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In 1993, 29 year old Ken Xie started Stanford Information Systems (SIS) with classmates and friends to develop and sell software-based firewalls. The part-time venture led Xie to realize the limitations of software-based firewalls and in 1997 he founded NetScreen with Yan Ke and Feng Deng. NetScreen developed ASIC-based Internet security systems and appliances and paved the way for what would become one of Fortinet's key technologies. In 2004 NetScreen was sold to Juniper Networks for $4 billion.

In 1999, Ken Xie left NetScreen and founded Fortinet with his brother Michael Xie. With $1 million in angel funds and a personal investment of $50,000, Fortinet quickly grew, gaining recognition for their growth in Forbes Magazine, Entrepreneur, and on the Deloitte Fast 500.

In 2009 the company filed for its initial public offering, opening at $12.50 per share and closing the same day $16.62, a 33% increase.