The Fortinet (NASDAQ: FTNT) board of directors has authorized a share repurchase program of up to USD200m through December 31, 2014.
Share repurchases may be made by the company from time to time in privately negotiated transactions or in open market transactions.
The actual timing, number and value of shares repurchased under the program will be determined by Fortinet management at its discretion, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige Fortinet to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.
Fortinet is a worldwide provider of network security appliances and a market leader in unified threat management (UTM). Fortinet is headquartered in Sunnyvale, Calif., with offices around the world.