One Step 3.5 is the fifth version of the company's flagship product, which already boasts corporate clients such as Gateway, Terra Lycos and Yahoo!
Corporate clients can use the software to drive more traffic to their sites by providing customers with self-help search capabilities, Tony Frazier, iPhrase's vice-president of product management, said.
"We found that search navigation is critical because it drives adoption of companies' online channels," Frazier said.
The newest version of the search software offers broader support for product catalogues and document repositories, the company said. For example, the software can process over 30 queries per second on a company catalogue with 50,000 individual items.
One Step 3.5 also provides comprehensive analytic reports, identifying trends in user requests and gaps between queries and content. Companies often use these reports to better tune their software's search capabilities, according to Frazier.
However the most significant advantage in the latest version of the software is its relevancy, the company said. One Step 3.5 offers an 85% result relevancy as soon as it is installed, according to iPhrase, and 95% after the software has been tuned to fit the company's needs.
One Step offers high search result relevancy rates due to its ability to perform natural language processing, translate questions into a precise query and render results in a synthesised fashion, Frazier said.
Pricing for the software varies, but licences run in the $100,000-$150,000 (£64,246-£96,371) range, Frazier said, while deployment costs between $50,000-$100,000.
IPhrase plans to release One Step 4.0 in late September, offering search capabilities for a more extensive range of content.