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Fortinet Buying Coyote Point

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Sunnyvale, Calif.-based Fortinet (NASDAQ: FTNT  ) has signed a definitive agreement to acquire privately held enterprise application delivery company Coyote Point Systems, the companies announced Friday.

Financial terms were not disclosed. However, Fortinet, which specializes in high-performance network security, explained that the acquisition will "generate synergy among existing Fortinet products, including our FortiGate, FortiBalancer, FortiDDoS, and FortiWeb platforms." Fortinet added in a statement that it doesn't expect the acquisition to be material to its Q1 operating results.

That may change in future quarters. Fortinet said that while there will be "no immediate changes ... made to Coyote Point product offerings ... future products and solution offerings will be announced upon their availability."

Investors seemed to react negatively to the lack of specifics, however. Fortinet shares traded down 1.1% on Friday to close at $23.03. 


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8/29/2016 4:00 PM
FTNT $35.67 Down -0.03 -0.08%
Fortinet CAPS Rating: ****

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