanding SASE market. The transaction is anticipated to close in the second half of 2024, subject to regulatory approvals and customary closing conditions. These recent developments highlight Fortinet's ongoing efforts to navigate the dynamic cybersecurity market and deliver robust, innovative solutions to its customers. Fortinet's recent acquisition of Lacework is a strategic expansion into cloud security, a move that is reflected in the company's robust financial and operational health. According to InvestingPro data, Fortinet boasts an impressive gross profit margin of 77.13% over the last twelve months as of Q1 2024, signaling strong operational efficiency in generating revenue. The company's revenue growth remains solid, with a 14.2% increase over the last twelve months, underscoring its capacity for expansion and scalability. An InvestingPro Tip highlights that Fortinet has been actively managing its share structure through aggressive buybacks, which can often signal a company's confidence in its own future prospects. Additionally, Fortinet's balance sheet strength is evident, as it holds more cash than debt, providing financial flexibility and stability. While Fortinet is trading at a high earnings multiple with a P/E Ratio of 36.65, it's worth noting that the company is profitable over the last twelve months and analysts predict it will remain profitable this year. This valuation reflects the market's optimism about Fortinet's ability to maintain its profitability in the competitive cybersecurity landscape. For those interested in deeper analysis, InvestingPro offers additional insights on Fortinet, including 14 more InvestingPro Tips that can help investors understand the company's valuation and performance metrics in greater detail.