Fatpipe Inc/UT

FatPipe, Inc.

Overview

FatPipe, Inc. develops and sells an integrated, enterprise-class platform for networking, security, and monitoring. The platform is a single software stack delivered as a subscription service and can be deployed on dedicated hardware appliances or as a virtual configuration. It operates across cloud, hybrid cloud, and on-premise environments to support distributed applications, users, and infrastructure.

Products and platform

• Primary offerings: SD-WAN, Secure Access Service Edge (SASE), Network Monitoring Service (NMS), and cybersecurity capabilities.
• Platform characteristics:
  • Unified stack combining networking, security, and monitoring.
  • Subscription-based delivery; hardware and virtual deployment options.
  • Supports cloud, hybrid cloud, and on-premise environments.
• Integrated functionality:
  • SD-WAN: application-aware traffic management, multi-path routing, rapid failover, and bandwidth optimization.
  • Cybersecurity: firewall, intrusion detection and prevention, secure web gateway, content filtering, encrypted connectivity, VPN, application-aware policy enforcement, anomaly detection, and threat protection.
  • SASE: cloud-delivered security features, firewall as a service, geo-fencing, DDoS protection, selective encryption, web filtering, and cloud-hosted security capabilities.
  • NMS: centralized visibility into network performance, device health, and traffic behavior with reporting and analytics; designed to correlate performance with security and traffic data.

Services

• Cybersecurity testing and protection: web application penetration testing, internal network/server testing, vulnerability and port scanning, and managed web application firewall (WAF).
• Professional and support services: technical support, training, and professional services delivered alongside software subscriptions.

Market position and customers

• Customer base: more than 2,500 end-user customers across education, financial services, government, healthcare, hospitality, legal, manufacturing, retail, and transportation.
• Customer concentration: no end-user accounted for more than 10% of total revenue in fiscal years 2025 or 2026.
• Channel and partnerships: network of over 100 partners including distributors, value-added resellers, and ISPs; revenue is influenced by channel partners.
• Revenue concentration by partners:
  • Fiscal year 2026: three channel partners accounted for approximately 39.31% of total revenue.
  • Fiscal year 2025: two channel partners accounted for approximately 49.54% of total revenue (one partner around 45.09%).

Geographic footprint and growth plans

• Primary markets: United States and India, with plans to expand further in North America and parts of Southeast Asia.
• Expansion plans include Mexico and additional Asian markets.
• Considering geography-specific licensing bundles to address market needs.
• Developing partner relationships to support geographic expansion.

Corporate and intellectual property

• Headquarters: FatPipe, Inc. and FatPipe Technologies, Inc. are based in Salt Lake City, Utah. FatPipe Networks Private Limited is headquartered in Chennai, India.
• Employees: 172 full-time as of March 31, 2025 (56 in the United States, 112 in India, 4 in the Philippines).
• Intellectual property: 13 U.S. patents and 7 U.S. trademarks as of March 31, 2026.
• Patent focus: multi-path WAN transmission, load balancing across multiple ISPs, and VoIP over multiple WAN paths.

Recent corporate developments

• Initial public offering: completed in April 2025. Issued and sold 800,004 shares (including over-allotment) at $5.75 per share; gross proceeds about $4.6 million; net proceeds about $3.94 million.
• Nasdaq listing: began trading on The Nasdaq Capital Market under the ticker FATN on April 8, 2025.
• Post-IPO: platform evolved to a single-stack architecture with additional cybersecurity features; sales headcount doubled to increase sales capacity.

Operations and support

• Service model includes technical support, training, and cybersecurity services delivered alongside software subscriptions.
• Global operations and development conducted in multiple locations (United States, India, Philippines) supported by an international partner network.