Securing an Exit

Most security startups focus on niche plays for high-end users. Fortinet gambled on a more lucrative market, and could take its winnings all the way to the public markets.

If Fortinet’s rapid growth continues, it could take in over $100 million this year, which would put its valuation at or around half a billion dollars. When the company raised its $50-million mezzanine round, it reported a $350-million post-money valuation. But the security market has been hot.

[Red Herring]

Fortinet had revenues of $56M in 04 and $22M in the previous year.