US cloud-based professional services software firm Intapp is preparing to go public after filing documents with the US Securities and Exchange Commission to sell shares through an initial public offering. 

The Palo Alto-based legaltech provider – which counts 96 of the AM Law 100 as users of its client lifecycle software – hasn’t said how many shares it will sell or at what price range. According to the company’s preliminary prospectus, the share issuance will enable it to ‘capitalise on a generational shift to the cloud’, grow its client base, broaden it geographical reach, add new services to its platform and pursue strategic acquisition opportunities. 

Intapp said in its prospectus: “Historically, firms in the professional and financial services industry have either relied on internally built technology solutions and legacy on-premises software or attempted to use horizontal software providers for their industry-specific technology needs. Internally built or legacy solutions tend to be outdated, expensive and cumbersome to maintain, while horizontal solutions do not align well with how these firms operate and require heavy customisation.”

That, it says, is where its tech can step in, with the company now boasting more than 1,600 subscribers. Total revenues for the 2020 fiscal year were $187m, up 30% on 2019 levels, though net losses in 2020 jumped to $46m from $17m in 2019.

Shearman & Sterling is advising Intapp on the IPO and Latham & Watkins is advising the underwriters, which include JPMorgan, Bank of America, Credit Suisse, Piper Sandler, Raymond James, Oppenheimer & Co, Stifel and Truist Securities.

Intapp says that its platform is purpose-built to modernise the professional services industry, including law firms.

Baker McKenzie commented in the prospectus: “Designed specifically for our unique industry needs, Intapp is one of the three core pillars of our digital transformation; we rely on this foundation to deliver superior client service and grow our firm.”

Earlier this month, Intapp acquired all of the outstanding shares of Microsoft 365-based content management system provider Repstor for £16m, with potential additional payments of £20.5m due based on certain performance measures.

The IPO would be a rare event for a legaltech provider, which have mainly chosen to raise capital from private investors. In April, Canadian cloud-based legaltech provider Clio became the world’s first practice management unicorn after its $110m Series E funding round pushed its valuation to $1.6bn.