Term used by business personnel in order to explain any and all connections between computer systems. Origin of this meaning come from marketing and sales departments, where the lack of technical understanding led them to conclude that a 'pipe' = a data feed and you just 'fit' it in order to connect multiple systems.
There is a pipefit between those databases
All we have to do is pay for a pipefit to get all that data out of there
IT is working on how to pipefit those two systems