Intapp, Inc. (INTA) Earnings Call Transcript & Summary

So welcome. We're really excited to be here today to talk about all of the exciting new developments that we're going to be releasing to our compliance applications over the next sort of 12 to 18 months. Before we get going, I think it's time for some introductions. First of all, there's probably many lawyers on the line. So this is just a quick legal slide that we have to flash out before we talk about anything that's forward looking. So with that done, we can get on to introductions. So I'm Nigel Riley, I'm the General Manager of our Compliance business. And with me today, I have...

Hi, everyone. I'm Alexa Pothier. I'm the Senior Client Experience Director for the Compliance Solutions.

Hi. This is -- I'm Shalaka Natu. I'm the Senior Product Director for Risk and Compliance Solutions.

Hi, everyone. I'm AJ Ratnaparkhi, Senior Director of Product for Risk and Compliance Applications at Intapp.

Fantastic. Thanks, everyone. So just to get going, I think many of you are aware by our snazzy new backgrounds and our new logo that last Thursday was a very important day for Intapp. We launched our new branding and our new brand talking about how Intapp is intelligent supply. And this was a big day for the company because it really -- and what I'm going to do is talk a little bit about where intelligent supply comes from and how -- and then we're going to lead that into talking a little bit about very briefly where we are as a risk business, and then we're going to get to the much more exciting stuff about what we're going to be doing in the near future to deliver more and more for you, our clients. So the really important thing that came out from -- that we talked about a lot last week, and I know some of you were there, so I hope this isn't too repetitive, is that all of you and all of the industries that we serve are different from traditional companies. Traditional companies, they're structured like the diagram on the left. You have a large number of people who work in very distinct operational silos and a couple of those people eventually over time rise to the senior leadership position. And horizontal software companies, as we call them, very strong companies, spend a lot of time selling and providing solutions to these individual departments. We understand that you and in your industries are very, very different. You are a -- the way your companies are structured is you have partners, you have managing directors, senior leaders and you form teams to deliver projects, matters, engagements, deals to your customers. And that means that the company that you as an organization is very, very different. You have a very large number of leaders who run their own parts of the firm. And we, as Intapp, have been focused on serving that for the last 20 years. And we think that the way that our understanding of the way that you are structured and the way that we deliver software and our software helps solve the challenges that come with having a firm like this is incredibly important. And the other thing that is very, very important around Intapp as a company is we are a -- we -- our strategy is that we have best-in-class technologists, many of them based in Silicon Valley, and we also have a very significant number of people who worked within firms. We call them [indiscernible] firm veterans. And look, on the line today, Alexa and I have spent significant amounts of time within firms, and AJ and Shalaka have prior to coming to Intapp worked for some of the largest technology firms on the planet. And we feel that this is a very unique offering from Intapp that we really understand your industries, we really understand how you're different and we have the right team together to be able to really deliver for your particular needs. So that's a little bit about what we talked about last Thursday and a little bit of a reminder of why we think here at Intapp was so well set up to meet your needs. And now we're going to talk a little bit about the risk, the compliance business itself. So just to let you know where we are. We started in legal, so it won't be a surprise to anybody on this call that we're now at over 400 clients. Some people on the call here have been here from the very earliest days, and I'd really like to thank you and all our clients for all the support that you've shown us as we've grown the compliance business. The compliance business is now much more than just legal. As Intapp developed as a company, we understood that many professional and financial services firms share the same problems. And we have been [indiscernible] with the right technology, it was possible to -- sorry, with right technology -- the problems were very similar and that with the right investment in our technology that we could serve all of the different industries that Intapp serve. And we've been successful at that. You can see we're now over 500 customers, and we're going to continue to deliver that specialist, those specialist parts of the application that you require. And then finally, we are over half cloud now. As many of you know, a bit of a history lesson, we started off as an on-premise company. And now we are over half in the cloud, and Alexa is going to talk a little bit about the cloud journey for those of you who are still on premises. So, before we get into the really exciting stuff about what we're going to be doing and what's going to be changing, I just thought I'd talk a little bit about what are -- about how we think about investing in our risk and compliance applications. The first one is, look, we are continuing to invest. And we're also going to really put a lot of investment into the user experience. Some of our applications are not -- don't have sort of the most modern interface, and Shalaka is going to a little bit about how we're going to really improve the user experience for our users. And behind all of that, goes all the investment in all of the unique requirements that you have as an industry. Secondly, I think everybody is excited by generative AI. But for those compliance professionals and risk professionals, it can be very, very intimidating thinking about how we have regulators. We have professional obligations. How can we use AI and make sure that we still continue to meet all of our requirements? And look, that's a tough challenge, but we believe that with the experience we have and the partnership with our clients, that we really are going to be able to unleash the power of AI and generative AI, especially within our applications. And finally, we're also deepening integrations between different Intapp products, whether that be DealCloud, whether that be Collaboration, whether that be Time because we know that many of those applications have the data that you need to perform your job as compliance professionals. So last slide from me, just wanted to talk about one additional product that we added last year. We added it towards the end of May last year. We acquired a small company that specialized in code of ethics and trade surveillance technology. It was a small company started by a group of former BlackRock Technology executives and nearly all of them have come across. And we feel that we've seen that this space of personal ethics and trade surveillance is a space where there was a need for additional [Technical Difficulty] With this application, we continue [Technical Difficulty] application. And we've also worked a lot with our other products, specifically complex that we really are building a quite unique solution here that enable [Technical Difficulty] complex connections that your employees have and integrate that with all of your firm and transactional conflicts. And we're very excited as we continue to build that out and really accelerate our [Technical Difficulty]

Okay. I think we may have lost Nigel, but that's okay. He was just about finished here. So actually, I'm going to talk a little bit about cloud and cloud migration. And I just wanted to start by saying it's lovely to see so many familiar names on the Zoom and so many new ones. As part of my role at Intapp, I help to serve as the voice of the client internally. So I am a point of contact. And my colleague, Marie-Claire Le Houerou who some of you may know, covers EMEA, and I cover North America and together, we are here as another resource for you all. So I'm going to talk about cloud and cloud migration. We really want to make sure that for our clients that have already moved to the cloud or were on the cloud from the beginning of your journey with Intapp that you are taking advantage of all of the features and functionality that the cloud has to offer. And for our clients that have not yet moved or are considering moving Similarly, we want to make sure you really understand the value and the benefits of what you're getting. Intapp's innovation is centrally focused in the cloud. We've always known that things move quickly. Technology changes quickly. And I think the introduction of GenAI showed us just how quickly that can be. And we want to make sure that as we move towards taking full advantage of GenAI and other AI offerings, that we're getting our clients to the cloud to be able to take advantage alongside us. So I'm going to sort of categorize the value and benefits of cloud in 2 ways. One is the innovation side of things or the features and functionality that you can take advantage of in the cloud. And the other are the operational efficiencies. I'm not going to go over all of these, although we certainly can set up meetings aside from this to go over in more detail, the features and functionality and all the kind of key areas of investment in our cloud. But just to cover a couple wanted to touch on AI, something that you've been seeing a lot from Intapp and you will be hearing more of. As Nigel mentioned, we understand as risk leaders and risk professionals, there can be some hesitation and some aversion to AI. And I think that it helps to understand that the way that we're thinking about it within risk and compliance is to help understand what would make your lives easier. What can we suggest to you? In what ways can we deploy AI to take away some of the time that you would have spent looking for something or searching for something or having someone else do that work rather than an idea that AI is going to come take over and do your job for you? The risk and compliance products at Intapp were among the first to adopt AI. So we have 3 years now had AI-assisted complex and terms assisted categorization. AJ is going to talk more later on about Intapp Assist for terms, which is an exciting new application of AI. And then we are also going to talk a little bit more about Walls Copilot, which was an announcement that was made at our brand launch. The other thing I wanted to touch on is reporting. So within the cloud application, we have embedded reports using Sisense. We also offer BYOBI. We know that a lot of organizations already have a preferred BI tool of choice and so we want to continue to allow you to leverage that while using the data that the risk applications expose. And regardless of which BI application you choose, the Intake solution comes with several out-of-the-box reports and then you have the ability to create as many reports on top of that using the tool of choice as you want. And then just to touch on one last. There are a lot of integrations that are being developed. That some are already in existence today and then others on the horizon. And those are cloud-to-cloud integration. So another kind of key element of innovation happening within the cloud directly. On the operational efficiency side, this is really about always being on the latest version, reducing the need to perform time consuming and costly upgrades. Another benefit is our ability to turn around enhancements, improvements, changes, bug fixes. If we have that information, our developers can more quickly and more readily turn those things around and push them back out into the cloud and have them available to you in a production environment. Of course, if you are on-prem at a minimum, we're looking at another upgrade. So just some operational efficiencies around being in the cloud and hopefully, a reduced or eliminated need for on-prem hardware and resources. So not going through the full list of everything that's available, but we are happy to do so. There are many features that are cloud only that's going to become more and more of the case as we continue to innovate. And I know there will be opportunities to move those features and those functionalities to our on-prem solutions as well, but we are focused on innovating in the cloud first. And that's where our current efforts are. With that, I talked a little bit about kind of what's available today. And I am going to turn it over now to Shalaka and AJ to talk about what's coming.

Sounds good. Thanks, Alexa. So AJ and I wanted to take you through some of our road map investments for risk and compliance products. So on this slide, we have some of the teams we are focusing on, starting with UI/UX, Nigel mentioned this. We are investing in innovating our products, and that includes providing modern and consistent experiences to our end users through web application as well as mobile application. To be more specific, we are rephrasing our risk UIs, starting with the Intake Form that's the most utilized form on our platform. And we'll get into the details of it in a little bit. Regarding third-party content, we have invested significantly in bringing third-party content such as corporate trees from providers like D&B, BVD, Cap IQ. And our goal is to make that content easily available on the platform, providing one-stop shop experiences to our end users. So we'll certainly continue deepening those partnerships and mapping more content from these providers. But we also continue to expand our partnerships with other vendors in the space to help you perform your risk -- risk and compliance processes more seamlessly using our platform. And the third theme, as you heard from Nigel and Alexa, is Cloud. Our product strategy and development is focused mainly on cloud because that's the only way we think we can bring the latest and greatest technologies like GenAI to our clients. We also continue to iteratively in every release work on scaling our platform to meet the needs of our clients. We are also working towards tightly integrating various solutions Intapp offers, like CRM, Risk, Time, so that we can provide more streamlined processes and share data across our platform to our clients. Then AJ, do you want to go?

Absolutely. Thanks, Shalaka. So going over the remaining 2 themes here. I'll start with data and AI. So as you've heard, everything today, right, the focus of the new Intapp is really about AI. And the only way to get there is by making sure there is the right data that is being produced in the risk applications. It is consumed by our AI features and functions. And we want to make sure that all this is seamlessly delivered in the cloud. . Last but not the least, is client satisfaction. And client satisfaction as a very broad bucket for us. This is our focus for every single major release. So every quarter, we ship a bunch of updates to help clients be more efficient, help clients with their go-lives. Also make sure that we constantly deliver enhanced front-end and back-end experiences so that the application that you have invested in performs up to the mark. Now with that, we'll dive into the actual road map items for the 5 risk and compliance products.

So starting with Intake. We won't -- actually, we won't go over all of the initiatives that are here on this slide. Our teams are busy. We are investing in a lot of these, but we just call out some of the key initiatives. So starting with Intake. We are adding AI to our Intake Form mainly to enable you to gain process efficiencies. As you know, Intake Form is a very highly used stage in our application. So even if we believe through AI, if user can save a couple of minutes on submitting a form and you multiply that by a number of times, you're submitting a form on a given day. We believe there are huge savings right there due to the sheer volume of data you're dealing with and sheer volume of transactions you're dealing with our platform. So that's an area we're looking to invest in, in the next 12 months or so. For Conflicts, Conflicts is our first product that we offer in all of these verticals Intapp serves. And we continue to build those industry-specific solutions for multiples like accounting, consulting, investment banking, private capital markets. As a result, we're also integrating Conflicts with our DealCloud solutions so that DNA or [indiscernible] person can quickly request a Conflicts chat during their deal life cycle or opportunity life cycle depending on which vertical you operate in. Nigel mentioned about the employee compliance. That's one of our newer products. We are integrating employee Compliance with Conflicts so that risk team can quickly check on personal investments and activities of employees as they are conducting Conflicts checks or taking on any new business. Again, the goal here being integrating all these solutions natively to provide our users most connected and streamlined experience of our platform.

Right. Moving forward with the Terms. Intapp Terms is a really hot product right now. The Terms data is extremely valuable to forms. This is where all your client obligations live. And many other applications are looking to surface these client obligations into different products, right? A great example is Intapp's own Billstream integration. Before the invoice, the final invoice is generated, Billstream is now able to surface certain time and billing terms into the prebill phase of the Billstream workflow, which makes sure that the billing attorney can review everything for compliance before sending out the final invoice. Moving on with Intapp Walls. Intapp Walls is now available in the cloud. So something that has been the case for the last 6-plus months. We have 2 firms live and many more implementing. The latest thing that we've added to Intapp Walls is its security extension to 3D cloud. Again, as firms are migrating their FMS to the cloud, this makes sure that Intapp Walls, which is your trusted policy management application, is able to secure your new and upgraded systems. And I'll talk more about Intapp Walls and Microsoft Copilot in a little bit.

All right. So we'll get into some of the investments we are making, and they'll be available to you in short term. As I mentioned, we are refreshing our risk UIs. Risk product has been very mature. It's been out there for 10 years. The UIs, as a result, are outdated. So we are starting with an Intake Form. We're going to refresh Intake Form. As we've heard from a lot of you, the Form is narrow. It's getting longer, whereas our screens are getting wider. So now as part of this refresh, we're going full width with our Intake Form to help you utilize the real estate of the screen better. Another popular demand was to have side-by-side question layout. So we're coming in and providing you side-by-side questions. We are -- our grids were over time had gotten clunky and difficult to work with. So we are modernizing our bridges wide. So the whole intent here being providing less [ take-in ] less co-lane so that your users can get through the forms bigger entry on the forms [indiscernible]. So really excited about this refresh. We are also taking this opportunity to apply Intapp styling to our risk application. What that means is irrespective of which Intapp applications your users are using, they'll always have a consistent experience of our platform. The UIs will look consistent across products. So again, very excited about this. We are delivering this in cloud by end of this year. We are looking forward to rolling this out to your folks. This is another area of investment for us. I know a lot of you are building out your AML and find due diligent processes using Intapp [ bridge ] Form. So in order to support your due diligence, we are now in the process of integrating Moody's grid data within our risk solution. So this again goes back to the third-party content team. We're making all of that data available to you on to Intapp platform [indiscernible]. Through this integration, we'll have coverage for sanctions, ads, adverse media and by providing making [ division ] you really will have a turnkey solution, integrated solution on our platform.

All right. So with that, let me walk you over the Intapp Assist for Terms piece that we are going to be releasing this summer. Alexa touched upon this a little bit. But to go over this in extreme level of detail, Intapp Assist for Terms is a GenAI-powered chatbot that combines the data from Intapp Terms into the UI that Microsoft Teams provides and intelligence of OpenAI's large language model to provide responses to users' questions in clear natural language. Today, what takes hours, even days of back and forth over e-mail with different departments could now be clarified in a matter of seconds by chatting with Intapp Assistant. Not only this makes everyone more efficient. But once people have the information they are seeking, they are able to act more confidently and in a way that is compliant with both firm as well as client-mandated policies. So let's dive into an actual demo of Intapp Assist for Terms. All right. So this is the Microsoft Teams interface everyone is very familiar with. I am going to open up a new matter. So let me ask the assistant if I have any advanced payer agreements so I can speed up the process. As you can see, Intapp Assist thinks for a couple of seconds and gives me an answer right way, which is fairly simple and easy to understand. But I just realized that the assistant couldn't find information about advanced waivers with GreenRock Partners. So I'm going to follow that up with another quick question about handling conflicts. So I'm going to ask are there any waiver requirements for handling conflicts that you're aware of. So let's see. Again, the assistant thinks for a couple of seconds and gives me a very clear answer. Again, it tells me that conflicts can be handled by sending an e-mail to an e-mail list that the client has provided. Also, each conflict must be separately disclosed. I want to call out 2 things that are happening in this particular question, right? Firstly, I do not have to repeat GreenRock Partners in my question again, right? So the assistant is context aware. It takes care of who the client is and does not require me to repeat the same name again and again. Secondly, it is citing a clear source, right? So if I hit on show more, you will see that it is actually going to give me the text from the actual OCG document that the client has shared. In fact, I can click on that link, which will take me to the Terms application. And I can read the original document. So moving on. This has been very helpful so far. So I'm going to follow up with some additional questions. so that I know how to work with GreenRock -- GreenRock's [ new matter ] right? So I'm going to ask, am I allowed to publicize my work with GreenRock in a press release. Again, a very, very clear answer that I get from the assistant that before I do anything with GreenRock in a public forum, I need to get approval from their marketing team. So this is where you can you can see that the answers are very clear, actionable. And the best part is that it need not only be lawyers and front office users that use the assistant. It can also be the law firms or your firms and marketing departments, right? So very, very powerful. Let me show you another example. Again, as I go through in this process, I opened up a new matter. I want to now start billing time. So I go back to the assistant and say that, hey, I'm going to spend time logging in time entries. How do I make sure that I don't spend time or waste time in logging time entries that the client will not pay for. So let me ask what are the non-billable items. And you can see the assistant again gives me a very clear answer. It is citing the right sources, and I have all the answers that I need. So again, calling out a few very important things on this slide. Firstly, we are using a private enterprise-grade LLM, which is OpenAI, to facilitate this natural ChatGPT style flow of conversation. Second, the user interface, as we are very much accustomed to now, is in Microsoft Teams. So it makes my interactions very streamlined, very clear. And last but not the least, in this interaction, everything that the user is asking about the client or a matter or engagement is going to be protected by Intapp Walls, right? So all the client and matter ethical policies will be respected in this interaction. So if I don't have access to GreenRock, I wouldn't see any of this information. The assistant will simply inform me that the assistant is not aware of GreenRock Partners. So keep in mind that everything that we are doing in this space will be respecting your underlying client and matter policies as dictated by Intapp Forms. But again, super excited to have this GenAI application delivered to you this summer. All right. So moving on, let's look at another GenAI application, Copilot, right? Microsoft Copilot is changing the way people work, especially in the industries that we serve. They're leveraging knowledge and creating content is so central to our daily routines. Other professionals are very, very comfortable asking questions and interacting with information in this natural query like fashion that we just saw with the Terms standpoint. And Copilot have been built right into Microsoft products that we use every day just makes it even better. The most powerful feature of Copilot is that it works with your firm's data. This is what makes Copilot directly relevant and valuable to your professionals and your business. This also puts a responsibility on you to ensure Copilot is complying with your data privacy, security and confidentiality requirements. Honestly, this is true of any LLM, not just Copilot. If your data is not secure with the most up-to-date permissions, that increases the risk of accidentally oversharing sensitive information to unauthorized users. And this is what we call the oversharing problem. Unfortunately, the oversharing problem has delayed many firms from deploying Copilot or LLM in general and taking full advantage of this AI technology. So let's walk you through this oversharing problem and why it is so important. As you can see here, Copilot can access a large amount of data ranging from documents, e-mails and chats. The good news is that Copilot can respect the underlying security. So if a user does not have access to a specific piece of information, Copilot is not going to surface it in itself. However, if the underlying data does not have the proper user access controls, then the information could be easily overshared and possibly expose sensitive information to the users. This is why it is very important for you to have the proper tools and controls to manage our users access to sensitive data. And that's what Walls for Copilot is all about it. Walls for Copilot is designed to help you implement that trusted AI framework so that you can deploy Copilot and other LLM applications on a foundation of secure and compliant data. So let me quickly walk you through how it works. First of all, you need to have a centralized way to instantly and effectively manage your firm's policies. As many of you already know, Intapp Walls is the market leader in this space. It's the market leader in confidentiality management that all of you rely on, on a day-to-day basis. Walls manages your complex policies and translates them into native security controls in all the underlying applications that you have connected it with. So today, you can see Walls is used to protect data in DMS, SharePoint, Teams, File Shares and many other critical systems like your FMS. By ensuring that the source of data is secure, you are ensuring that AI has the information it needs to prevent oversharing. The other big piece where Walls is used is to manage your Matter Teams, your engagement Teams, right? As members of specific engagement Teams change, which we know happens all the time, Walls will update permissions in these downstream systems. Managing these changes can be very challenging, but extremely important, especially for this trust and AI framework. So by consistently securing your firm's most important and sensitive client and engagement data, we are setting the required foundation for safely deploying AI solutions like Copilot, right? So that is essentially Walls for Copilot, right? Walls for Copilot is to help you manage your oversharing problem and safely deploy Copilot to unlock the incredible intelligence in your phone. With that, I will hand over back to Alexa for the next bit.

Thanks so much, AJ. I just wanted to highlight some events to make you aware of different things that we have going on that you may receive invites for. Of course, we occasionally do product roadmap webinars or webinars of other risk and compliance topics so you will see those. But in terms of events, I just want to make sure everyone is aware of our user groups. These are led by our solution advisers and typically attended by end users of the system, your admins, the folks that have hands-on keys. And these sessions really cover best practices, tips and tricks, go over new features and functionality that are new. And of course, this group is also very open and welcoming of topics that you all have and will create user groups around those. Lunch and learns are something that myself and Marie-Claire are looking to start doing on a quarterly basis. These will be in-person events. So we will make our way to different cities. And we'll -- these will be more forward-looking. We'll talk about innovation, our product strategy. We'll talk about what's working for you, what's not working for you in terms of what you see coming, what you need and what ideas you may have to share with us. And it will also give you an opportunity to connect with Intapp clients that are your peers. And lastly, we have risk roundtables that you may all already be familiar with. And these are again peer-to-peer discussions. These don't necessarily focus on Intapp solutions, but more risk management strategy and kind of industry topics, and these are hosted by Intapp. If you would like to host one at your firm or your organization, let us know. Otherwise, when we are in your city, we will send out invites for those. And with that, I think we'd like to thank you all again for coming, and we have some time for questions.

So I will take a look at the Q&A. If you have any questions, you can feel free to click on that Q&A link and enter them in there, and we'll get through as many as we can today. Okay. Shalaka, looks like a question for you. Does client intake handle ID verification?

Hi, everyone. So we don't provide ID verification as part of the product. But if you have a vendor that you use for ID verification, you can build out basic level of integration with Intapp. And this is assuming the vendor has the APIs to integrate their data.

Yes. And just to add here, we spend a lot of time sort of on partner -- looking at partnerships and various different ways that we can do integration that benefit our customers. The ID verification is challenging for us because it's a very, very fragmented market with a lot of different players in there. So that's why our current strategy is an integration delivered by an implementation team or to just get that integration setup. But if that market changes and they are dominant and it becomes less fragmented, we'll certainly rethink about doing potentially a productized integration.

We are also looking at other aspects of AML and client due diligence processes, and we're talking with various leading vendors in the space, starting with Moody's integration, but we'll continue building on that and integrate with more vendors.

Absolutely.

Okay. Thank you. I'm seeing another question. AJ, this one is for you. What if GreenRock Partners was referred to as GreenRock & Partners or another slightly different naming?

That's a great question. So what we do is we take the user prompt, like in this case, if there was a typo in mentioning GreenRock Partners. We send it to OpenAI's LLM, which helps us actually break that user prompt into the question being asked, the entity specified and so on. And on the entity name that we get back, we do a fuzzy magic, right, with other existing data. And that is again our proprietary matching with lot of them. That helps us get to the right client. The other piece that we check is if the, let's say, multiple GreenRock Partners that we find a hit on, then we look which one is the active client or active engagement for that client, does the user have access to that engagement or that client and so on to actually get to the right GreenRock Partners. And if we still can't get it, the Intapp assistant is actually going to ask the end user questions, can you please pick which of the 3 GreenRock Partners are you referring to, right? So that way, the interaction is, again, very streamlined. And we make sure that the user is giving us the right input so that we can provide the right answer to the end user.

And AJ, here's another one about Terms. Is any data saved or used by the LLM provider to train the LLM?

Very good question. So we use a private model, meaning so any user prompt that we send over to OpenAI is not saved by OpenAI. It is not used to train any data. It is just used to get -- is to dissect or disambiguate the user prompt. That's about it. So nothing is saved. Nothing is used for creating the LLM. That's the beauty of using enterprise-grade private LLM.

Thanks, AJ. Here's another one. What examples do you have for employee compliance potential scenarios? .

Yes. So I will take that. So employee compliance in some of our industries is mandated in accounting and in SEC registered companies and FINRA registered investment banks, you have to be monitoring the personal holdings of your employees. So in those industries, well understood, you have to be monitoring. You have to be doing that monitoring, you need a solution like employee compliance. In those industries, we're certainly seeing firms integrate that with their conflicts. So that when they look at a transaction, they can in one place see where -- and this is especially important accounting, see whether for the company that they're looking to provide an audit for, whether any of the team or certain people within the company have any holdings in that particular project -- in that particular company. Previously, it'd be between systems and various things like that. And we're also seeing in financial services that a similar use case to that. Outside of those regulated industries, what we are seeing is that there is most professional services companies, law firms, consulting firms, have point of contact around people work investing in companies they're working with and various things like that. They ask for annual or quarterly attestations, or some of them are -- or some of them have processes where they have to, if they want to trade in a particular company, they have to get it approved. What we have learned is that many of those processes are extremely clunky, some of them are sort of essentially paper-based or e-mail based. And what employee compliance offers in those -- for those types of environment is an opportunity to have a very efficient process, employee compliance has all of the -- has every security in the world. You can do a very simple approval process. You can do annual attestations. You can capture outside business activities, outside Board interest all in one place, and we can also integrate that to Conflicts. So you'll see a lot more from us on that. But that's sort of -- that's where we sort of see the use cases. The first piece is the regulatory piece. Pretty obvious. Most of our other clients have some form of requirement. They maybe don't need to actually monitor people's brokerage accounts, but they do need to be doing stuff around people buying stock in particular companies and outside business activities, et cetera. Okay. Wow, whole lot of questions here, Alexa.

Thanks Nigel. Yes. Here's another one. We do a lot of custom SQL queries in our on-prem system. Can you talk a little bit about the advanced reporting available in the cloud solution for Conflicts? .

AJ, do you want to talk a little bit about what we're going to be doing?

Yes. Absolutely. So again, I think Alexa mentioned this. I talked about a little bit. Reporting is extremely, extremely critical for us in the cloud. And the way we are going to handle reporting is 2 ways, right? So we will have an embedded reporting solution, a label to all our customers in the cloud. That way, you have a go-to solution, right, which is within the product. In addition to that, as this question is calling out, many firms like to do a lot of custom reporting work with complex data by marrying data from various systems. And the way we want to handle this is by what we are calling internally, BYOBI. Let's Bring Your Own BI solution. The way it will work is we will essentially dump all the complex data and data from the Intake Conflicts firm's application in the cloud into an Azure environment that you will have access to directly, right? So if you want to point it further to your Azure data store, you can do that. And you'll have access to all that database, which can then be utilized to do any on-prem reporting or can be utilized to directly plug into Power BI and other reporting tools that you have invested in within your phone. So the second piece that I described is on our road map is going to be a label this year. And we are really looking forward to having that solution out to all the firms because again, we understand the significant investment firms have done, not only in buying a reporting tool, but also in hiring resources that can produce reports using Power BI, Tableau or what have you. So that will be the solution, to your question.

Thanks, AJ. Here's another one about Terms. Will Intapp Assist be available for Terms on-prem?

Good question. So Intapp Assist for Terms will only be available in Intapp Terms Cloud. The reason for that is, again, there is a lot of data and a lot of innovation that we deliver on an ongoing basis. So it will be only available in the cloud. And for firms that are today on-prem, we have a great program to get you on to Intapp Terms cloud quickly and easily. So if you want to learn more about how to migrate from on-premises to cloud, please get in touch with Alexa or with your account manager, and we'll work with you to make sure that you are in the cloud and you get access to the latest innovative features like Intapp Assist for Terms. .

Thanks, AJ. And there is a similar one for you, Shalaka. Will the new Intake Form UI be available on-prem?

We are developing this form. We're talking to many customers incorporating feedback and developing [indiscernible] this form. Our plan is to make this form available in cloud by end of the year for some of the early customers. And then we'll go GA with this form early next year 2025 for cloud customers. We want to make sure that we iterate on the feedback that we get from our cloud clients. And then from that point on, we'll figure out how and if we roll this new form outdoor on brand customers. We want to make sure that we have mature product before when we start thinking about any on-prem availability. .

Thanks, Shalaka. Here's another question. What are Intapp plans to use AI in Conflicts search logic?

Yes. I can take that one. So for Conflicts searching, we do have very sophisticated Elasticsearch that looks at all the client matters in your system, how you set up synonyms, aliases and what-not. So the source results are delivered using Elasticsearch. But once we have the results, then we are applying AI to weed to those results, many, many results and give you the potential problematic issues for you to look through. So we are applying AI on the results that we are getting from the Elasticsearch engine and then helping you categorize those results as potential issues versus no issues. So that's where AI comes into play. And then we are looking to add additional AI components in Conflicts AI, in Conflicts module. And I kind of had this on our roadmap slide. One area we're looking at is currently Conflicts analysts, once they have resolved conflicts, you're looking at typing up the clearance summary for every search. We are looking to use GenAI and propose clearance summary, draft clearance summary, sort of giving them a starting point for putting together their clearance summary. So there are various AI elements we're looking at for our Conflicts part.

Thanks, Shalaka. Another one for you, AJ. Would Microsoft Copilot be beneficial for data not secured by a Wall or a policy? Or does it apply to secured data only?

All right. So it applies to secured data right off the bat, right? So if you're securing SharePoint or if you're securing Teams or other applications, which are available as Copilot plug-ins, then that data is secured right off the bat due to Intapp Walls. For the data that is not secured, we are coming up with specific dashboards for Copilot to help expose those data -- that data. For example, if you are not securing -- let's say you're securing only 20% of your SharePoint sites. So we have a dashboard that actually dives into each and every SharePoint site, gives it a score so that you can quickly understand if this site is high risk. And that score is made up of things like is this a high activity SharePoint site, how many users from an external domain are part of that site and so on. So we want to make it extremely easy for, firstly, you to secure SharePoint sites that Walls is aware of, meaning these are client matter sites. Secondly, the sites that are not secured, we can clearly expose them to you so that you can take action on them by providing a security score, right? So that way, you know that these are high-risk sites and I need to go secure them or lock them down. So that's how we manage security with Copilot.

Okay. Thanks, AJ. And I think we probably have time for 1 or 2 more. There are a lot of questions in the chat right now or in the Q&A. So if we don't get to all of the questions, we will follow up directly with individuals who posted after this. One more question. Is the data reporting software a separate product?

I can take that, Alexa. So the good news is it's not a separate product. It's not a separate SKU or a price associated with it. It comes with your Intapp -- Intake Conflicts Terms cloud license. So as long as you have one of those products, you will have the 2 options I described, the embedded reporting piece within the application as well as the BYOBI piece, which is where you get access to your data in the cloud directly through an Azure data store.

Awesome.

Okay. I think that's probably all that we're going to have time for. Nigel, any closing thoughts?

Apologies for disappearing on everybody -- to everyone a bit. I don't think I missed anything. And Alexa, I understand you jumped in, so thank you for that. But ultimately, I just want to say to all our clients, thank you for your continuing support. We really value your feedback, and we go to work every day looking to further improve all our compliance applications. And we really appreciate everything that we do together. So thank you very much, and we look forward to working together in the future. Hopefully, see you in event soon. Thank you.

Thank you. .