Fortinet, a venture-backed provider of network security appliances to enterprises, service providers and government entities, has been selected as Renaissance Capital's Featured IPO. The Sunnyvale, CA-based company expects to raise $125 million by offering 12.5 million shares at a price range of $9.00 to $11.00. Morgan Stanley, J.P. Morgan, and Deutsche Bank are the lead underwriters on the deal.
With the increasing complexity of threats and importance of network performance, the need for a more integrated, easy-to-manage solution has given rise to the market for unified threat management (UTM) systems, which incorporate multiple security features (firewall, intrusion prevention, antivirus) into a single box. Fortinet was founded by the same duo that started NetScreen Technologies, which was acquired by Juniper in 2004 for $4 billion.
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