Intapp Unveils Celeste Agentic AI at Investor Day, Sets $1B ARR Goal by FY29

Core Insights - Intapp launched Celeste, an "Agentic AI" platform designed to enhance workflows in professional services firms, addressing compliance and operational complexities [3][4][6] - The company aims to achieve $1 billion in Annual Recurring Revenue (ARR) by FY29, with a focus on SaaS, which now constitutes over 70% of its revenue [5][12] - Intapp's management believes that the demand for elite professional firms will continue to grow, even as AI automates certain knowledge work [3][4] Product Overview - Celeste is a model-agnostic platform that integrates "expert agents" into firm workflows, including business origination and compliance [3][6] - The platform features a context engine for firm-specific terminology and a governance layer to ensure compliance with ethical standards [15][6] - Key functionalities include playbooks that codify industry best practices and connectors for seamless integration with existing systems [7][6] Market Strategy - Intapp's go-to-market strategy involves tailored "sales plays" for specific industry dynamics, leveraging cloud migration to drive AI adoption [10][11] - The company has identified a significant market opportunity, estimating its traditional IT serviceable available market (SAM) has grown from $15 billion to $20 billion, with an additional $30 billion opportunity in Agentic AI [13][12] - Intapp's partnerships with major players like Microsoft, Anthropic, and Harvey are integral to its market approach [2][11] Financial Goals - Intapp targets a non-GAAP gross margin of 80% and a non-GAAP operating margin of 28%-30% by FY29, alongside a commitment to positive GAAP operating profit by FY28 [12][5] - The company is shifting towards an enterprise-focused model, with less than 50% of its ARR being seat-based, indicating a move towards platform fees and consumption-based pricing for Celeste [11][12]