Fortinet Named Renaissance Capital 2009 IPO of the Year

Renaissance Capital's 2009 IPO of the Year

January 12, 2010

Fortinet (FTNT)

Fortinet (Nasdaq: FTNT), a leading global provider of highly integrated network security appliances to enterprises and service providers, was named the "Renaissance Capital 2009 IPO of the Year" by the IPO research committee of Renaissance Capital. Although IPO volume was low in 2009, Fortinet stood out in the IPO class of 2009 because of its strong market position in a critical and expanding IT sector, its impressive track record of growth and profitability and its proven management team.

Fortinet was taken public by Morgan Stanley, J.P. Morgan and Deutsche Bank on November 17, 2009 and raised $156 million in gross proceeds. Fortinet rose 33% on its first day of trading and continued upward, ending the year up 41%, making it one of the top ten performing IPOs of 2009. more

Honorable Mentions

Companies receiving Honorable Mention for "Renaissance Capital 2009 IPO of the Year" include: network management software provider SolarWinds (SWI), data analytics vendor Verisk Analytics (VRSK), postsecondary educator Education Management (EDMC) and global pediatric nutrition company Mead Johnson (MJN).

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Copyright 2009 by Renaissance Capital LLC, all rights reserved. The information and opinions in this commentary were prepared by Renaissance Capital analysts. The report does not constitute an offer to buy or sell any security. Renaissance Capital and/or the IPO Plus Fund may have investments in securities of companies mentioned in this report. The contents of this report may not be reproduced, stored in a retrieval system, or transmitted in any form without prior written consent.