Abdiel funds report near-10% stake in Appian (APPN)

Rhea-AI Filing Summary

Abdiel reporting persons collectively beneficially own 4,240,234 shares of Appian Corporation Class A common stock, representing 9.9% of the Class A shares. That total is composed of 4,041,102 shares held by Abdiel Qualified Master Fund, LP; 193,915 shares held by Abdiel Capital, LP; and 5,217 shares held by Abdiel Partners, LLC. The percentage is calculated using 42,943,872 Class A shares outstanding as the basis.

The amendment incorporates prior Schedule 13D filings and references Exhibit A for transactions since the prior amendment. Items 3, 4 and 6 in this amendment are marked Not Applicable, and the filing discloses no contracts, arrangements or stated purpose for the reported holdings. The reporting persons include investment vehicles, their management entities and Colin T. Moran, filing jointly.

Positive

• Material disclosure of holdings: Aggregate beneficial ownership of 4,240,234 Class A shares (~9.9%) is explicitly reported.
• Entity-level transparency: Filing breaks down holdings by entity (4,041,102; 193,915; 5,217).
• Transaction detail referenced: Exhibit A is referenced for transactions since the prior amendment, indicating supplemental recordkeeping of trades.

Negative

• No stated purpose disclosed: Item 4 is marked Not Applicable, so the amendment does not disclose any intent, plans or proposals regarding the holdings.
• No sole voting or dispositive power reported: Reporting persons list 0 sole voting and sole dispositive power, indicating only shared control is disclosed.

Insights

Financial Analyst

TL;DR Abdiel discloses a near-10% beneficial stake in Appian with no stated purpose; holdings and constituent counts are transparent.

The filing reports an aggregate beneficial ownership of 4,240,234 Class A shares, equal to 9.9% of the outstanding Class A stock using the issuer's stated base. The amendment references Exhibit A for recent transactions and itemizes holdings by entity, which improves transparency. Items 3, 4 and 6 are marked Not Applicable, so the filing does not disclose financing source details or an investment purpose in this amendment.

Corporate Governance Expert

TL;DR A material passive stake is disclosed across Abdiel entities; lack of a stated purpose limits governance implications today.

The Schedule 13D/A shows shared voting and dispositive power for the reported shares and lists the specific Abdiel entities and Colin T. Moran as reporting persons. While a ~9.9% position is material and requires disclosure, this amendment does not assert any agreements, contractual arrangements or intentions to change control, and Items 4 and 6 are Not Applicable. Investors should note the filing references Exhibit A for transactional detail since the prior amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 52)

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)

08/07/2025

(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 4,041,102.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,041,102.00

11

Aggregate amount beneficially owned by each reporting person

4,041,102.00

12

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

13

Percent of class represented by amount in Row (11)

9.4 %

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 193,915.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 193,915.00

11

Aggregate amount beneficially owned by each reporting person

193,915.00

12

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

13

Percent of class represented by amount in Row (11)

0.5 %

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 5,217.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,217.00

11

Aggregate amount beneficially owned by each reporting person

5,217.00

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 4,235,017.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,235,017.00

11

Aggregate amount beneficially owned by each reporting person

4,235,017.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 4,041,102 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP and 193,915 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 4,240,234.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,240,234.00

11

Aggregate amount beneficially owned by each reporting person

4,240,234.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 4,041,102 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 193,915 shares of Class A Common Stock held by Abdiel Capital, LP. and 5,217 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 4,240,234.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,240,234.00

11

Aggregate amount beneficially owned by each reporting person

4,240,234.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 4,041,102 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 193,915 shares of Class A Common Stock held by Abdiel Capital, LP. and 5,217 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, Amendment No. 48 thereto on June 10, 2025, Amendment No. 49 thereto on July 9, 2025, Amendment No. 50 thereto filed on July 22, 2025 and Amendment No. 51 thereto filed on July 25, 2025 (as so amended, the "Schedule 13D"). This Amendment No. 52 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. 52 to Schedule 13D. Percentage ownership is based on 42,943,872 shares of Class A Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Report on Form 10-Q for the period ended June 30, 2025 filed with the Securities and Exchange Commission on August 7, 2025.
(b)	The information requested by this paragraph is incorporated herein by reference to the cover pages to this Amendment No. 52 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. 51 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. 51 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:	08/11/2025

Abdiel Capital, LP

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Management, LLC, its General Partner
Date:	08/11/2025

Abdiel Partners, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Partners, LLC, its Managing Member
Date:	08/11/2025

Abdiel Capital Management, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member
Date:	08/11/2025

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:	08/11/2025

Colin T. Moran

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, individually
Date:	08/11/2025

FAQ

How many Appian (APPN) Class A shares do the Abdiel reporting persons beneficially own?

The reporting persons beneficially own 4,240,234 shares of Appian Class A common stock.

What percentage of Appian's Class A does that ownership represent?

The filing reports this equals approximately 9.9% of Class A common stock, using 42,943,872 shares outstanding as the basis.

Which entities comprise the Abdiel reporting persons in this Schedule 13D/A?

The filing is by Abdiel Qualified Master Fund, LP; Abdiel Capital, LP; Abdiel Partners, LLC; Abdiel Capital Management, LLC; Abdiel Capital Advisors, LP; and Colin T. Moran.

Does the amendment disclose a purpose or any contracts with Appian?

No. Items 4 and 6 in this amendment are marked Not Applicable, and no contracts or stated purpose are disclosed in the amendment.

Where can I find the specific transactions that led to the current holdings?

The amendment references Exhibit A for transactions effected since the filing of Amendment No. 51 to Schedule 13D.