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Fortinet Wins Deal to Provide WiFi Connectivity in Mumbai
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Global network security solution provider, Fortinet Inc. (FTNT - Free Report) , recently grabbed a major deal in one of the world’s fastest growing economy, India. Per the company, it has been selected by the Maharashtra Information Technology Corporation (MITC) to provide wireless internet access to Mumbai citizens.
As part of the deal, Fortinet will provide WiFi connectivity in 500 hotspots across the city of Mumbai and its nearby locations. The MITC also intends to use this WiFi network for smart transportation and smart parking “by providing real-time updates on the routes and available capacity of various modes of public transport in the city”, in the near future.
Initially, over 20.5 million people in the city will benefit from this project. Notably, the WiFi Project is part of the Maharashtra state government’s digital empowerment program, which is aimed at becoming the country’s first digital state.
Mumbai is the commercial capital of India and its largest city. This deal is crucial for Fortinet’s India expansion plans as the country is taking giant steps to realize Prime Minister Narendra Modi’s Digital India vision. The BJP-led government intends to digitalize all government programs and provide internet access to every citizen.
Notably, Mumbai – which generates approximately 5% of the nations’ total GDP – is the wealthiest city in the South, West and Central Asia. Therefore, we believe that if Fortinet’s internet and security services remain satisfactory, other states as well as neighbouring countries may also prefer the company for these kinds of services, giving it an upper hand over other enterprise wireless providers.
However, these kinds of services attract lots of cyber threats. It should be noted that the financial well being, brand image and reputation of enterprises, and governments are always exposed to cyber threats. Consequently, cyber security has become a mission-critical, high-profile requirement.
Being the global leader in providing high-performance cybersecurity solutions, Fortinet has the capabilities to protect internet users from any kind of cyber threats. The company’s network security solutions include firewall, VPN, application control, antivirus, intrusion prevention, web filtering, anti-spam, and WAN acceleration.
The new deal win will bring in additional revenues for Fortinet and grab the opportunity generated by the ongoing massive digital transformation in India.
Notably, Fortinet has outperformed the Zacks categorized Security industry in the year-to-date period. The stock has returned 23.3% in the said period, while the industry gained 17.2%.
Currently, Fortinet carries a Zacks Rank #3 (Hold).
Broadcom, Applied Optoelectronics and Micron have expected long-term EPS growth rates of 13.6%, 18.8% and 10%, respectively.
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Fortinet Wins Deal to Provide WiFi Connectivity in Mumbai
Global network security solution provider, Fortinet Inc. (FTNT - Free Report) , recently grabbed a major deal in one of the world’s fastest growing economy, India. Per the company, it has been selected by the Maharashtra Information Technology Corporation (MITC) to provide wireless internet access to Mumbai citizens.
As part of the deal, Fortinet will provide WiFi connectivity in 500 hotspots across the city of Mumbai and its nearby locations. The MITC also intends to use this WiFi network for smart transportation and smart parking “by providing real-time updates on the routes and available capacity of various modes of public transport in the city”, in the near future.
Initially, over 20.5 million people in the city will benefit from this project. Notably, the WiFi Project is part of the Maharashtra state government’s digital empowerment program, which is aimed at becoming the country’s first digital state.
Mumbai is the commercial capital of India and its largest city. This deal is crucial for Fortinet’s India expansion plans as the country is taking giant steps to realize Prime Minister Narendra Modi’s Digital India vision. The BJP-led government intends to digitalize all government programs and provide internet access to every citizen.
Notably, Mumbai – which generates approximately 5% of the nations’ total GDP – is the wealthiest city in the South, West and Central Asia. Therefore, we believe that if Fortinet’s internet and security services remain satisfactory, other states as well as neighbouring countries may also prefer the company for these kinds of services, giving it an upper hand over other enterprise wireless providers.
However, these kinds of services attract lots of cyber threats. It should be noted that the financial well being, brand image and reputation of enterprises, and governments are always exposed to cyber threats. Consequently, cyber security has become a mission-critical, high-profile requirement.
Being the global leader in providing high-performance cybersecurity solutions, Fortinet has the capabilities to protect internet users from any kind of cyber threats. The company’s network security solutions include firewall, VPN, application control, antivirus, intrusion prevention, web filtering, anti-spam, and WAN acceleration.
The new deal win will bring in additional revenues for Fortinet and grab the opportunity generated by the ongoing massive digital transformation in India.
Notably, Fortinet has outperformed the Zacks categorized Security industry in the year-to-date period. The stock has returned 23.3% in the said period, while the industry gained 17.2%.
Currently, Fortinet carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader technology sector are Broadcom Ltd. (AVGO - Free Report) , Applied Optoelectronics (AAOI - Free Report) and Micron Technology (MU - Free Report) . While Broadcom sports a Zacks Rank #1 (Strong Buy), Applied Optoelectronics and Micron carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Broadcom, Applied Optoelectronics and Micron have expected long-term EPS growth rates of 13.6%, 18.8% and 10%, respectively.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>