Saw a write-up on Intapp (INTA) covering their cloud platform for professional services like law firms and private equity. The main pitch is that the software is sticky because switching costs are high in these industries. They have a 74% gross margin and 24.2% free cash flow margin, though return on invested capital is still negative. Revenue has grown about 23% annually over the last three years. Hedge fund ownership went up slightly recently with 28 funds holding it in Q2. Forward P/E is around 37x. Seems like a defensive play given the low volatility.