Intapp takes "significant" investment from Temasek to accelerate growth
Following longstanding rumours that Intapp is to float, the Silicon Valley-headquartered company has announced today (12 April) that it is to take “significant” investment from Singapore-based investment company Temasek in order to expand and build out its product roadmap, including extending its solutions for the broader professional services market.
Intapp, which now employs north of 400 people and outside of Silicon Valley has business operations in New York, Atlanta, London and Sydney, will use the funds to achieve growth “organically and through acquisitions” as well as developing and extending its products, particularly around the customer engagement lifecycle.
Some of the money injected by Temasek will buyout a share of the equity owned by Boston-based private equity firm Great Hill Partners, which invested an undisclosed sum in 2013, when it became Intapp’s first external investor. Since that investment four years ago, which saw the exit of Intapp co-founder Tino Wuensche, Intapp has added 400 new clients and achieved revenue growth of 400%. It also acquired UK cloud-based time recording rival Rekoop in January 2016 as it moves all of its product stack towards a cloud offering.
Great Hill will maintain an investment in Intapp and continue to play an active role in the company.
Contrary to market rumours, Intapp did not look for an IPO in this latest round of investment, according to President Dan Tacone (pictured), and nor are its co-founders, senior vice president, technology, Dan Harsell or chief product officer Thad Jampol looking for an exit. Both will maintain their current roles going forward.
Speaking to Legal IT Insider Tacone said: “This is all about investing in the roadmap.”
“Great Hill invested four years ago in the first outside investment the company took and it turned out to be everything we expected and more.” He adds: “We have a specific product roadmap and part of that is getting everything to the cloud but a significant part is building out the engagement lifecycle and the workflows we want to build out to fulfil that engagement lifecycle. We will use the investment to build or accelerate the technology and services to help build that roadmap.”
Intapp has been increasingly focusing on business intake and client onboarding software, in April 2016 releasing Intapp Open terms of business management system, which helps law firms reduce risk by centralising outside counsel guidelines, engagement letters and other client requirement documents. Intapp Open Experience, which has yet to be formally marketed, helps law firms in engaging with clients in terms of understanding their big picture objectives.
In selecting Temasek, Intapp engaged with around 40 potential investors at the end of the last year. Tacone said: “In any relationship it’s about more than just money. Temasek is a very established and respected firm. We respect their judgement and they have been very supportive already.”
A member of the Temasek management team is expected to have a place on the Intapp board, although the company has yet to announce any details.
While Tacone wouldn’t be drawn further on the exact size of the investment by Temasek, he said: “It’s not just about investing and buying some of Great Hill’s share but about putting aside investment for organic and acquired growth.”
There are no imminent acquisitions on the horizon and Tacone added: “We have nothing to report at the moment. We have built our short and long term roadmaps to fulfil our goals as relate to those road maps and we look at products and services that we will make versus buy. We continue to have conversations but there is nothing on the horizon.”
Intapp plans to bolster its internal capabilities including building in the UK, where it has close to 60 staff, and in Palo Alto.