Deep Intelligence Across Industries

Company Headquarters: New Jersey, US Founded: 2013 Workforce: ~50 Company Working: Sensato Cybersecurity Solutions (Sensato) is listed among the top 500 cybersecurity innovators. The company provides risk assessment, penetration testing, security operations, executive guidance, and software to its customers. Sensato works with the government, the US Department of Defense, finance, healthcare, and critical infrastructure industries. Its MD-COP provides hospitals with a dedicated security operations center, medical device breach detection system, medical device cybersecurity risk assessment, medical device cybersecurity policy, medical device manufacturer risk assessment and scoring, on-going threat intelligence, and medical device cybersecurity best practices. The Nightingale software sets a trap, creating an isolated and monitored server that appears to be a high-value target to the attackers. Drawing attackers to it, the server allows the anomalous activity to be detected quickly, so Sensato can monitor the attacker’s action and then initiate countermeasures.

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Company Headquarters: California, Canada Founded: 1987 Workforce: ~10,000 Company Working: McAfee, LLC (McAfee) is a global organization whose historical accomplishments are founded upon decades of threat and vulnerability research, product innovation, practical application, and a brand which individuals, organizations, and governments trust. The company deals in software and services for consumers as well as enterprises. McAfee has offices located across the US, the UK, Australia, Singapore, Mexico, India, France, South Africa, and China, among others.

Company Headquarters: US Founded: 1993 Workforce: ~4,800 Company Working: Informatica is a global leader in enterprise cloud data management offering enterprise data integration and data quality software & services. The prod ucts offered by the company include big data, cloud integration, data integration, data quality, data security, Informatica platform, integration platform as a service, and master data management. Whereas the solutions provided by Informatica comprise of application consolidation, rationalization & modernization, cloud solutions, data governance, next-generation analytics, total customer relationships, industry solutions, marketplace solutions, and among others. Informatica serves about 9,500 customers in 82 countries across the globe. Also, the company has 8 research and development centers spread worldwide.

Company Headquarters: California, US Founded: 2003 Workforce: ~50 Company Working: Untangle Inc. (Untangle) is a cybersecurity solutions provider for large enterprises and SMEs, home offices, non-profits, schools, and governmental organizations. The integrated suite of software and appliances offered by the company provides enterprise-grade capabilities to optimize their networks and safeguarding their data and devices. The Network Security Framework provided by the company offers cloud-managed security and connectivity options to ensure monitoring, protection, and control across the entire digital attack surface from headquarters to the network edge. Untangle serves education, healthcare, BFSI, hospitality, retail, government, and manufacturing, among many other industries. The company has around 40,000 customers across the globe with key customers from North America.

Company Headquarters: Israel Founded: 2015 Workforce: ~500 Company Working: Cato Network is a provider of the SASE platform, converging SD-WAN, and network security into a global, cloud-native service. The company offers a cloud-based solution for the usage of public mobile and cloud applications. Cato Network helps midsize enterprises to streamline their global network security operations and reduces MPLS connectivity costs by eliminating branch appliances, providing direct, secure internet access, and integrating mobile users and cloud infrastructures with the enterprise network.

Company Headquarters: US Founded: 2002 Workforce: ~1000 Company Working: Riverbed Technology develops solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs). The company offers solutions for branch offices, mobile workers, private data centers, private clouds, and cloud computing. Its product portfolio consists of Steelhead products and the Cascade product line. Also, its Riverbed Optimization System (RiOS), consists of hardware and software products that address the fundamental performance limitations of distributed computing environments. Riverbed’s flagship Steelhead products enable its customers to enhance the performance of their applications and access to their data across WANs, by increasing transmission speeds by 5 to 50 times and in some cases by up to 100 times.

Company Headquarters: US Founded: 2009 Workforce: ~500 Company Working: Aryaka Networks India Pvt Ltd provides optimized, software-defined network connectivity and application acceleration to globally distributed enterprises. The company offers networking services to more than 10 million users across more than 4,000 sites. Aryaka Networks India Pvt Ltd has expertise in WAN Optimization, Content Delivery, Web App Delivery, IP App Delivery, TCP Optimization, CDN, WAN as-a-Service, Cloud Networking, Branch Office Acceleration, Cloud Acceleration, and Mobile Acceleration. Leading brands such as Skullcandy, Air China, Freescale Semiconductor, and ThoughtWorks, as well as partners such as Microsoft Azure, AWS, Intelisys, and SK Broadband, have all chosen Aryaka for their enterprise-grade networking needs.

Company Headquarters: US Founded: 2002 Workforce: ~100 Company Working: Ecessa Corporation is a leader in wide-area networking (WAN) technology development that helps businesses run better by improving Internet and cloud performance. The company provides WAN virtualization offerings that help companies in designing, deploying, and managing multi-layer wide area networks. The WAN virtualization offering consists of network architecture, hardware, software, monitoring, and support. Its new WANworX virtualization offering helps in improving network performance. The company’s WAN optimization offerings enable small-to-medium-sized enterprises with single locations, or simpler connectivity needs to reliably run their Internet-based applications and distribute traffic among multiple, diverse WAN links to ensure business continuity by removing bottlenecks, and disaster recovery by eliminating network downtime.

Company Headquarters: U.S Founded: 2004 Workforce: ~100 Company Working: Silver Peak Systems, Inc. is a provider of WAN products and solutions. The company develops products for WAN optimization, SD-WAN, among others. Silver peak offers products and solutions for enterprises and service providers. Its enterprise solutions include SD-WAN, hybrid WAN, router replacement, WAN edge security, WAN optimization, voice and voice over broadband, and multi-cloud networking. For service providers, the company offers service provider SD-WAN. For services providers and enterprises, its product offerings include Unity EdgeConnect, Unity Orchestrator, and Unity Boost WAN optimization. Silver Peak operates worldwide.

Company Headquarters: U.S Founded: 1930 Workforce: ~ 136,000 Company Working: CenturyLink, Inc. is a provider of integrated communications to residential and business customers. It operates through the business and consumer segments. The business segment provides local and long-distance voice services, VPN data network, private line, ethernet services, managed services, network security, information technology, wavelength, broadband, colocation, and data center services, professional and other services provided as after-sales services, and various other ancillary services to small, medium and enterprise businesses, wholesale and government customers, and other communication providers. The consumer segment provides broadband, local and long-distance voice, video, and other ancillary services to residential customers. The company operates primarily in the U.S.

Company Headquarters: UK Founded: 2013 Workforce: ~200 Company Working: Cloudgenix, Inc is a provider of networking products and solutions. Its product line includes autonomous SD-WAN, CloudBlades infrastructure platform, Clarity WAN Analytics, Cloudgenix AppFabric, and ION family of devices. The company’s solution offerings include SD-WAN, simplified branch office, cloud and SaaS platform, network and application visibility, and others. The company operates in the US.

Company Headquarters: US Founded: 2012 Workforce: ~100 Company Working: Versa Networks is a provider of network infrastructure systems. The company provides wide area network (WAN) and branch solutions for service providers and enterprises. The company’s product offerings include cloud IP services platforms, networking and security management software, and network analytics tools. Enterprise offerings include software-defined wide area networks (SD-WAN), software-defined branch (SD-branch), and SD-WAN security. Versa Networks’ offerings for service providers include managed SD-Branch, managed SD-WAN, managed SD-Security, and managed SD-Router. The company operates in North America, Europe, the Asia-Pacific, and the Middle East & Africa.

Company Headquarters: Netherlands Founded: 1999 Workforce: ~200 Company Working: NetNumber Inc. is an American telecommunications solutions provider. The company’s product offerings include subscriber data management, signaling and routing control, policy and access control, and fraud and security. The company also provides communication services, private LTE network solutions, IoT and M2M communications, and interconnect services. For the singaling system 7 market, the company offers signaling firewalls and signaling transfer point (STP) routers. The company operates globally.

Company Headquarters: UK Founded: 2001 Workforce: ~11-50 Company Working: Squire Technologies LTD (Squire Technologies) is a privately held company specialized in core network products offering to the telecom industry. The company comprises highly trained integration specialists focus on product enhancement and are committed to providing ongoing support and enhancement services. The company operates through three business segments namely, solution, products, and services. The product segment consists of the SS7, SS7 to VoIP + IMS, SMS, VoIP + VoLTE products. The company continues to deliver services in the fixed and mobile networks, ISP’s, system integrators and complimentary telecom equipment suppliers

Company Headquarters: US Founded: 2012 Workforce: ~51-200 Company Working: Diametriq LLC is a privately held company engaged in providing high-performance Diameter signaling solutions to LTE wireless operators. It offers Diameter Routing Engine (DRE), including Diameter Routing Agent (DRA), Diameter Edge Agent (DEA), a Subscription Locator Function (SLF), and a Diameter Interworking Function (IWF). These offerings focus on smart signaling that meets heavy traffic demands of 4G and LTE networks. The company was formed from IntelliNet Technologies which was one of the first companies to deploy the diameter protocol stack. The DRE offers load balancing, roaming and interworking solution that can be managed with respect to an operator’s requirements. Furthermore, the DRE is a suite of diameter signaling controller applications hosted on the Diametriq Diameter platform and can be easily integrated with other applications such as roamer steering or analytics. The company operates in the US and India.

Company Headquarters: US Founded: 1983 Workforce: 160 Company Working: Dialogic Corporation is a privately held company engaged in cloud-optimized solutions for real-time communications media, applications, and infrastructure. It also offers communication platforms and technologies to service providers and enterprises. The communication platform enhances the performance of mobile, video, Internet Protocol (IP), and time-division multiplexing (TDM) solutions. The company also offers products including intelligent call controls, soft switches, control switch systems, session border controllers, media gateways, diameter signaling controllers, network congestion and voice compressions, and diameter, SIGTRAN, and SS7 components. Furthermore, Dialogic also offers various solutions, including IP Multimedia Subsystem (IMS) for Voice over LTE (VoLTE) and Voice over Wi-Fi (VoWiFi) to companies. The company operates globally.

Company Headquarters: Canada Founded: 2001 Workforce: 756 Company Working: Sandvine Corporation is engaged in developing and marketing network equipment and solutions for broadband and wireless operators. The company also offers services through mobile, DSL, cable, fixed wireless, and FTTx Internet access technologies. In 2016, the company was acquired by Procera Networks Inc., which offers network visibility and control across mobile and fixed broadband networks, transforming data into actionable intelligence for operators to make informed business decisions and enhance the subscriber experience. The company works under the name of Sandvine Corporation. After the acquisition, Sandvine has over 200 Tier 1 service providers, which covers 12 of the top 20 mobile carriers, spanning across 1.7 billion subscribers, over 500 enterprise customers, and over 40 OEM partners in nearly 100 countries.

Company Headquarters: Massachusetts, US Founded: 2005 Workforce: ~500 Company Working: Mendix Tech BV (Mendix) is a Siemens business that engages in the provision of no-code or low-code application development for the enterprise. The platform offered by the company, Mendix, offers capabilities such as visual development, AIassisted development guides which automates redundant tasks and prevents defects, and purpose-built IDEs to create apps with no code, low-code, or custom code extensions which helps in designing, building, integrating, testing, deploying, and managing enterprise apps at scale. About 4000 companies across the globe are using Mendix. The company joined Siemens under the latter’s software group business division in 2018.

Company Headquarters: US Founded: 2001 Workforce: ~ 1,150 Company Working: OutSystems offers a low-code platform for web and mobile enterprise application development. The solutions offered by OutSystems’ platform combine the capabilities of low-code development which enables the visual development of entire application portfolios which can be easily integrated with the existing systems. OutSystems platform offers a full-stack visual development, single-click deployment, in-app feedback, automatic refactoring, and scalable architecture. Also, the platform can be easily integrated with any external enterprise systems such as ERP and CRM, database, or custom apps. The company offers solutions for insurance, banking, healthcare, government, and education industry. OutSystems operates globally with over 1200 customers and offices in 60 countries including the US, the Netherlands, Portugal, the UK, Germany, the UAE, Australia, Hong Kong, Japan, Malaysia, and Singapore.

Udemy was the largest open, instructor-supplied online learning marketplace to reach public-market scale, and the only one to convert that consumer marketplace into a genuine enterprise SaaS franchise. Its structural advantage was supply: roughly 290,000 courses from over 90,000 instructors in 78 languages, refreshed at approximately 6,300 new courses per month, giving it unmatched breadth and currency in fast-moving technical subjects — particularly generative AI. Its structural weakness was the same marketplace: transactional consumer revenue that decayed as search and large language models absorbed casual learning demand, and enterprise net dollar retention that fell to 93% by end-2025. Under CEO Hugo Sarrazin (from March 2025), Udemy pivoted hard to subscription-first monetisation and AI-native product (Role Play, MCP server, Altus), delivering its first full year of GAAP profitability in 2025 on flat revenue. That profitability arrived too late to restore growth, and Udemy sold itself to Coursera in an all-stock combination completed May 2026. FY2022 and FY2023 figures are as disclosed in the respective Form 10-Ks. FY2025 (1,380) is as disclosed in the FY2025 Form 10-K. Note the counter-intuitive increase between 2024 and 2025: the September 2024 restructuring explicitly contemplated rehiring roughly half of the 280 affected roles in lower-cost geographies, and that rehiring landed largely in 2025. --- ### The company's own description (FY2025 Form 10-K, Item 1) Udemy described its mission as "to transform lives through learning." It characterised itself as "a global learning company, which underwent a strategic transformation in 2025," operating an "AI-powered skills acceleration platform" that "empowers organizations and individuals with flexible, measurable, and outcome-driven learning experiences." The filing stated that Udemy's learning marketplace "enables tens of thousands of instructors to develop, distribute and enhance content that reaches Udemy's broad global audience of nearly 84 million learners," and that the company leverages AI, data and insights — including proprietary Role Play technology and Model Context Protocol (MCP) capabilities — to deliver personalised, immersive learning. Highest-quality marketplace content is curated for Udemy Business, the enterprise SaaS platform, which offers on-demand learning for all employees, "immersive laboratory-style learning for tech teams and cohort-based learning focused on leadership development." ### Independent characterisation Udemy operated a two-sided marketplace flywheel with an enterprise distribution layer bolted on top. The economic logic is worth stating precisely, because it explains both the company's high-growth phase and its terminal stall. On the supply side, instructors — not Udemy — bore the content production cost. They created courses, retained ownership, and were paid a revenue share. This gave Udemy a near-zero marginal cost of catalogue expansion and an unusually fast content refresh cycle: top instructors updated courses on average five times per year in 2025, and the platform added over 6,300 courses monthly. In 2025 instructors collectively earned $168 million; the top 11 each earned over $1 million, and nearly 1,600 earned more than the average annual income in their home country. On the demand side, the direct-to-consumer marketplace performed three functions simultaneously: it generated cash revenue, it acted as a quality filter (learner ratings determined which of the ~290,000 courses were promoted into the ~33,000-title Udemy Business collection), and it produced organic enterprise leads. Roughly 40 million monthly unique visitors in 2025, with 85% of marketplace traffic originating outside the United States and only 15% from the US, made this an inherently global funnel. The enterprise layer, Udemy Business, monetised the curated subset via per-seat annual and multi-year subscriptions, with content exclusivity clauses binding instructors whose courses entered the UB collection (exclusivity persists while the content is in the collection, with up to a 12-month tail after opt-out). This is the source of the company's defensibility claim. **Revenue model mix.** Udemy reported through two operating and reportable segments: - **Enterprise (Udemy Business)** — 66% of FY2025 revenue; almost entirely subscription ($521.5M of $524.1M segment revenue in FY2025), with a small professional-services and other component ($2.6M). - **Consumer** — 34% of FY2025 revenue; a mix of transactional single-course purchases with lifetime access ($221.3M in FY2025) and a rapidly growing consumer subscription (Personal Plan) line ($44.5M, +44% year over year). Consolidated subscription revenue reached $566.0 million in FY2025, or 72% of total revenue, up from 66% in FY2024 — a 600 basis point mix shift in a single year and the central financial fact of the Sarrazin transformation. **Value chain position.** Udemy sat between individual subject-matter experts (supply) and two distinct buyer classes: individual learners paying with their own money, and corporate L&D budgets. It did not own content, did not accredit degrees, and did not own the workflow surfaces where learning is consumed at work — hence the strategic emphasis on LMS/LXP integrations (Cornerstone OnDemand, Degreed, ServiceNow, Workday) and, from 2025, on an MCP server allowing enterprises to embed Udemy content inside their own LLM deployments. **Customer types and end-markets.** More than 17,000 Udemy Business customers across more than 150 countries at end-2025. Large customers (≥1,000 employees) represented approximately 74% of UB revenue in FY2025, numbering nearly 5,800. Vertical concentration was described as strongest in financial services, technology and manufacturing, where AI adoption was accelerating. Named customers include Ericsson, Samsung SDS America, ON24, Tata Consultancy Services, The World Bank and Volkswagen. Consumer end-market is global professional and personal skills development. **Seasonality.** Higher UB bookings in Q4 driven by corporate buying patterns, plus Q4 consumer holiday promotions. Revenue recognition lags bookings materially: UB subscription revenue is recognised over the contract term, consumer single-course purchases over an estimated four-month service period, and consumer subscriptions over the subscription term. The quarter of peak bookings therefore differs from the quarter of peak recognised revenue, and remaining performance obligations grow fastest in Q4.

Company Headquarters: US Founded: 2012 Workforce: ~450 Company Working: edX Inc (edX) is a non-profit organization, providing platform for education and learning. It has more than 20 million learners from top-ranked universities and companies across the globe. It helps customers in entering the job market, changing fields, and exploring new interests among others. edX provides courses on topics including computer science, languages, engineering, psychology, writing, electronics, biology, marketing among others. The major partners of edX include Massachusetts Institute of Technology, Harvard University, Microsoft, among others.

Company Headquarters: India Founded: 2008 Workforce: ~5000 Company Working: BYJU’s is of the largest education technology company and the creator of India’s largest K12 learning that offers highly adaptive, effective and engaging learning programs for students from classes 4–12 and competitive exams like NEET, JEE, GRE, CAT, IAS, and GMAT. BYJU’s has over 33 million downloads and over 2.3 million annual paid subscriptions. Company claims that on an average, students spend around 64 minutes on the app every day. The app delivers world-class learning experience by making use of original content, interactive simulations, rich animations, and engaging video lessons from India’s best teachers. Its investors include Chan-Zuckerberg Initiative, Sequoia Capital India, Light Speed Venture Partners, and others.

Company Headquarters: India Founded: 1999 Workforce: ~ 500 Company Working: Classteacher Learning Systems is an educational institutional component company and offers interactive learning technologies by providing digital classrooms solutions to over 1500 schools, 2 million students and 75,000 educators across India. Classteacher Learning Systems is one of the first companies in India to introduce digital whiteboards. The company specializes in virtual learning systems, language lab, ATL, white smart board, digital interactive curriculum, integrated digital interactive classroom, the clip, robotics, virtual science lab, and 3D stereoscopic content. The company offers various school and home solutions such as classconnect, classpad, curriculum library, iperform, iPerform offline, and preloaded classpad.

Company Headquarters: US Founded: 2011 Workforce: ~ 500 Company Working: Udacity Inc offers online education courses along with its partners. Their online courses teach the skills that industry employers need and help in delivering credentials endorsed by employers. The company offers Nano degree programs in web development, mobile development, data science & analysis, machine learning & deep learning, robotics, self-driving car, artificial intelligence, digital marketing, and virtual reality. The company works with leading technology leaders with critical technical skills to provide online education through its flexible and powerful digital education platform.

Company Headquarters: US Founded: 1997 Workforce: ~ 5000 Company Working: PowerSchool Group offers an education technology platform known as PowerSchool. The company’s software products include student information systems, online student enrolment and registration, assessment, analytics, special education case management, enterprise resource planning, and a learning management system. The PowerSchool platform was initially released in April 1999. The company offers student information systems and performance solutions for K-12 schools and districts. Its products include PowerSchool, PowerSchool SMS, Power Teacher, Power Teacher Mobile, School net Instructional Improvement System and Pearson Inform. The company is one of the leading providers of K-12 education application technology that are supporting over 45 million students in over 80 countries.