Symantec Corp.SYMC and Fortinet FTNT recently expanded their partnership to strengthen cyber security solutions to combat the growing sophistication of cyber threats.
Per the terms of the agreement, Symantec will integrate Fortinet's FortiGate Next-Generation Firewall into its cloud-delivered Web Security Service in the first half of 2019. Moreover, its endpoint protection solutions will be integrated into Fortinet Security Fabric to provide real-time threat intelligence for cyber-attacks and advanced malware.
The agglomeration of both the companies' technologies will not only result in a comprehensive suite of stronger cloud-delivered cybercrime prevention solutions, but also give these magnates access to each other's customer base.
John Maddison, Fortinet's SVP of products and solutions, said, "With today's announcement, two industry leaders are coming together to provide enterprise-class capabilities across cloud, network, and endpoint security."
Competitive Scenario of Cybersecurity Market
The cybersecurity market, which is projected by MarketsandMarkets to hit $248.3 billion by 2023, at a CAGR of 10.2% during 2018-2023, is simultaneously undergoing exponential expansion as well as consolidation.
As the incidences of high-profile cybercrimes and cyber warfare continue to grow, the cybersecurity market is becoming increasingly attractive to startups, with thousands of new entrants. However, the existing market behemoths are constantly upping their game, overpowering the amateurs and intensifying the competitive environment.
Last year, Symantec acquired cybersecurity firms Fireglass and Skycure, thus bolstering its capabilities. Fortinet is also focused on expanding the Security Fabric product suite, which is witnessing strong global demand led by digital transformation and security refresh cycle across most industries.
Rival giants like Palo Alto PANW , which bought LightCyber and RedLock this year; and CyberArk CYBR , with clients like Deloitte, PWC and KPMG, are also relentlessly working toward improving and strengthening their products and solutions.
Symantec and Fortinet's refreshed partnership is a strategic step for the companies to withstand the robust competition.
Symantec Corporation Price and Consensus
Symantec Corporation Price and Consensus | Symantec Corporation Quote
Fortinet, Inc. Price and Consensus
Fortinet, Inc. Price and Consensus | Fortinet, Inc. Quote
Symantec currently sports a Zacks Rank #1 (Strong Buy) while Fortinet carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
