[SCHEDULE 13D/A] Appian Corporation SEC Filing

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 49 – Appian Corporation (NASDAQ: APPN)

On 7 July 2025, Abdiel Capital and related entities filed their 49th amendment to Schedule 13D disclosing their current ownership of 7,028,847 Class A shares of Appian Corporation. Based on the issuer’s outstanding share count of 43,140,083 (as of 5 May 2025), the group’s aggregate holding represents 16.3 % of the class, comfortably above the 5 % reporting threshold and positioning Abdiel as one of Appian’s largest shareholders.

The filing groups six reporting persons:

• Abdiel Qualified Master Fund, LP – 6,698,502 shares (15.5 %)
• Abdiel Capital, LP – 321,282 shares (0.7 %)
• Abdiel Partners, LLC – 9,063 shares (≈0 %)
• Abdiel Capital Management, LLC – control entity for a combined 7,019,784 shares (16.3 %)
• Abdiel Capital Advisors, LP – investment manager with shared power over 7,028,847 shares
• Colin T. Moran – managing member, shared power over all 7,028,847 shares

Voting & dispositive power: All reporting persons disclose shared voting and dispositive power; no shares are held with sole authority. The source of funds is marked “OO” (other), and the amendment lists No changes to purpose, contracts, or arrangements, indicating a passive stance. Exhibit A (not included here) would detail any trades executed since Amendment 48.

Key Takeaways for Investors

• Abdiel remains a highly concentrated, long-term holder of APPN, controlling >16 % of the free float.
• No new activist intentions or strategic proposals are disclosed; Item 4 (“Purpose of Transaction”) is unchanged.
• The filing serves primarily to update share counts and recent transactions required under Section 13D.

Insights

Securities Analyst

TL;DR Abdiel still owns 16.3 % of APPN; filing shows continued large passive stake, no strategic shift.

The amendment confirms Abdiel’s sizable position—7.0 million shares—without signalling activism or material transactions. While the concentration underscores conviction in Appian’s low-code platform, the absence of purpose changes suggests limited near-term catalytic impact. From a liquidity standpoint, Abdiel’s block remains a potential overhang or support, depending on market context, but today’s disclosure is informational rather than transformational.

Corporate Governance Expert

TL;DR Large shareholder maintains influence; governance implications unchanged.

With >16 % voting power, Abdiel can materially affect shareholder votes, including director elections and strategic approvals. However, Item 6 reports no new agreements, and Item 4 purpose remains “Not Applicable,” implying no active campaign. Board dynamics therefore remain status-quo: management retains control but must consider Abdiel’s preferences in major corporate actions. Overall impact is neutral unless Abdiel’s stance shifts in future filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 49)

Appian Corporation

(Name of Issuer)

Class A Common Stock, $0.0001 par value

(Title of Class of Securities)

03782L101

(CUSIP Number)

Abdiel Capital
90 Park Avenue, 29th Floor, Attn: Colin T. Moran
New York, NY, 10016
(646) 496-9202

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/07/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Abdiel Qualified Master Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,698,502.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,698,502.00

11

Aggregate amount beneficially owned by each reporting person

6,698,502.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Abdiel Capital, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 321,282.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 321,282.00

11

Aggregate amount beneficially owned by each reporting person

321,282.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Abdiel Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 9,063.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,063.00

11

Aggregate amount beneficially owned by each reporting person

9,063.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Abdiel Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,019,784.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,019,784.00

11

Aggregate amount beneficially owned by each reporting person

7,019,784.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 6,698,502 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP and 321,282 shares of Class A Common Stock held by Abdiel Capital, LP.

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Abdiel Capital Advisors, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,028,847.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,028,847.00

11

Aggregate amount beneficially owned by each reporting person

7,028,847.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.3 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 6,698,502 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 321,282 shares of Class A Common Stock held by Abdiel Capital, LP. and 9,063 shares of Class A Common Stock held by Abdiel Partners, LLC.

SCHEDULE 13D

CUSIP No. 03782L101

1

Name of reporting person

Colin T. Moran

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,028,847.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,028,847.00

11

Aggregate amount beneficially owned by each reporting person

7,028,847.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 6,698,502 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 321,282 shares of Class A Common Stock held by Abdiel Capital, LP. and 9,063 shares of Class A Common Stock held by Abdiel Partners, LLC.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value
(b)	Name of Issuer: Appian Corporation
(c)	Address of Issuer's Principal Executive Offices: 7950 Jones Branch Drive, McLean, VIRGINIA , 22102.
Item 1 Comment: Reference is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission by the Reporting Persons with respect to the Class A Common Stock of the Issuer on June 12, 2017, Amendment No. 1 thereto on June 27, 2017, Amendment No. 2 thereto on June 29, 2017, Amendment No. 3 thereto on July 3, 2017, Amendment No. 4 thereto on July 7, 2017, Amendment No. 5 thereto on July 12, 2017, Amendment No. 6 thereto on July 31, 2017, Amendment No. 7 thereto on October 26, 2017, Amendment No. 8 thereto on November 20, 2017, Amendment No. 9 thereto on November 30, 2017, Amendment No. 10 thereto on December 12, 2017, Amendment No. 11 thereto on December 15, 2017, Amendment No. 12 thereto on February 23, 2018, Amendment No. 13 thereto on March 20, 2018, Amendment No. 14 thereto on March 27, 2018, Amendment No. 15 thereto on April 25, 2018, Amendment No. 16 thereto on April 30, 2018, Amendment No. 17 thereto on August 3, 2018, Amendment No. 18 thereto on August 24, 2018, Amendment No. 19 thereto on October 5, 2018, Amendment No. 20 thereto on October 15, 2018, Amendment No. 21 thereto on October 31, 2018, Amendment No. 22 thereto on November 2, 2018, Amendment No. 23 thereto on December 17, 2018, Amendment No. 24 thereto on February 22, 2019, Amendment No. 25 thereto on September 9, 2019, Amendment No. 26 thereto on December 3, 2020, Amendment No. 27 thereto on February 1, 2021, Amendment No. 28 thereto on May 5, 2022, Amendment No. 29 thereto on May 9, 2022, Amendment No. 30 thereto on May 11, 2022, Amendment No. 31 thereto on May 25, 2022, Amendment No. 32 thereto on November 14, 2022, Amendment No. 33 thereto on January 19, 2023, Amendment No. 34 thereto on January 26, 2023, Amendment No. 35 thereto on October 6, 2023, Amendment No. 36 thereto on November 9, 2023, Amendment No. 37 thereto on December 14, 2023, Amendment No. 38 thereto on February 23, 2024, Amendment No. 39 thereto on July 9, 2024, Amendment No. 40 thereto on July 12, 2024, Amendment No. 41 thereto on July 24, 2024, Amendment No. 42 thereto on August 2, 2024, Amendment No. 43 thereto on August 15, 2024, Amendment No. 44 thereto on August 26, 2024, Amemndment No. 45 thereto on April 15, 2025, Amendment No. 46 thereto on May 20, 2025, Amendment No. 47 thereto on June 3, 2025 and Amendment No. 48 thereto on June 10, 2025 (as so amended, the "Schedule 13D"). This Amendment No. 49 thereto supplements and amends the statement on Schedule 13D. Terms defined in the Schedule 13D are used herein as so defined.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by and on behalf of (i) Abdiel Qualified Master Fund, LP; (ii) Abdiel Capital, LP; (iii) Abdiel Partners, LLC; (iv) Abdiel Capital Management, LLC; (v) Abdiel Capital Advisors, LP; and (vi) Colin T. Moran (each, a "Reporting Person" and collectively, the "Reporting Persons"). The agreement among the Reporting Persons to file jointly (the "Joint Filing Agreement") was filed as Exhibit A to the initial filing and an amendment to the Joint Filing Agreement was filed as Exhibit A to Amendment No. 34.
(b)	For each Reporting Person: 90 Park Avenue, 29th Floor New York, NY 10016
(c)	Each of Abdiel Qualified Master Fund, LP, Abdiel Capital, LP and Abdiel Partners, LLC is a private investment vehicle, the principal business of which is to make investments. The principal business of Abdiel Capital Management, LLC is to act as the general partner of Abdiel Qualified Master Fund, LP and Abdiel Capital, LP. The principal business of Abdiel Capital Advisors, LP is to act as the investment manager of Abdiel Qualified Master Fund, LP, Abdiel Capital, LP. and Abdiel Partners, LLC. Colin T. Moran serves as managing member of Abdiel Capital Management, LLC and Abdiel Capital Partners, LLC, which serves as the general partner of Abdiel Capital Advisors, LP. and managing member of Abdiel Partners, LLC.
(d)	For each Reporting Person: No
(e)	For each Reporting Person: No
(f)	Abdiel Qualified Master Fund, LP is a Cayman Islands limited partnership. Each of Abdiel Capital, LP and Abdiel Capital Advisors, LP is a Delaware limited partnership. Each of Abdiel Capital Management, LLC and Abdiel Partners, LLC is a Delaware limited liability company. Colin T. Moran is citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Not Applicable
Item 4.	Purpose of Transaction
	Not Applicable
Item 5.	Interest in Securities of the Issuer
(a)	The information requested by this paragraph is incorporated herein by reference to the cover pages to this Amendment No. 49 to Schedule 13D. Percentage ownership is based on 43,140,083 shares of Class A Common Stock outstanding as of May 5, 2025, as reported in the Issuer's Report on Form 10-Q for the period ended March 31, 2025 filed with the Securities and Exchange Commission on May 8, 2025.
(b)	The information requested by this paragraph is incorporated herein by reference to the cover pages to this Amendment No. 49 to Schedule 13D.
(c)	Information with respect to all transactions in the Class A Common Stock effected by the Reporting Persons since the filing of Amendment No. 48 to Schedule 13D is incorporated herein by reference to Exhibit A hereto.
(d)	Not Applicable
(e)	Not Applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit A - Transactions Effected since the filing of Amendment No. 48 to Schedule 13D

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Abdiel Qualified Master Fund, LP

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Management, LLC, its General Partner
Date:	07/09/2025

Abdiel Capital, LP

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Management, LLC, its General Partner
Date:	07/09/2025

Abdiel Partners, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Partners, LLC, its Managing Member
Date:	07/09/2025

Abdiel Capital Management, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member
Date:	07/09/2025

Abdiel Capital Advisors, LP

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Partners, LLC, its General Partner
Date:	07/09/2025

Colin T. Moran

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, individually
Date:	07/09/2025