Abdiel Amends Schedule 13D: Appian Holdings Now 4.9% After August 27, 2025 Change

Rhea-AI Filing Summary

Abdiel-affiliated investors amended a Schedule 13D for Appian Corporation (Class A common stock). The filing, Amendment No. 54, reports that Abdiel Qualified Master Fund, LP and related Abdiel entities collectively held 2,111,093 shares, representing 4.9% of Appian's Class A common stock based on 42,943,872 shares outstanding as of August 4, 2025. The cover pages break ownership by reporting person (largest: Abdiel Qualified Master Fund, LP with 2,009,451 shares). The amendment states the Reporting Persons ceased to be beneficial owners of more than 5% of the Class A stock on August 27, 2025. Exhibit A is referenced for transactions since the prior amendment.

Positive

• Disclosure of current aggregated ownership of 2,111,093 shares (4.9%), improving transparency for investors
• Clear identification of reporting persons and allocation of shared voting/dispositive power across Abdiel entities

Negative

• Reporting Persons ceased to be >5% beneficial owners as of August 27, 2025, reducing their regulatory significance
• Transaction details are not included in the amendment body and are only referenced in Exhibit A, limiting immediate visibility into recent trades

Insights

Financial Analyst

TL;DR: Abdiel's stake in APPN now under 5%, reducing reported influence; ownership totals ~4.9%.

The amendment discloses current aggregated holdings of 2,111,093 Class A shares, or 4.9% of outstanding shares, and confirms the Reporting Persons dropped below the 5% beneficial ownership threshold on August 27, 2025. This change typically removes certain disclosure and reporting presumptions tied to >5% ownership and may reduce the market perception of Abdiel as a significant activist or blockholder. The filing references Exhibit A for transaction details but does not include transaction specifics within the body of the amendment.

Corporate Governance Expert

TL;DR: Abdiel group no longer exceeds the 5% reporting threshold, which lessens formal shareholder influence.

The Schedule 13D/A aggregates holdings across multiple Abdiel entities and an individual, showing shared voting and dispositive power over 2,111,093 Class A shares (4.9%). Ceasing to exceed 5% on August 27, 2025, is a material filing event for disclosure purposes but the amendment does not allege arrangements, contracts, or intentions to change governance. No legal proceedings or new agreements are reported. Specific buy/sell transactions are relegated to Exhibit A rather than detailed here.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 54)

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)

08/27/2025

(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 2,009,451.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,009,451.00

11

Aggregate amount beneficially owned by each reporting person

2,009,451.00

12

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

13

Percent of class represented by amount in Row (11)

4.7 %

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 96,425.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 96,425.00

11

Aggregate amount beneficially owned by each reporting person

96,425.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

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 2,105,876.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,105,876.00

11

Aggregate amount beneficially owned by each reporting person

2,105,876.00

12

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

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 2,009,451 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP and 96,425 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 2,111,093.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,111,093.00

11

Aggregate amount beneficially owned by each reporting person

2,111,093.00

12

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

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 2,009,451 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 96,425 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 2,111,093.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,111,093.00

11

Aggregate amount beneficially owned by each reporting person

2,111,093.00

12

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

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11. Consists of 2,009,451 shares of Class A Common Stock held by Abdiel Qualified Master Fund, LP, 96,425 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, Amendment No. 51 thereto filed on July 25, 2025, Amendment No. 52 thereto filed on August 11, 2025 and Amendment No. 53 thereto filed on August 14, 2025 (as so amended, the "Schedule 13D"). This Amendment No. 54 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. 54 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. 54 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. 53 to Schedule 13D is incorporated herein by reference to Exhibit A hereto.
(d)	Not Applicable
(e)	The Reporting Persons ceased to be the beneficial owners of more than five percent of the Class A Common Stock on August 27, 2025.
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. 53 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:	08/27/2025

Abdiel Capital, LP

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Management, LLC, its General Partner
Date:	08/27/2025

Abdiel Partners, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member of Abdiel Capital Partners, LLC, its Managing Member
Date:	08/27/2025

Abdiel Capital Management, LLC

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, Managing Member
Date:	08/27/2025

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:	08/27/2025

Colin T. Moran

Signature:	/s/ Colin T. Moran
Name/Title:	Colin T. Moran, individually
Date:	08/27/2025

FAQ

What stake in APPN do the Abdiel reporting persons currently hold?

The Abdiel reporting persons collectively hold 2,111,093 Class A shares, representing 4.9% of Appian's Class A common stock.

When did Abdiel cease to be a >5% beneficial owner of APPN?

The filing states the Reporting Persons ceased to be beneficial owners of more than 5% on August 27, 2025.

Which Abdiel entity holds the largest number of APPN shares?

Abdiel Qualified Master Fund, LP holds the largest reported position with 2,009,451 Class A shares.

Does the amendment disclose any agreements or plans to influence Appian's management?

No. Item 4 states Not Applicable for the purpose of the transaction, and Item 6 reports Not Applicable for contracts or arrangements.

Where can I find the recent transaction history for these holdings?

The amendment references Exhibit A for transactions effected since Amendment No. 53; specific trades are not detailed in the amendment text.