Aggressive investor Fivespan acquires 6.2% of the shares in cloud computing company Appian.

On Tuesday, the aggressive investor Fivespan Partners stated that it holds a 6.2% stake in cloud computing and enterprise software company Appian, and plans to discuss business strategies with its management and board of directors as its stock price declines. The investment firm, based in San Francisco, reported its stake in a so-called 13-D filing, which is required when an investor holds more than 5% of shares and intends to push for change. Appian, headquartered in McLean, Virginia, has seen its stock price plummet by 86% over the past five years, with a market value dropping to around $2 billion, in part due to investor concerns about artificial intelligence eroding its business. The stock closed at $29.89 on Tuesday. However, some investors believe that Appian is a misunderstood company, with extremely loyal customers including the U.S. government.