By Ben Stupples | Bloomberg
Cyber-security has unlocked riches for Ken and Michael Xie.
The Chinese-born brothers are now billionaires from their stakes in Fortinet Inc., the Silicon Valley-based network security software firm they co-founded almost two decades ago, according to the Bloomberg Billionaires Index.
Spurred by high-profile data breaches and malware attacks, cyber-security has become a growing priority for companies. Cloud-focused firms including Fortinet and Palo Alto Networks Inc. have benefited as businesses update their computer infrastructures, posing a threat to more established network software providers such as Cisco Systems Inc. and Juniper Networks Inc. Fortinet counts most Fortune 500 companies as its customers, according to its website.
“It’s been one of the innovative companies for next-generation products as companies have looked to cyber more,” said Mandeep Singh, senior technology analyst at Bloomberg Intelligence. “It’s a fragmented market, so there’s plenty of room for a player to boost their position.”
The cyber-security software market