Intapp, Inc.

Intapp is a leading global provider of AI-powered solutions for professional firms in highly regulated industries, including accounting, consulting, investment banking, legal, private capital, and real assets. These industries are largely comprised of elite, partner-led firms that together form one of the largest sectors of the global economy, operating in highly connected ecosystems and facing complex regulatory and competitive pressures. Historically, firms in these industries relied on internally built technology solutions, legacy on-premises software, or horizontal software providers that required heavy customization, but they are increasingly embracing industry-specific software and AI technology to achieve improved growth, investment returns, productivity, risk management, and client experience.

Intapp competes with a wide range of established and emerging providers, including legacy systems, horizontal platforms, and specialized vertical solutions. The principal competitive factors include deep domain experience, product innovation, purpose-built solutions, complete end-to-end platform capabilities, AI-native and emerging startup solutions, a track record of delivering value, strong security and privacy commitment, and brand reputation. Intapp is trusted by many of the world's elite firms, including 97 of the Am Law 100 law firms, 17 of the top 20 accounting firms, and over 1,700 private capital, investment banking, and real assets firms. As of June 30, 2026, Intapp had more than 1,400 enterprise clients with contracts greater than $50,000 of annual recurring revenues, up from 1,275 clients at the end of fiscal year 2025, representing a 10% increase ¹.

Intapp generates revenue primarily through subscription-based SaaS solutions, with subscription terms typically varying from one to three years. The business model is a land-and-expand approach, where clients typically adopt one solution for a specific use case and then expand by adopting more solutions, adding more users, and deploying to other parts of their organization over time, with client lifetimes often spanning more than a decade. The company also generates revenue from professional services, including implementation services, and from license sales, though the core focus is on recurring SaaS and support revenues.

Intapp's product suite is built on a cloud-based platform and organized around several key areas. Firm AI is the integrated architecture that applies AI and expert coworker agents to firm operations, composed of four layers: expert coworker agents executing firm playbooks, a proprietary data and semantic understanding layer including the Intapp Data Foundation, a professional-compliance and trust substrate anchored by Intapp Walls for AI, and a decision-tracing layer for audit trails. Intapp Celeste is the agentic AI coworker that drives the Firm AI strategy, enabling professionals and AI agents to work together on a single platform. Intapp growth products include DealCloud, which serves as a customer relationship management, deal management, experience management, and relationship intelligence solution for partners and professionals across all markets, and Intapp Properties, which enables real assets firms to manage the full investment lifecycle. Intapp compliance products include Intapp Terms, Intapp Employee Compliance, Intapp Intake, Intapp Conflicts, and Intapp Walls for AI, which help firms evaluate new business, onboard clients, and monitor risk. Intapp profitability products include Intapp Time and Intapp Billstream, which streamline time capture and prebilling. Intapp collaboration products include Intapp Collaboration and Intapp Workspaces, which integrate with Microsoft 365, Teams, and SharePoint. The Intapp Data Foundation serves as the core architecture for securely managing, integrating, and analyzing proprietary and third-party data, supporting over 150 technology and data partners ².

Intapp's cloud infrastructure is built on Microsoft Azure and provides high availability, robust data security, and seamless integration across all cloud-based products. Key capabilities include a multi-tenant architecture, a single unified codebase with quarterly major releases and monthly maintenance releases, enterprise-grade security with data encrypted both in transit and at rest, and an open ecosystem with APIs supporting the Model Context Protocol. The company's applied AI strategy embeds industry-specific AI throughout the platform, leveraging automation, machine learning, deep learning, and generative AI, with Intapp Celeste extending these capabilities by enabling AI agents to execute multi-step workflows directly within firm operations.

In fiscal year 2025, Intapp completed the acquisition of TermSheet, a software provider to real estate teams, which was rebranded as Intapp Properties. The company has successfully completed 12 acquisitions over the past 14 years. Intapp has a strategic alliance with Microsoft, which delivers value through joint innovation, joint marketing, and increased sales via the Azure Marketplace. As of June 30, 2026, Intapp had 1,340 full-time employees ³, primarily located in the U.S. and the U.K. The company also utilizes independent contractors and consultants, including a substantial number of developers working in research and development. Intapp has a growing partner ecosystem with more than 150 data, technology, services, and implementation partners ⁴.

In fiscal year 2026, total revenues were $534.7 million ⁵, compared to $460.7 million ⁶ in fiscal year 2025 and $390.7 million ⁷ in fiscal year 2024. SaaS and support revenues were $434.0 million ⁸ in fiscal year 2026, up from $363.3 million ⁹ in fiscal year 2025 and $299.8 million ¹⁰ in fiscal year 2024. Net loss was $27.8 million ¹¹ in fiscal year 2026, compared to a net loss of $37.9 million ¹² in fiscal year 2025 and a net loss of $52.4 million ¹³ in fiscal year 2024. Adjusted EBITDA was $79.0 million ¹⁴ in fiscal year 2026, compared to $53.5 million ¹⁵ in fiscal year 2025 and $27.3 million ¹⁶ in fiscal year 2024. Cash and cash equivalents were $131.5 million ¹⁷ as of June 30, 2026, compared to $119.5 million ¹⁸ as of June 30, 2025.

Intapp's primary growth vector is capitalizing on the generational change in work driven by AI, particularly the rapid advancement of generative and agentic AI. The company's Firm AI strategy, anchored by Intapp Celeste, is designed to enable firms to execute multi-step workflows across data sources and business rules, expanding the value of cloud offerings. The company is also pursuing growth by moving upmarket into larger enterprise clients, which face increasingly complex operational, regulatory, and client demands, and by expanding within its existing client base through its land-and-expand model, where client lifetimes often span more than a decade.

Intapp is continuing to lead the market shift to the cloud, as mission-critical applications are increasingly delivered via the cloud, driven by the needs of the next generation of professionals requiring real-time collaboration and access to data from anywhere. The company plans to continue investing in research and development to enhance existing solutions and develop new ones, particularly extending AI and data science capabilities. Additionally, Intapp is broadening its geographical reach, analyzing global market trends to identify areas for expansion and intending to establish a presence in additional international markets. The company is also serving new and adjacent markets, such as corporate legal and corporate development teams, as professionals move from law firms and investment banks to these teams.

Intapp expects to continue incurring losses for the near term as it intends to continue investing in product development, sales and marketing programs, and acquisitions to support further growth. The company also expects increased general and administrative expenses associated with growth, including costs related to internal systems and operating as a public company. These expenditures may not result in additional revenues or growth.

Intapp's research and development teams are primarily located in Belfast, Northern Ireland; Palo Alto, California; Lisbon, Portugal; Charlotte, North Carolina; Berlin, Germany; and London, U.K. The company also utilizes a substantial number of independent contractors and consultants working in research and development throughout the world. Intapp's cloud infrastructure is built on Microsoft Azure, providing high availability, robust data security, and seamless integration, with capabilities like multi-zone redundancy and proactive monitoring.

Intapp does not disclose specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures in the filing beyond the context of its credit agreement and share repurchase programs authorized on August 7, 2025 and January 29, 2026, though no specific dollar amounts for these authorizations are provided in the filing text.

Intapp faces structural headwinds including the lengthy and unpredictable sales cycle for its solutions, which often requires extensive pre-purchase evaluation and client due diligence, especially for larger enterprise clients. The company's business is concentrated in the accounting, consulting, investment banking, legal, private capital, and real assets industries, and factors that adversely affect these industries, such as economic downturns, inflation, fluctuating interest rates, and industry consolidation, could adversely affect Intapp's business. The company also faces risks related to the rapid evolution of AI technology, including potential accuracy, bias, toxicity, privacy, and security issues, as well as evolving regulations such as the European Union's Artificial Intelligence Act.

Geographic and regulatory factors identified as constraints include the company's international sales and operations, which subject it to additional risks such as compliance with varying foreign laws and regulations, including data protection laws like the GDPR and the CCPA/CPRA. Changes in laws or regulations relating to privacy, data protection, or AI could adversely affect the business and subject it to liability, fines, and reputational harm. The company also notes that initiatives to reduce federal government spending may directly or indirectly negatively impact the business of its clients.

Intapp's business is concentrated in the accounting, consulting, investment banking, legal, private capital, and real assets industries, and a downturn in these industries or general economic conditions, including inflation, fluctuating interest rates, and industry consolidation, could materially reduce demand for its solutions. The company faces significant cybersecurity risks, as its solutions involve processing and storing large amounts of confidential client data, and security breaches could result in loss of clients, reputational harm, and liability; the company notes that it is the target of malicious cyberattack attempts in the normal course of business. The rapid evolution of AI technology presents risks, including potential inaccuracies, bias, and regulatory challenges, and the company's AI initiatives, such as Intapp Celeste, may not achieve market acceptance or could result in liability if AI-generated outputs are flawed or violate intellectual property or privacy rights. The company has a history of losses, with net losses of $27.8 million ¹⁹ in fiscal year 2026, $37.9 million ²⁰ in fiscal year 2025, and $52.4 million ²¹ in fiscal year 2024, and may not achieve or maintain profitability in the future. Additionally, the company's sales cycles are lengthy and unpredictable, often requiring extensive pre-purchase evaluation, which can cause significant resource expenditure without assurance of revenue.

Management's overall tone is forward-looking and focused on the significant opportunity presented by AI-driven transformation in professional services. The key themes emphasized are the company's Firm AI strategy, led by Intapp Celeste, as a generational shift in how professional firms operate; the continued land-and-expand growth model within a large, underserved market; and the strategic importance of moving upmarket to larger enterprise clients. Management highlights that Intapp is trusted by 97 of the Am Law 100 law firms, 17 of the top 20 accounting firms, and over 1,700 private capital, investment banking, and real assets firms, and that as of June 30, 2026, the company had more than 1,400 enterprise clients with contracts greater than $50,000 of ARR ²², up from 1,275 at the end of fiscal year 2025 ²³. The company's growth strategies include capitalizing on AI-driven demand, expanding within the existing client base, leading the market shift to the cloud, adding new solutions, broadening geographical reach, serving new adjacent markets, and selectively pursuing strategic transactions.