Microsoft is embarking on a long-term initiative that promises to transform how roving content--content that flows through corporate intranets, extranets, and the Internet--is managed. With the settlement of its patent dispute with InterTrust, Microsoft is now poised to standardize a set of underlying enterprise digital rights management services and application-level APIs for managing roving content. This initiative, we believe, will spawn new opportunities for enterprise application developers--this time focusing on partners that can embed rights management capabilities into vertical industry applications.