Activist investor Fivespan acquires a 6.2% stake in cloud computing company Appian

Glonghui, January 28｜Activist investor Fivespan Partners said on Tuesday that it holds a 6.2% stake in cloud computing and enterprise software company Appian and plans to discuss business strategy with its management and board as its stock price declines. The San Francisco-based investment firm reported its holdings in a so-called 13-D filing, which is required when an investor crosses the 5% ownership threshold and intends to push for changes. Shares of Virginia-based Appian have plummeted 86% over the past five years, with its market value falling to about $2 billion, partly due to investor concerns that artificial intelligence could erode its business. The stock closed at $29.89 on Tuesday. However, some investors describe Appian as a misunderstood company with an extremely loyal customer base, including the U.S. government.