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Friday 19 February 2021

Appian FY20 highlights growing appetite for low code

Appian logoAs we noted yesterday, Appian’s financial results were expected to shine a light on demand for low code development and with 19% revenue growth to $81.6m in Q4 (to 31 December 2020) and 17% growth over the full year to $304.6m, that’s exactly what they did. The low code sector is still at a relatively early stage of maturity but demand is ramping up (as are competitors) and both COVID-19 fallout and organisations’ need for agility have provided further boosts. 

As one of the low code platform leaders, Appian is well placed with a focus on enterprise customers, tackling complex use cases and seeking large contracts. Overall performance was strong but EMEA was pulled out as performing particularly well, having doubled the number of new logos in Q4 (including a top 5 UK bank who took 1m licences), and securing twice as many seven digit deals in FY20 compared to the prior year. Much of the success in EMEA was attributed to the partner network which delivered 70% of the new logos. Evidently, many were won because of pre-built partner-developed solutions created on the Appian platform. What is also reassuring from a partner perspective, is that Appian is managing down its Professional Services business (down 3% yoy to $105.9m during FY20) as it focusses on the partner network. This is a sign of increased maturity and market awareness. 

During Q4 total subscriptions increased 33% to $56.1, of which cloud subscriptions were up 40% to $36.9m. For the full year, total subscriptions rose 31% to $198.7m with cloud subscriptions of $129.2m, a 36% increase. Appian is still generating net losses but they are moving in the right direction, with the Q4 net loss reduced from $10.8m to $6.4m. The same pattern was evident across the year with the loss reducing from $50.7m to $33.5m. 

Posted by: Angela Eager at 08:59

Tags: results   software   low-code   softwaredevelopment  

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