Fortinet Files for $100 Million IPO

Fortinet Inc., a Sunnyvale, Calif.-based network security provider, has filed for a $100 million IPO. Morgan Stanley is serving as lead underwriter.

Fortinet has raised around $83 million in VC funding since 2002, from firms like Redpoint Ventures (15.5%) and Meritech Capital Partners (10.9%), Acorn Campus Ventures, DCM, Defta Partners and WI Harper Group. Last year the company earned $7.4 million on $211.8 million of revenue.