Abdiel Qualified Master Fund LP, Abdiel Capital LP, Abdiel Capital Management LLC, Abdiel Capital Advisors LP and Colin Moran acquired 1,968,311 common shares, or a 27.4% stake, of Appian Corp. for approximately $29.3 million.
The common shares were acquired for the accounts of Abdiel Qualified Master Fund and Abdiel Capital whose working capital was the source of the funds.
Each of Abdiel Qualified Master Fund and Abdiel Capital is a private investment partnership, the principal business of which is to make investments. Abdiel Capital Management acts as the general partner of Abdiel Qualified Master Fund and Abdiel Capital, while Abdiel Capital Advisors serves as the investment manager of the two entities. Moran serves as managing member of Abdiel Capital Management and Abdiel Capital Partners LLC, which is the general partner of Abdiel Capital Advisors.
The investors expect to evaluate, on an ongoing basis, Appian's financial condition, business, operations and prospects, conditions in the securities markets, general economic and industry conditions. They may also discuss with Appian's management and board the company's investment, business, operations, governance, strategy, capitalization, ownership and future plans.