All right. Good morning, everyone. Thank Thank you for joining us today. My name is Brian Essex, I'm JP Morgan's cybersecurity analyst. With me today, I have Ken Xie. He's Fortinet's Chairman, CEO, and Co-founder. To his right is Keith Jensen, the company's CFO. Before I get started, I think Ken has a few words he'd like to share. Why don't you go ahead and
By popular demand, I'll do the safe harbor language.
That's right.
There we go. I'd like to remind everyone that we may make forward-looking statements during today's fireside chat. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Please refer to our SEC filings, and particularly the risk factors in our most recent Form 10-K and Form 10-Q, and to other reports that we may file from time to time with the SEC for additional information on factors that may cause actual results to differ materially from our current expectations. All forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation, specifically disclaim any obligation, to update forward-looking statements. Thank you, and you're welcome.
That's exhausting. Well, thank you, Ken, Keith, thank you again for joining us. Maybe a good place to start would be, Ken, maybe if you could introduce the company within the context of how your approach is different. It's kind of interesting 'cause you're a bit more focused on the value of the hardware than other vendors in the space. Whereas others seem to be focused more on, you know, everything migrating to the cloud over time and focused on software. Maybe, you know, a little background on the company, what your focus is and what you think your core differentiation is.
Okay. Yeah, the company we start 23 years ago. We do believe that time the convergence of network security will be gradually overtaking the traditional networking. We feel lucky now, even Gartner's starting to believe that one. By 2030, their forecast also see the network security will be bigger than the networking side. I think, you know, in order to do the network security, you definitely need more computing power to process the traffic. Because network security need to look in more higher layer, more deeper into the packet. You need to look at how the content, how the application side, how the user, the device, even some location, to make the control, to make the decision there. That's where we are from day one.
We decide to invest in the ASIC technology, which give us a much better computing power to process all the security function. The latest chip we announced actually about a few months ago, to be called SP5. We call the Security Processor 5. Actually can. Each generation, we kind of double the speed and has more application. We are accelerating at the ASIC level, so the latest one, we can have a 14 application using ASIC for Accelerate. You can look at the last, like, 10, 20 product we announced. Every product we announced, we also gave the data. See, compared to the same product, same function, same cost in the speed, in the space.
What's the performance advantage we have for all the top 6, 7 function in the network security space, we tend to be 5 to 10 times better performance for the same cost, same count function in the competitor, in the industry average. That's making the Fortinet. We can have a much bigger total addressable market beyond the traditional enterprise network security. That's give us a much, faster growing, at the same time, kind of a more broadly, can deploy network security beyond the traditional enterprise network security. Including SD-WAN area, including going forward with the 5G, and also including all the internal segmentation, which the traditional networking switch and deploy, and secure within the data center, and also supporting work from home, the branch office approach.
Today, we probably have about half the market share on the total global union shipment for the network security device. Globally, there's about 20 million network security device being deployed, so we count about 10 million of that. Give us some good potential going forward to get additional service out of this device. That's where the product revenue, we are kind of number one. That's also what helping drive the future service revenue, which a lot of our service provider working with us, whether in the SASE or some other security service, which is also much high demanding today in a environment.
Great. That's super helpful. Maybe if we can dig in a little bit to kind of the core kind of firewall platform that you have. I think John Maddison at Accelerate had a slide where he had about 11 different use cases for firewalls, which I think is pretty interesting. Those included segmentation, hyperscale, OT, container applications. How many of those are emerging? Which ones do you see have the greatest untapped potential as we kind of look in the years ahead?
We see the traditional network security is still keeping growing maybe around 10% there. On the other side, the new use case, like SD-WAN, the 5G, the OT area, probably will grow faster, maybe like 20%, 30%, even 40%, and also will be pretty huge market. That's we see even within a company, internal segmentation is also good market because a lot of ransomware attack more target company, internal data, all these things. Also work from home is another area. That also drive us. We believe, so we kind of have the biggest product revenue in the whole space.
We also believe the product revenue growth will continue to be double-digit compared to some of our competitor, few is only a single-digit growth. It's not just a kind of a, we have more use case. We also feel the consolidation also takes the market share, also working well for us because we have a well-integrated product and solution. At the same time, we also want to keep up the innovation and follow the change in new requirement space quickly and come up with a new product quicker, better than other competitors. That's where we wanna continue to drive the innovation internally. At the same time, kind of keeping expanding the product can be deployed in the field and keeping open up the new addressable market.
Mm-hmm. Excellent. You know, one of the things that came up, and this was actually at Accelerate, I talked to, you know, one of your partners who used to work with an unnamed network security or network equipment vendor in the OT market, and they specialize in OT, IoT, ICS. Who do you see in those segments as competition? You know, one of the things that they noted to me at your conference was that, they moved over to Fortinet because the other vendor couldn't supply them, and yours actually works more efficiently. Is that a trend that you're seeing on your platform?
Yeah, we do see the OT will be huge potential, because you can see the next phase of connection is more about connect other device online. Also most of the device also kind of have a different operating system, and also work different than the laptop and the mobile phone being connected is really pretty much the only way to secure most of this device is really by network security, because endpoint security which can be pretty efficient in the laptop, mobile phone, not quite working in a lot of this OT device, because they have different operating system, different computing power. That's where leverage network security is very, very important to secure all this device. That we sees a lot of potential.
also OT security also kind of more divide into different vertical space. Like what do you have in the healthcare is different than the utility manufacturer, some other area. Need to understand the special protocol the OT operate and also the environment OT operate. So that we also see kind of, you know, keep up all this innovation changing and because all the 5G also is starting to connect OT device very, very quickly. That's where compared to a lot of a traditional network security company, and also some other bigger company, they more depend on acquisition, to grow their sales cybersecurity. We are more focused on internal innovation, which also do better on the integration on the automation side, which we view as quite important in the OT area.
So that we see OT definitely as one of the top growth driver for us in the next few years.
Yeah. You actually, and I don't know if this is a, maybe it's a joint question for the both of you, but you've recently noted that, you know, SD-WAN and OT together accounted for over 25% of bookings, but that OT is smaller. What needs to happen for OT to eclipse SD-WAN? Any idea when that could actually happen?
Yeah. When we look at our internal metrics, we do have a bit of a horse race going on with our peers on the management team about whether OT or SD-WAN is gonna be the larger of the two. At the moment, SD-WAN is larger, but OT is growing faster. If you look at the market opportunities, Ken's talked a lot just about the OT market opportunity. SD-WAN, you know, I think a lot of companies got into the SD-WAN solution because of the MPLS savings. We've seen that now mature to where they're now using SD-WAN because of the, it creates more capacity and the ability to do a lot more things on networking with traffic because you're avoiding those MPLS fees.
I think also very importantly now that SD-WAN is a key component of the SASE solution, right?
Mm-hmm.
It's one of those five. I do think that you're gonna see a lot of people have asked this early on, you know, was SD-WAN starting to run out of wind, and far from it. We've seen some information come out recently about the MPLS market and how the read-through from that and the degradation there. It's still in the very early innings. I think also the SASE will now provide another leg to it.
Yeah.
In terms of how we're wagering internally, I can't disclose the bets on those two.
All right. In kind of the you touched on SASE, so that's a, you know, kind of good segue into this next one, which is, you know, that segment of the market is obviously getting a lot of attention, you know, both from public vendors as well as privates that are investing a lot of money into that space. Ken, your presentation at Accelerate framed out, you know, what you describe as universal SASE as opposed to single vendor SASE. Universal with a single OS. How do you define universal SASE? What is your perspective on the way that Fortinet is kind of uniquely positioned with a single OS?
Yeah. The SASE is a pretty still in the early stage to ramp up. Also if you look at the Fortinet history, like 15, 10, 15 years ago, the service provider telecom count about 30% of Fortinet business. It's our biggest sector. Today, it's probably half of that, about 15%. We do believe long-term wise, security need a lot of service provider to working with the vendor and provide all the service, because security has a lot of new things keeping come up every year.
If you look at SASE, they not only offer the traditional Firewall VPN, but also the additional, like a DLP, the CASB, some WAF, some other function there, which I feel the traditional service provider or even telecom provider, cloud provider, they're a little bit behind. On the other side, the technology, the product not quite mature enough. We do believe in order to offer SASE. You need to offer like the old firewall you can need in the same OS, in the same system, and need to be deployed more broadly instead of all forward to the cloud, to the PoP, the process, and send it back. Some deployment situation, like when you work from home, send certain things to cloud, the process makes sense.
When you work in the office, you better process the data locally instead of go out to the cloud and send it back, all these things. That's why we do believe, this SASE need to be more universal, need to be hybrid approach. That's where in the last few years we already developed technology that can be in the same OS, can be running the same FortiGate system or in the cloud. We'll have the customer to decide, like service provider to decide, what kind of deployment they need and what kind of service they can offer. That's where we have a little bit different approach in SASE compared to the SASE vendor, today. It's really more integrated and also more widely deployed, both leverage the software and also the hardware.
More leverage service provider infrastructure, which can be the telecom service provider, the cloud service provider, the traditional security service provider. There's a lot of company also they're interested in, like, the private SASE. They still want to manage SASE themselves. That's why we feel the same OS solution and can be leveraged both hardware and software can solve that issue at the universal. That's how the universal SASE we feel will be the trend going forward. Also both the service provider, the vendor side, the partner, the customer, they have a flexibility to deploy the security service based on their need, their environment.
Great. I think, you know, we spoke at dinner about, you know, the visibility that you have into SASE adoption. Still kind of early stages, I think. I think you noted that, you know, some companies might not be quite ready for it when they issue RFPs, but they wanna see the roadmap is there. Maybe can you expand on that a little bit in terms of how customers evolve towards adopting a SASE framework, and what role does SD-WAN play into that?
Yeah, definitely SD-WAN is a very important part of a SASE because SD-WAN can kind of reroute or manage the traffic based on different application. So when we do the Secure SD, we can also more based on certain content, certain location, certain user or device behind. That's where SD-WAN is a part of the whole SASE solution. On the other side, you see SD-WAN market also quite interesting. There's a. That's our internal target. We want to be the number one in SD-WAN, also like a number one OT and the network security. The SD-WAN, you can see the top 5, 6 player, most of them come from acquisition and still have a single SD-WAN box. I feel kind of could be has some issue going forward long term.
In the network security space, I can see, in the last 20, 30 years, most single function box vendor pretty much all disappear. You can name quite a lot of them. I don't want to name any of them right now. Because all this, integrated platform, eventually when they have the function, they have a huge advantage, compared to the single function box, which you have to deploy. If you deploy multiple box, can be very costly, can be more difficult to manage. That, that's also we believe, leverage our integrated OS and the computing power from ASIC has more function integrated together. Including all those SD-WAN function, SASE function will be working.
In the enterprise environment nowadays, a lot of them can see the benefit of SD-WAN because cost saving, because give the most reliable, based on different application to route different traffic. On the SASE, it's still kind of a certain struggle whether there's a SASE vendor try to get a customer, there's a service provider try to hold down the customer, and there's a customer also want to keep the data or some security measure themselves. That's where we feel keeping growing in the SD-WAN market will be more easy for a lot of enterprises to see the benefit, especially in the current environment.
When they're ready to move additional security service, and that's all the SASE function from the current FortiOS FortiGate, we can offer to them, both for the customer, for the service provider. We feel, so to give the customer their own kind of a pace, their own selection, how they want to go forward is the way to do that. For us, actually, we offer SD-WAN as a part of the FortiOS FortiGate function for free, basically. They can see the benefit both on the cost side, on the additional function they can offer together with security.
We feel that that's probably much better than the other single function SD-WAN box, which could be cost higher and also same time has a more limited function, and have a difficult time to offer the additional service going forward.
That brings up a good kind of follow-up point. This may be a Keith question. The concept of offering SD-WAN for free, how substantial is demand, and what kind of levers do you think you have from a pricing power perspective?
Yeah.
as you kind of look ahead?
Yeah, it's a great question, and there's been moments where we've kind of revisited the idea that we were putting it in the operating system and not charging for it. You know, depending upon the day of the week, we may have different conclusions about that strategy. I think now with the benefit of hindsight, and I'll roll it back and build it on a bit of Ken's comments, when I'm a consumer of technology solutions and I'm evaluating different technologies, you know, just use SD-WAN, if somebody is coming to me and they're offering me a single vendor solution where I don't have to cobble together four or five disparate technologies and it's on one operating system, I'm gonna give that a very, very hard look.
They're gonna explain to me the journey of the firewall, where you buy the firewall. It has the SD-WAN operating system in it's a natural progression to see customers then turn on the SD-WAN functionality, maybe move to Secure SD-Branch after that or something of that nature. Now that SASE's in the operating system, to come full circle, I think the fact that we made the decision to include SD-WAN in the operating system and not charge for it, gives us a very significant foothold now to go have conversations with customers about SASE.
Yeah. Great. I think, you know, maybe to kind of, you know, build on that a little bit, you know, at Accelerate, Patrice had a slide up where he noted that you had an install base of over, you know, 635,000 customers. How much of an opportunity do you think you have to cross-sell into that installed base with, you know, both SD-WAN and SASE?
You answered that last night.
Yeah. I think a lot of our customer enterprise, they see the benefit of leverage SD-WAN and also the additional security they can offer. I'd say is that even we have, like, over 600,000 customer each Q4. We do gain quite a lot of customer. It's sometime because we also leverage the channel, the service provider, it's a little bit difficult to. I think, I think from the, from the revenue side, probably a little bit more easy than to measure the number of customer maybe.
Yeah.
You know this better.
I think the, you know, the SASE market, if you will, our expectations, and we'll come back to you in a couple of years and tell you how we did with that. You know, certainly the very high end of the market, the Fortune 100 or maybe the Fortune 50, you know, they certainly have the budgets, if you will, to evaluate the point solutions and build the integrations, and they may go that way and cobble together with it. That's a relatively, for us, smaller segment of the market, you know, given the significant footprint we have with service providers, the mid-enterprise, the geographic footprint, if you will. I do believe, and we had some conversations with some MSSPs recently, that would be selling into the smaller market.
The kind of the question we gave to them was, "Do you see the SMBs intrigued by the SASE offering?" They said, "Absolutely." They view that as an opportunity for them to go there. It's probably from a cash flow viewpoint using an MSP an easy way for those smaller enterprises to get into the market. Then I think as you move up from that, I think the mid-enterprise, it's a no-brainer, absolutely. They're gonna, they're gonna move into the SASE space. I do think a very large component of the enterprise will as well. Maybe the final comment on this is, you know, we don't view, and we don't think others should, that the SASE and on-prem firewalls are mutually exclusive. Rather, customers have a use case.
They have a group of appliances or devices and users, and you need, as a customer, to make a decision on a case-by-case basis how to secure those. If you have a remote worker that's going to the cloud for an application, then SASE probably makes sense. If that same remote worker is working in the office some days and he's going into the data center, so to speak, to access applications, you're gonna need a different architecture. We do think that they're gonna move hand in hand, if you will. We feel really good about, you know, where we're positioned with the operating system in SASE.
Great.
SMB also is a quite a green field, especially for network security and also, even like a consumer side. Network security also pretty much, so far is wide open, to be in the space. You can see the U.S. alone probably have a 20, 30 million SMB. Is a very, very low percentage any network security solution there. That we see leverage service provider, leverage technology we have also could be huge market opportunity.
Yeah. Fantastic. Keith, I think you guided for CapEx of $400 million or $450 million this year in part due to, I guess, money being allocated to build out your access network and PoP, and you know, maybe either for you or for Ken, you know, What was the decision process around, you know, building a point of presence network as opposed to your own data centers or leveraging hyperscalers? How should we expect that to look, and how critical is that towards, you know, offering users more efficient access at the edge?
Yeah. I'll talk about it from a margin perspective as you might expect.
All right.
I mean, obviously, you know, we looked at, you know, some of the other players in the market and their different strategies. You know, some building out PoP and some relying upon a cloud provider, if you will. I think what Ken talked about earlier was really a strategy where, yes, we will build out some of our own PoP. PoP are not a huge outlay of capital compared to, say, a data center or something like that. You know, we do think there's opportunities to quickly move in there with our office footprint that we have internationally, where we have power supply and some of the requirements to set up PoP. Importantly, we'll supplement that, you know, with the service provider's infrastructure.
I think the service providers, again, as Ken kind of alluded to, have realized that other practitioners in the SASE market are trying to move traffic off the service provider's network, and that's not what they wanna have happen. I think with that and why they want to partner with us will be another source of the footprint, if you will. The third source, obviously, we're gonna have some large customers that have come to us, and they're gonna speak to a specific location, in a certain city or country or what have you, where they do wanna have a PoP. I think we'll build something there or perhaps even partner with a cloud provider. I think we'll get to it in three different ways.
Yes, in terms of CapEx for the year, I think there's two things that you're seeing in that number. One is, you know, to support the infrastructure for SASE and the PoP. I think we've done a pretty good job of messaging that for several quarters and talking about margins and the impact of the data centers on that. I think there's also a read-through there that, you know, we appreciate and there's an opportunity for us to continue to deliver additional security features and functions, not only on-prem, but through the cloud. I think you're seeing us position ourselves for that with some of our own data centers as well.
Lastly on that, I would say probably with a bit of an eye to some of the regulatory and compliance changes that are having, you know, related to data movement across borders and across countries, I think we're trying to get positioned for that.
Great. maybe I've got, I've got a few more, but I I'll ask one set of questions, then we'll open it up for other questions from the audience, if you'd like. Keith, I wanna keep you in the spotlight for a minute. I'll let you swallow your water. you know, I think, some are still amazed at the growth you're seeing on the product side, in particular. you know, I think given the, given the guidance that you had in the quarter, I think a little bit more conservatism, which I think we appreciate.
I think after the Q4, we're a little bit surprised that, you know, the guidance called for, you know, as much robust growth as, you know, you kind of indicated, but a little bit more conservative in 1Q. What are you seeing, like, from a macro perspective and a demand perspective, I guess, you know, since earnings, and what caused that kind of incremental conservatism? You know, is it, is it just what you saw in the quarter, and has that changed, or is it kind of more of the same right now?
I think we're getting what we expected. That's the good news. The bad news is what we expected isn't, you know, a lot of great news. I don't think our view of the macro is terribly different than what you're gonna hear from other country, other companies, you know, particularly as we look at the second half of the year. I think as it manifests itself to us in terms of our own pipeline, you know, we continue to be very excited about the growth of our total pipeline, particularly when we compare it to, you know, the consensus numbers and things of that nature.
The, the change that we've seen over the last 2 or 3 quarters, the 2 changes, 1 was linearity, you know, deals moving, you know, further out into the quarter to get closed. 2, the close rates themselves, right? Which are somewhat related. I think what you saw, you know, in the guidance setting process coming out of a, you know. Even though we guided robustly, you know, for the year, we, I think we did well for the quarter.
Mm-hmm.
Still cautious because we're looking at that close rate number. Close rate was not a variable in the guidance setting process that we had to spend a lot of time with for years and years and years. It was very consistent. That has certainly changed now in the current environment, and I think we've offered some caution in that area.
Yeah. Is that still the case now, like what you're seeing so far this quarter?
Yeah.
is it because it's more back-end loaded?
I haven't seen anything to indicate. Yeah. I would offer the same comments today about close rate and pipeline that I did before.
Yeah. Okay. Great. With that, we'll pause for a minute and see if there's anyone in the audience that would like to ask a question. All right. We have one up front. Just wait, there's someone's running with the mic. Yeah.
Hi. You mentioned that you think the Fortune 50 to Fortune 100, right? That's the group that can use separate boxes, right? Everybody else would benefit from using a consolidated box. What portion of the spend do the security spend do they represent?
What percentage of the security spend would the Fortune 100 represent?
Yes. The ones who want to have the ones who can afford to have, best-of-breed boxes for everything.
I think that for us, in terms of our business, off the top of my head, it would be a very small percentage of the total business.
Industry.
Of the industry? I'll refer to somebody else that may have a breakdown by the Fortune 100 spending. I don't.
Yeah. I don't have
Okay.
that breakdown.
Yeah, I would you know, for us, the reason I don't, I should offer, is that, you know, our business model one-third small, one-third mid, one-third large enterprise. Then, amongst the geographic split, if you will, you know, the US for us is less than 30% of total business and 70% is international. Probably we spend a lot more time looking at the total available market, if you will, than the segment you're referring to.
Now, you have been going upmarket, though.
Pardon?
You have been going upmarket.
Extremely successfully, yes. Absolutely. Yep.
One second. Thank you. Are you seeing a change in what drives deal closures over the last few months, i.e. people more cost-conscious or platform-based for your products?
We definitely see some more consolidation trend. That's where if it's a, the existing customer, they also look at the other product we offer, so like the whole fabric approach. Also some deal definitely take a little bit longer time to get close. On the other side, we also see a lot of new total addressable market or use case. That's where whether SD-WAN, the OTA area, which is still pretty healthy, pretty strong growth. Also even internal segmentation, and also I keep mentioning SMB. From the last quarter earnings release, we see also SMB is pretty healthy growth.
Thank you.
Thank you.
Yeah. It seems like you guys' solution is like a combination of hardware and software. Other solutions are like, you know, mainly focused on how to provide more efficient algorithm or software. Do you see any kind of threat from AI, sort of, like, you know, sort of AI solution in the future or anything like that?
Yeah, we're keeping working on AI for probably more than 10 years, both in the intelligence side and also in the product data analysis side, and also in the supporting side. That's where we see kind of a different application, how AI can be used in all these different area. We definitely see some benefit of using AI, lower the cost, be more efficient and also more automate a lot of our response, our intelligent area. It's so far, from probably finance impact, not see much yet. Right.
No.
Pretty much still, but it's really the technology, just like other technology we keep learning, we keep using that. We are open for a lot of new technology, wanna keep inside the company. A lot of R&D projects. It's more forward-looking, for the next 5-10 years. Including a lot of different area, like certain quantum computing, how does it impact the security, and there's some other new technology, 5G, 6G, all this in the area.
We posed a similar question to 20 to 25 CIOs and CISOs at the Accelerate event. The question was, where do you think you start to see AI or Chat appear first, offense or defense? Unanimously it was unfortunately offense, right? The reality is the bad actors can bring things to market, so to speak, much faster than companies can. There's not a lot of QA perhaps that goes on. There's not a re-regulatory oversight. And historically, I think consistent with history, you're gonna see a reaction from those CIOs and the CISOs about how are they gonna go about defending themselves. In terms, you know, what are the technologies that the vendors are gonna provide.
Just to follow up on that, in the last three years you've been working on the ASICs, the three ASICs. Could you talk about how the change in speeds of those ASICs, where are they now and how is that going to be important to your strategy and sales? Like, how is it so important to you on a go-forward basis next couple years?
Yes, we have a three ASIC family. The content processor, network processor, and also the, we call security processor, but it's more like SOC. The latest announced already this year is really the fifth generation of SOC. Sorry, it's SP5 as a kind of a, which double the application we use ASIC to accelerate from 7 SP4 to SP5 is a 14 application we can accelerate now. Using the probably latest 7 nm in the technology, which this ASIC will be used in the product probably within the next few months. That can helping drive for us pretty much the same cost, but you can see the speed will be double, the function will be much more function.
This probably will help in drive additional use case and also even enhance a lot of current solution, both in SD-WAN and OT area, so give us more advantage compared to other competitors. Yeah.
Thank you. Hi. Palo Alto struggled with the first few versions, you know, for the SASE. It took them a few iterations. What's your typical adoption curve? How does it look like for SASE compared to Palo Alto, for example, which took several years to roll it out? What's your strategy?
Not quite clear, but as I think the current version of all called the first generation SASE, definitely, You look at how they process some traffic, you have to forward the traffic to the PoP. Within the PoP there's a multiple machine, each running different functional process at one. We feel that probably not quite efficient and also may not working for certain company area where they, which they wanna keep the data more with their own control. That's where, that's the reason we try to build a SASE within the same OS and leverage both the cloud infrastructure, also the hardware ASIC to accelerate and more broadly deploy. More leverage.
lot of service provider, telecom provider, cloud provider, their infrastructure instead of, just a POP, for some SASE provider which is very, very limited. That's the way we feel SASE should be more integrated and also more broadly deployed, and also more leverage the service provider, both on the infrastructure in their resource, which we also want to support in, this service provider with the best product we can offer.
Just jumping in with 2 quick comments. If you're talking about the timeline of development, I would offer 2 questions or 2 comments. 1 is, you know, we know because we're so faithful to a single operating system, a single platform, that there's times that we may not be the first to market. I think we're first to market with SD-WAN and OT, but I think in SASE, I don't know that we would say that. In terms of when our journey started, I would point you back to an acquisition that we did probably 3 years ago with a small company called Opaq before SASE was really well defined. I think it was still 15 technologies from Gartner.
We test drove that shortly after the acquisition with some customers and got their input, and that really from that point forward, it's been the team, you know, the development team working on the actual product itself and getting it into the operating system and bringing it to market. I think you heard Ken talk about that in a very outspoken fashion during the last earnings call. I think that's kind of the timeline behind it.
Great. I think with that, we're out of time. Thank you everyone for joining us. Ken, Keith, thank you very much as well.
Thank you.
All right. Thanks.