We are a reputable SD-WAN router supplier focusing on the design, development, promotion and sale of our products and services. Our products and services are used by corporate users (such as multinational companies) and industry users (including transportation, retail and education industries). The SD-WAN router market is part of the global router market. According to the Quocirca report, we were the fifth largest international SD-WAN router supplier in 2015 by revenue value. Furthermore, according to the Quocirca report, the SD-WAN router market is expected to grow at a CAGR of 31.8% from 2015 to about $1.51 billion in 2020. Since our establishment in 2006, we have been focusing on developing SD-WAN routers to help organizations solve their WAN connection problems, including increasing their bandwidth, reducing their network costs, and ensuring the stability of WAN connections, so that they can use email to achieve key resources such as enterprise resource planning, file sharing, and video conferencing. We promote and sell our products and services to customers and end users under our own brands “Peplink” and “Pepwave”. Our revenue mainly comes from selling our self-developed SD-WAN routers, divided into wired and wireless routers, and running our proprietary patented SpeedFusion (a technology specially designed to connect multiple WAN connections and create secure private networks). Additionally, our revenue comes from software licensing (including InControl cloud services to manage our devices) and the provision of warranty and support services related to SD-WAN router products. We mainly sell products and services through an extensive network of distributors (all independent third parties) in different regions of the world. As of December 31, 2015, we had a total of 415 distributors in around 70 countries. In November 2015, we were awarded the 2015 Deloitte Hi-Tech Fast Growth China Top 50 and Tomorrow's Star, in recognition of our continuous innovation and pursuit of excellence. As of June 18, 2016, we have obtained 9 US patents and 1 UK patent, and have more than 150 international patent applications.
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