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A low-code app maker being gobbled up
Brian Stoffel (Appian Corporation): Abdiel Capital isn’t a household name. The investment firm was founded by Colin Moran in 2006 after stints at Goldman Sachs and Chieftain Capital. Over the past year, the fund has returned 82% for its investors — far outpacing the S&P 500‘s return of 18% over the same time frame.
The concentrated portfolio is principally invested in small SaaS companies, and it has made a big bet in Appian. After adding slightly to its position during the second quarter, Moran’s firm now owns over 23% of shares outstanding.
It’s not difficult to see the appeal: Appian aims to cut the time it takes to develop a custom app by 50% every two years. Since developing a custom app requires a small army of IT professionals if done in-house, Appian’s low-code subscription service is a lifeline to small- and medium- (as well as a few large-) sized businesses.
Between 2014 and 2017, subscription revenue grew at a compounded rate of…
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