Appian Corporation

This is our first report on Appian Corporation, a technology player that is assisting corporates in building applications and workflows rapidly, with its low-code automation platform. The company had a decent quarter on the revenue front with subscription income increasing by more than 30% year over year. Each of their geographic regions and major industrial verticals experienced significant growth. However, forex played spoilsport and the company failed to meet the earnings expectations of Wall Street. The company mixes process mining, workflow, and automation in a single low-code suite using Appian’s unified platform. Together, these technologies are more potent, predictable, quick, and economical in terms of total operating costs as a result of their inherent synergy. These advantages fuel the demand for their software. Appian also introduced a new product to its GAM portfolio, or government acquisition management, in the second quarter. The intricate procurement procedure that government organizations adhere to when they purchase products and services is managed by Appian’s GAM suite. We initiate coverage on Appian with a ‘Hold’ rating.