Appian Receives $10 Million Venture Funding from Novak Biddle
Business Process Management Software Leader Will Use Investment to Rapidly Extend Market Position
VIENNA, Va.— July 21, 2008— Appian, an innovative global provider of business process management (BPM) technology, announced today that it has received $10 million from Novak Biddle Venture Partners in the first round of venture funding in Appian’s nine-year history. Novak Biddle co-founder and general partner Jack Biddle will join the Appian Board of Directors. Appian will use the funds to expand its leadership position in the market, and to invest in market adoption of its industry-changing Appian Anywhere software-as-a-service (SaaS) product, built on the award-winning Appian Enterprise BPM Suite.
“With analysts predicting a significant growth pattern for the industry over the next several years, Appian is well positioned to emerge as the leading pure play BPM provider,” said Jack Biddle, general partner at Novak Biddle Venture Partners and Appian board member. “Their ability to bootstrap the business to this point is a strong indication that Appian’s product offering and market strategy – implemented by an experienced management team – are meeting organizations’ complex and diverse needs.”
Appian’s BPM software technology helps companies around the world easily measure, manage, and optimize their business processes to drive competitive advantage. Appian has achieved great success as a self-funded and profitable company, with more than 2.5 million seats of its software deployed across a diversified set of industries, more than $140 million of revenue, and leadership recognition from key industry analysts such as Gartner and Forrester. Appian Anywhere is the first and only full-featured BPM Suite delivered as a service.
“Appian has done something very few other companies can claim: grown itself organically into a market and technology leader,” said Matthew Calkins, President and CEO of Appian. “We believe our partnership with Novak Biddle will make Appian an even stronger company, and we are very pleased to welcome Jack to our Board.”
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit www.novakbiddle.com.
Appian provides a leading low-code software development platform that enables organizations to rapidly develop powerful and unique applications. The applications created on Appian’s platform help companies drive digital transformation and competitive differentiation. For more information, visit www.appian.com.