Fortinet (FTNT) Expands Global SASE Presence With Google Cloud
Fortinet FTNT recently announced the expansion of its Secure Access Service Edge (SASE) Points-of-Presence (POPs) through a partnership with Alphabet’s GOOGL Google Cloud.
This collaboration enables Fortinet to use Google Cloud's global network edge locations situated in proximity to FTNT’s regional presence, ensuring dedicated interconnectivity and 99.99% service availability. These enhancements are aimed at expediting the growth of the company's Universal SASE solution.
Organizations adopt a single-vendor SASE architecture to securely connect their hybrid workforces. Establishing a robust network of scalable and globally accessible SASE POPs plays a pivotal role in providing an excellent user experience while reinforcing strong security measures.
Through its collaboration with Google Cloud, Fortinet's Universal SASE is now more effectively equipped to cater to a wider global reach, guaranteeing a smooth connection and security for customers' hybrid workforces.
This partnership is set to enhance the global POP resources and accelerate the adoption of FTNT's Universal SASE solution among customers. Furthermore, given the native integration of its software-defined wide area network (SD-WAN) solution with the SASE offering, Fortinet's worldwide SD-WAN clients now have an expanded capacity to seamlessly incorporate cloud-delivered security, creating a comprehensive Universal SASE solution.
Fortinet, Inc. Price and Consensus
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Fortinet SASE’s Growing Customer Base to Boost Service Revenues
The company is committed to providing ongoing innovations that assist service providers in their evolution toward advanced networking solutions. This commitment is expected to attract new customers for the company.
Fortinet SASE has been selected by some notable companies like Deutsche Telekom and eight new managed security service providers (MSSPs). This is expected to boost service revenues in the upcoming financial year.
The Zacks Consensus Estimate for this Zacks Rank #3 (Hold) company’s 2023 service revenues is pegged at $3.37 billion, indicating year-over-year growth of 28.1%. The Zacks Consensus Estimate for gross profit: services in 2023 is pegged at $2.85 billion, indicating a year-over-year increase of 27.06%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fortinet has been chosen by Deutsche Telekom to offer a robust SASE solution, building on the well-established partnership in the SD-WAN domain. Leveraging Fortinet's expertise in secure networking, the extended collaboration allowed the two companies to expedite the convergence of networking and security for the shared customer base.
Fortinet has revealed that eight MSSPs recently incorporated Fortinet SASE into their offerings. These MSSPs are now equipped to provide enhanced managed services to their clientele. Automation Sensei, CommandLink, Converge ICT Solutions Inc., Evolutio, HCLTech, Proximus, Tigo Business and TM One are among the latest additions to the expanding roster of global service providers that are leveraging FTNT's solutions.
Shares of Fortinet have gained 21% in the past year compared with the Zacks Computer and Technology sector’s rise of 36.1% due to tough competition from Cato Corporation CATO and Palo Alto Networks PANW in the SASE market.
Cato's SASE solution effectively and securely links all corporate sites, users, applications and cloud resources through a global and secure cloud-native service. CATO can be implemented in a phased approach to replace existing security point solutions and outdated network services. Additionally, it offers an extensive Managed Threat Detection and Response service to enhance network security by identifying compromised endpoints.
Palo Alto Networks is a prominent leader in the SASE market. It is one of the popular SASE providers which uses artificial intelligence. It boosts the security of its customers, automates operations and accelerates branch transformation. PANW offers two SASE products, namely Prisma Access and Prisma SD-WAN.
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