SCHEDULE 13D: Fivespan Partners Discloses 6.2% Stake in Appian Corp

Fivespan Partners, LP and Dylan Haggart have disclosed a 6.2% beneficial ownership stake in Appian Corp, citing undervaluation and plans for strategic discussions.

Summary

• Fivespan Partners, LP and Dylan Haggart (the "Reporting Persons") have jointly filed a Schedule 13D, disclosing beneficial ownership of 2,630,907 shares of Appian Corp's Class A Common Stock.
• This represents 6.2% of the outstanding Class A Common Stock, based on 42,735,083 shares outstanding as of November 3, 2025.
• The Reporting Persons invested approximately $80.8 million (excluding brokerage commissions) to acquire these shares, using working capital from the Fivespan Fund, with the potential use of margin accounts.
• The acquisition was driven by the belief that Appian's securities were undervalued and presented an attractive investment opportunity.
• The Reporting Persons intend to engage in discussions with Appian's officers and directors regarding various strategic and operational matters, including management, board composition, capital allocation, and overall business strategy.

Sentiment

Score: 7

Explanation: The filing indicates a significant investor, Fivespan Partners, believes Appian's stock is undervalued and plans to engage with management to unlock value, which is generally a positive signal for existing shareholders.

Positives

• Reporting Persons believe Appian's securities are undervalued, indicating potential upside for the stock.
• The investment represents a significant stake (6.2%), suggesting strong conviction from Fivespan Partners in Appian's long-term value.
• Fivespan Partners intends to engage in discussions with Appian's management and board on strategic improvements, which could benefit all shareholders by unlocking value.

Risks

• The Reporting Persons may reconsider and change their intentions regarding their investment, including potentially selling some or all of their shares, which could impact Appian's stock price.
• The use of margin accounts by the Fivespan Fund introduces leverage risk for the Reporting Persons, though this is not a direct risk to Appian.
• Discussions with Appian's management and board may not lead to desired outcomes or changes, potentially limiting the impact of Fivespan's engagement.

Future Outlook

The Reporting Persons intend to review their investment in Appian on a continuing basis and may take various actions in the future, including purchasing additional shares, selling existing shares, or engaging in hedging transactions. These actions will depend on factors such as Appian's financial position, strategic direction, market conditions, and the outcome of discussions with management.

Management Comments

• The Reporting Persons acquired the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity.
• The Reporting Persons have had, and anticipate having, further discussions with officers and directors of the Issuer in connection with the Reporting Persons' investment in the Issuer.
• The topics of these conversations have covered or will cover a range of issues, including those relating to the business of the Issuer, management, board composition (which include whether it makes sense for a Fivespan employee to be on the Issuer's board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance.

Industry Context

This filing indicates an activist investment in the software sector, specifically a company like Appian known for its low-code automation platform. Such investments often signal an investor's belief in untapped value or a need for strategic adjustments within the company, common in a dynamic tech industry where companies face pressure for growth and efficiency.

Corporate Governance

Stakeholder Impact

• **Shareholders**: Potential for increased shareholder value if Fivespan's engagement leads to strategic improvements or better capital allocation. Could also introduce volatility if Fivespan changes its investment position.
• **Management/Board**: Will face increased scrutiny and engagement from a significant shareholder, potentially leading to changes in strategy, operations, or governance.
• **Employees**: Potential for strategic shifts resulting from Fivespan's engagement could indirectly impact employees, though no direct impact is mentioned.

Next Steps

• Reporting Persons will continue to review their investment in Appian on an ongoing basis.
• Reporting Persons anticipate having further discussions with Appian's officers and directors on various strategic and operational topics.
• Reporting Persons may engage in similar conversations with other stockholders or interested parties, such as industry analysts or potential strategic partners.
• Reporting Persons may purchase additional shares, sell shares, or engage in hedging transactions in the future, depending on market conditions and Appian's performance.
• Reporting Persons may explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions.

Key Dates

Recommendation

The filing indicates a sophisticated investor, Fivespan Partners, has taken a substantial stake in Appian, explicitly stating a belief that the company's securities are "undervalued" and represent an "attractive investment opportunity." Their stated intent to engage with management on critical areas like business strategy, capital allocation, and board composition suggests a proactive approach to unlock shareholder value. This typically signals a positive catalyst for the stock, as an activist investor's involvement often leads to strategic improvements or increased focus on shareholder returns.

Keywords

Appian Corp, APP, Fivespan Partners, Dylan Haggart, Schedule 13D, Activist Investor, Software, Low-code, Investment, Shareholder Stake, Corporate Governance