This comes with some good news and bad news.
Buy: Appian (NASDAQ: APPN) |
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When you think of a cloud-based platform, the first thing that comes to mind likely isn't a company that was founded way back in 1999. And yet, Appian, a low-code software tool did just that, a visionary way ahead of their time. Unlike many of its Silicon Valley counterparts, it grew as a bootstrap, funded by customers rather than venture capitalists, leaving it with little debt. Today, one of the Co-founders, Matt Calkins, sits as CEO. If you're not familiar with "Low-code," it allows companies to easily deploy apps with little to no code. In the past, you'd have to create an application by coding it, a long tedious process that required specialized minds. Appian saves companies from having to hire IT pros to do this. And this functionality gives the company a lot of confidence moving forward, even in an unsure economy. In fact, CEO Calkins made it clear he is bearish on the US economy as a whole, but stated, "Appian is not seeing any evidence of a downturn" in its business, and the company plans to keep expanding while its competitors pull back. This confidence is compounded by Gartner's estimates that two-thirds of apps developed in 2024 will be low-code, and Appian's second quarter 2022 results showed cloud subscription revenue rose 34% from the previous year's levels, fueled by a healthy 116% revenue retention rate. Plus, a $2 Billion settlement against Pegasystems recently gave Appian a huge win that could mean a big influx of cash in the future. |
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