Intapp acquires Rekoop – the full story
When it comes to buying companies, Intapp has clearly learned a thing or two.
As the acquisition of UK cloud-based time recording provider Rekoop was announced at 9am GMT on 22 January, clients of both companies simultaneously received a personal email from Rekoop’s co-founder Phil Wedgwood and Intapp’s vice president of customer relationship management Eldean Ward.
It’s a nice touch that the Rekoop website has already had a blue face lift.
At Intapp, provider of leading on-premises time recording software Intapp Time, VP of marketing Dan Bressler told Legal IT Insider: “It’s a complicated process but at least we want everyone to understand we’re taking it seriously and know who to call if they have any questions.”
Clients have plenty of questions, although the initial reaction seems to be positive. At DLA Piper, chief information officer Daniel Pollick said: “It’s a good thing. We are customers of both companies, and we believe that they have complementary products. We are interested to understand how Rekoop and Intapp’s time products will converge.”
The number of clients a combined Intapp Time and Rekoop have between them equates to around 70% of the time recording market, followed by Tikit’s Carpe Diem with around a third of market share. Notably Rekoop’s cloud-based solution gives Intapp Time access to a far broader client base, having previously largely focussed on the top 100.
However, there are inevitably questions in the wider market as to Intapp’s plans for both products going forward and whether the move will create uncertainty among clients about to select one or other system. Intapp’s strategy revolves around the belief that ultimately clients themselves will migrate to the cloud but until that time, Intapp will continue to offer two solutions.
Intapp’s chief operating officer Don Coleman told Legal IT Insider: “Fundamentally we are making an investment in the cloud. “We want to make sure that we are both in the cloud and offering choice for customers not ready for the cloud. Firms are at different stages in their adoption cycle and we want to provide a best-in-class solution whatever stage they’re at.
“In the very long term we believe most software will be delivered via the cloud but in the mid-term many firms will prefer on premises solutions for security and control reasons.
“We will continue to innovate in our on-premises solution but will also have a solution for firms ready to take that step.”
Coleman added: “Over the long term, we will try to bring together the evolution of those products so it will feel like each of those products is made by one company.”
Wedgwood has joined Intapp and will head the company’s Time Practice Group, joined by the Rekoop engineering, support and services teams.
Intapp will maintain the Rekoop office in Manchester, further expanding the company’s footprint in the UK to more than 40 employees.
Coleman said: “This deal with Intapp will allow greater investment in Rekoop and will accelerate hiring in the UK.”
This article was first published in Legal IT Insider