Cloud computing company Appian, which offers low-code technologies for building enterprise applications, reported a significant year-over-year increase in overall revenue in the third quarter, as well as increases in cloud subscription revenue and retention. However, despite those positives, the company saw its stock price drop by 20%, yet another reaction to economic downturns. According to founder and CEO Matt Calkins, the company is still well-prepared to weather a potential economic recession.
As for signs of this fortification, Calkins points toward Appian’s government services, which accounted for roughly 40% of its quarterly revenue, making it the second-largest sector behind financial services. Organizations across these and many other sectors are striving for cost-saving efficiency, making the company’s process automation solutions attractive. He also cites a new Government Acquisition Management Suite — popular across many agencies and organizations, including the U.S. Air Force — as responsible for many of the company’s biggest wins.
The CEO recognizes the industry-wide trend of convergence and consolidation, with organizations looking for ways to streamline their solutions, and he sees Appian’s comprehensive process management solutions as a great starting point.