IBM May Buy Out Fortinet Inc.

Posted Nov 1, 2010

Fortinet, Inc. (NASDAQ:FTNT) is a network security systems that has received a takeover approach from IBM according to a source with BusinessWeek. Fortinet is currently working with Morgan Stanley about the strategic options of the take-over. Fortinet’s stock price increased about 23% today after the rumored take-over hit the press. Fortinet has a market cap of about $2.14 billion based on their stock closing price on October 29th. Fortinet is based in Sunnyvale, California and they went public about one year ago. [BusinessWeek]