<p>托马斯·富勒 | SOPA Images | Lightrocket | Getty Images</p>
<h3>公司：Appian Corp. (APPN)</h3>
<p><strong>业务：</strong> Appian 提供业务流程管理 (BPM) 解决方案。其产品包括 BPM 软件、案例管理、移动应用开发和平台即服务。该公司由马修·卡尔金斯、罗伯特·克雷默、马克·威尔逊和迈克尔·贝克利于 1999 年创立，总部位于弗吉尼亚州麦克莱恩。</p>
<p><strong>市值：</strong> 18.6 亿美元（每股 25.21 美元）</p>
<h3>活动投资者：Fivespan Partners</h3>
<p><strong>持股比例：</strong> 7.91%</p>
<p><strong>平均成本：</strong> 29.73 美元</p>
<p><strong>活动投资者评论：</strong> Fivespan Partners, LP 是一家总部位于旧金山的投资公司，由迪伦·哈加特和萨拉·科因于 2023 年 10 月创立。在创立 Fivespan 之前，哈加特和科因曾是 ValueAct Capital 的合伙人，投资团队的 80% 来自 ValueAct。Fivespan 以哈加特家乡独特的五石拱桥命名，视自己为市场与公司之间的桥梁。该公司更倾向于 “幕后” 的合作与友好的激进主义，但在没有其他选择的情况下会诉诸代理权争夺战。我们预计 Fivespan 会在认为能够增加实际价值的情况下寻求董事会席位，但我们不认为该公司会像 ValueAct 那样频繁追求董事会代表（即在大约 50% 的核心投资组合中）。哈加特在公共公司董事方面有经验。他曾担任希捷（2018 年至今）和费瑟夫（2022-2024）的董事，在他任职期间分别实现了 205.25% 和 64.68% 的卓越回报，而罗素 2000 指数的回报率为 46.12% 和 4.98%。Fivespan 寻找高质量、独特的企业，拥有良好的战略资产。该公司并不主张将其投资组合公司作为主要的激进主义策略出售，但它喜欢人们想要拥有的公司。因此，其许多激进活动可能以出售公司结束，为股东价值提供两条路径。该基金采用回撤结构，至少持有投资三到五年，旨在同时拥有六到八项投资，每项投资平均在 1 亿到 3 亿美元之间。</p>
<h3>发生了什么</h3>
<p>1 月 27 日，Fivespan 宣布将继续与管理层会面，讨论公司的运营、战略和治理，包括 Fivespan 员工是否适合加入公司董事会。</p>
<h3>幕后情况</h3>
<p>Appian 为一些全球最大、最复杂的企业提供关键的业务流程和管理软件解决方案。其客户群主要由运营过时后端技术堆栈的传统企业组成，包括大型银行、电信公司甚至国防部。Appian 的软件深深嵌入这些公司的系统中，导致极高的转换成本。因此，客户几乎不会离开，毛保留率约为 99%。此外，Appian 及其同行仅渗透了可能达到 900 亿美元市场的约 10%。因此，该公司受益于持续的中双位数收入增长，主要来自与现有客户的新业务。尽管有如此引人注目的背景，Appian 的股票交易价格约为销售额的 2 倍和毛利润的 3 倍，比同类同行低于 50%。</p>
<p>在过去五年中，Appian 的股票下跌了 89%，Fivespan Partners 进入了这个局面，提交了 13D 文件，披露了在 Appian 中持有 6.16% 的股份，并宣布将继续与管理层会面，讨论公司的运营、战略和治理，包括 Fivespan 员工是否适合加入公司董事会。任何变更或董事会代表必须在现任董事会的邀请下进行，因为 Appian 实际上是一家受控公司。Appian 的联合创始人、首席执行官、董事长和总裁马修·卡尔金斯控制着约 39% 的投票权，其他三位创始人中的两位在九人董事会中，许多其他董事是 Appian 的前员工或与卡尔金斯有关系。但这没关系。回到他在 ValueAct 的日子，迪伦·哈加特在与像 KKR 和《纽约时报》这样的受控公司合作方面积累了丰富的经验和成功，后者也是当前 Fivespan 的投资组合之一。</p>
<p>至少有三个可解决的问题导致了 Appian 的折扣。首先，市场对 Appian 的人工智能风险存在根本误解。与许多软件公司一样，Appian 被广泛归类为 “自动化” 公司，导致它与真正面临 AI 颠覆的企业（如客户服务或聊天机器人驱动的自动化）混为一谈。然而，Appian 的自动化完全不同，因为它专注于创建和实施复杂的后端流程。尽管如此，这种品牌化迫使它被贴上同样的标签，而在今天的市场中，任何与自动化相关的事物都被无差别地抛售。任何查看 Appian 财务数据的人都能识别出这一熊市论点的谬误，因为该公司的增长和保留指标与真正面临 AI 风险的公司的情况截然不同。问题在于，Appian 迄今未能向市场传达这一点。公司的四位创始人——马修·卡尔金斯、迈克尔·贝克利、罗伯特·克雷默、马克·威尔逊——都是技术人员，主要是大学同学，他们在车库里创办了这家公司。这些人并不想与市场对话，而公司缺乏投资者关系专业人士进一步强调了这一点。因此，将这一叙述传达给市场，甚至可能找到人来填补这一角色，都是 Fivespan 可以立即增加价值的领域。</p>
<p>其次是对利润率缺乏关注。历史上，管理层像许多其他成长型公司一样，优先考虑收入增长，而对公司的盈利能力关注有限，这使得 Appian 的自由现金流利润率处于低个位数，而类似的企业如 Pega 的利润率超过 30%。随着 Fivespan 的参与，这种情况可能会开始改变。Appian 的经常性和粘性收入模式应该使他们能够在追求收入增长的同时扩大利润率，确保增量增长带来增量盈利。虽然利润率不会一夜之间大幅提升，但随着成本的增长速度持续低于收入，利润率应该会在每个季度稳步改善，这一点我们从像 Pega 和 ServiceNow 这样的较大同行中观察到了。值得注意的是，这并不是一个通过裁员和削减成本来改善利润率的情况，随着收入的增加，关注增量成本应该会显著有利于底线。</p>
<p>最后是资本配置。随着利润率的扩大，Appian 应该会成为一个现金奶牛，使得有纪律的资本配置对这家在这方面没有强大记录的公司变得越来越重要。这就是我们看到 Haggart 能够增加最大价值的地方。一些最佳的激进主义发生在一个优秀的激进者进入一家优秀公司的董事会，而管理层继续做他们最擅长的事情——经营业务，产生显著的自由现金流，而像 Haggart 这样的激进者则做他最擅长的事情——帮助董事会建议如何最佳地使用现金流以最大化股东价值。这是 ValueAct 所知的事情，而 Haggart 在 Seagate 等公司做得非常出色。这在 Appian 的董事会中是一个更重要的技能，因为该公司即将从对 Pega 提起的企业间谍诉讼中获得至少 5 亿美元的意外之财。Appian 在 2020 年起诉 Pega，并在 2022 年赢得了 20.36 亿美元的判决。弗吉尼亚上诉法院在 2024 年推翻了该判决，并将其发回下级法院进行新审理。然而，Appian 部分为该判决投保了 5 亿美元，这意味着如果最终获得的金额少于 5 亿美元，保险公司将弥补差额。如果获得超过 5 亿美元的赔偿，则这笔钱归 Appian 所有，保险公司不再承担责任。因此，Appian 获得至少 5 亿美元的时间只是问题，且这笔金额超过了公司整个市值的 25%。</p>
<p>在该公司的其他三个活动中，Fivespan 展示了它更喜欢 “幕后” 的、合作和友好的激进主义——这是一件好事，因为在这里它没有其他选择。然而，虽然任何战略、运营或治理变更最终都在公司的自由裁量权之内，但我们认为 Appian 和 Fivespan 是在同一个方向上划桨。此外，我们认为公司将从董事会中增加一名少数股东代表（如 Haggart 或其他 Fivespan 高管）中受益匪浅。董事会中有对冲基金代表的好处在于，董事会不仅能获得该董事的建议和咨询，还能获得整个公司的资源及其分析师团队。这在需要做出关键资本配置决策时尤为重要。最终，这将是一次轻度激进的活动，Haggart 知道他只有在创始人的祝福和邀请下才能在这里发挥作用。我们预计他会考虑到这一点继续推进。</p>
<p><em>Ken Squire 是 13D Monitor 的创始人和总裁，这是一家关于股东激进主义的机构研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该共同基金投资于激进投资组合。</em></p>

APPN

<p>Fivespan Partners 已经在 Appian Corp. (APPN) 中获得了 7.91% 的股份，旨在与管理层合作以提升公司的运营和治理。这家由前 ValueAct 合伙人创立的激进投资公司更倾向于采取合作方式，但如有必要也可能寻求董事会代表。作为业务流程管理解决方案的提供商，Appian 的股票在五年内下跌了 89%，与同行相比交易价格显著折扣。Fivespan 认为，影响 Appian 估值的问题是可以解决的，特别是关于其自动化技术的误解</p>

<p>Thomas Fuller | SOPA Images | Lightrocket | Getty Images</p>
<div class="lb-trans"><p>托马斯·富勒 | SOPA Images | Lightrocket | Getty Images</p>
</div><h3>Company: Appian Corp. (APPN)</h3>
<div class="lb-trans"><h3>公司：Appian Corp. (APPN)</h3>
</div><p><strong>Business:</strong> Appian provides business process management (BPM) solutions. Its products include BPM software, case management, mobile application development and platform-as-a-service. The company was founded by Matthew Calkins, Robert Kramer, Marc Wilson and Michael Beckley in 1999 and is headquartered in McLean, Va.</p>
<div class="lb-trans"><p><strong>业务：</strong> Appian 提供业务流程管理 (BPM) 解决方案。其产品包括 BPM 软件、案例管理、移动应用开发和平台即服务。该公司由马修·卡尔金斯、罗伯特·克雷默、马克·威尔逊和迈克尔·贝克利于 1999 年创立，总部位于弗吉尼亚州麦克莱恩。</p>
</div><p><strong>Stock Market Value:</strong> $1.86B ($25.21 per share)</p>
<div class="lb-trans"><p><strong>市值：</strong> 18.6 亿美元（每股 25.21 美元）</p>
</div><h3>Activist: Fivespan Partners</h3>
<div class="lb-trans"><h3>活动投资者：Fivespan Partners</h3>
</div><p><strong>Ownership:</strong> 7.91%</p>
<div class="lb-trans"><p><strong>持股比例：</strong> 7.91%</p>
</div><p><strong>Average Cost:</strong> $29.73</p>
<div class="lb-trans"><p><strong>平均成本：</strong> 29.73 美元</p>
</div><p><strong>Activist Commentary:</strong> Fivespan Partners, LP is a San Francisco-based investment firm founded in October 2023 by Dylan Haggart and Sarah Coyne. Prior to Fivespan, Haggart and Coyne were partners at ValueAct Capital and 80% of the investment team is from ValueAct. Fivespan, named after the unique five-stone arched bridge in Haggart's hometown, views itself as a bridge between the market and companies. The firm prefers &#34;behind the scenes,&#34; collaborative and amicable activism, but it would resort to a proxy fight if there were no other choice. We expect that Fivespan will look for board seats in situations where it believes it could add real value, but we do not expect the firm to pursue board representation as often as ValueAct does (i.e, in roughly 50% of core portfolio positions). Haggart has experience as a public company director. He served as a director of Seagate (2018-present) and Fiserv (2022-2024), where he delivered stellar returns over his tenures of 205.25% and 64.68%, respectively, versus 46.12% and 4.98% for the Russell 2000. Fivespan looks for high quality, idiosyncratic businesses with good, strategic assets. The firm does not advocate for selling its portfolio companies as a primary activist strategy, but it likes companies that people want to own. Accordingly, many of its activist campaigns could end with a sale of the company, providing two paths to shareholder value. The fund is a drawdown structure that holds investments for at least three to five years, aims to have six to eight investments at a time and averages $100 million to $300 million in each investment.</p>
<div class="lb-trans"><p><strong>活动投资者评论：</strong> Fivespan Partners, LP 是一家总部位于旧金山的投资公司，由迪伦·哈加特和萨拉·科因于 2023 年 10 月创立。在创立 Fivespan 之前，哈加特和科因曾是 ValueAct Capital 的合伙人，投资团队的 80% 来自 ValueAct。Fivespan 以哈加特家乡独特的五石拱桥命名，视自己为市场与公司之间的桥梁。该公司更倾向于 “幕后” 的合作与友好的激进主义，但在没有其他选择的情况下会诉诸代理权争夺战。我们预计 Fivespan 会在认为能够增加实际价值的情况下寻求董事会席位，但我们不认为该公司会像 ValueAct 那样频繁追求董事会代表（即在大约 50% 的核心投资组合中）。哈加特在公共公司董事方面有经验。他曾担任希捷（2018 年至今）和费瑟夫（2022-2024）的董事，在他任职期间分别实现了 205.25% 和 64.68% 的卓越回报，而罗素 2000 指数的回报率为 46.12% 和 4.98%。Fivespan 寻找高质量、独特的企业，拥有良好的战略资产。该公司并不主张将其投资组合公司作为主要的激进主义策略出售，但它喜欢人们想要拥有的公司。因此，其许多激进活动可能以出售公司结束，为股东价值提供两条路径。该基金采用回撤结构，至少持有投资三到五年，旨在同时拥有六到八项投资，每项投资平均在 1 亿到 3 亿美元之间。</p>
</div><h3>What's happening</h3>
<div class="lb-trans"><h3>发生了什么</h3>
</div><p>On Jan. 27, Fivespan announced that it will continue meeting with management regarding the company's operations, strategy and governance, including whether it makes sense for a Fivespan employee to join the company's board.</p>
<div class="lb-trans"><p>1 月 27 日，Fivespan 宣布将继续与管理层会面，讨论公司的运营、战略和治理，包括 Fivespan 员工是否适合加入公司董事会。</p>
</div><h3>Behind the scenes</h3>
<div class="lb-trans"><h3>幕后情况</h3>
</div><p>Appian provides mission critical business process and management software solutions to some of the largest, most complex enterprises in the world. Its customer base consists primarily of legacy businesses that operate outdated backend technology stacks, including large banks, telecom companies and even the Department of Defense. Appian's software is deeply embedded into these companies' systems, resulting in extremely high switching costs. As a result, customers hardly ever leave, with gross retention at approximately 99%. Moreover, Appian and its peers have penetrated only about 10% of what could be a $90 billion market. As a result, the company benefits from consistent mid-teens revenue growth, mostly from new business with current clients. Despite this compelling backdrop, Appian shares trade at roughly 2-times sales and 3-times gross profit – more than a 50% discount to similarly situated peers.</p>
<div class="lb-trans"><p>Appian 为一些全球最大、最复杂的企业提供关键的业务流程和管理软件解决方案。其客户群主要由运营过时后端技术堆栈的传统企业组成，包括大型银行、电信公司甚至国防部。Appian 的软件深深嵌入这些公司的系统中，导致极高的转换成本。因此，客户几乎不会离开，毛保留率约为 99%。此外，Appian 及其同行仅渗透了可能达到 900 亿美元市场的约 10%。因此，该公司受益于持续的中双位数收入增长，主要来自与现有客户的新业务。尽管有如此引人注目的背景，Appian 的股票交易价格约为销售额的 2 倍和毛利润的 3 倍，比同类同行低于 50%。</p>
</div><p>With Appian's stock down 89% over the past five years, Fivespan Partners has entered the picture filing a 13D disclosing a 6.16% position in Appian and announced that it will continue to have meetings with management regarding the company's operations, strategy and governance, including whether it makes sense for a Fivespan employee to join the company's board. Any changes made or board representation would have to come at the invitation of the current board as Appian is effectively a controlled company. Appian co-founder CEO, chairman, and president Matthew Calkins controls about 39% of the voting power, two of the other three founders are on the nine-person board with many other directors being former employees of Appian or having relationships with Calkins. But that is OK. Going back to his ValueAct days, Dylan Haggart has had a lot of experience and success working with controlled companies like KKR and The New York Times, the latter of which is also a current Fivespan portfolio position.</p>
<div class="lb-trans"><p>在过去五年中，Appian 的股票下跌了 89%，Fivespan Partners 进入了这个局面，提交了 13D 文件，披露了在 Appian 中持有 6.16% 的股份，并宣布将继续与管理层会面，讨论公司的运营、战略和治理，包括 Fivespan 员工是否适合加入公司董事会。任何变更或董事会代表必须在现任董事会的邀请下进行，因为 Appian 实际上是一家受控公司。Appian 的联合创始人、首席执行官、董事长和总裁马修·卡尔金斯控制着约 39% 的投票权，其他三位创始人中的两位在九人董事会中，许多其他董事是 Appian 的前员工或与卡尔金斯有关系。但这没关系。回到他在 ValueAct 的日子，迪伦·哈加特在与像 KKR 和《纽约时报》这样的受控公司合作方面积累了丰富的经验和成功，后者也是当前 Fivespan 的投资组合之一。</p>
</div><p>There are at least three solvable issues that have driven Appian's discount. First is that the market has a fundamental misconception around Appian's artificial intelligence risk. As is the problem with many software companies, Appian has been broadly categorized as an &#34;automation&#34; company, leading it to be lumped in with businesses genuinely exposed to AI disruption, such as customer service or chatbot-driven automation. Appian's automation, however, is entirely different, as it is focused on creating and implementing complex backend processes. Nevertheless, this branding has forced it to be painted with the same brush, and in today's market, anything associated with automation is being sold off indiscriminately. Anyone who looks at Appian's financials' can recognize the fallacy of this bear case, as the company's growth and retention metrics look nothing like those of companies with actual AI risk. The problem here is that Appian has thus far failed to communicate this to the market. The company's four founders – Matthew Calkins, Michael Beckley, Robert Kramer, Marc Wilson – are tech guys, mostly college buddies who started this company out of a garage. These are not guys who want to talk to the market, and the company's lack of an investor relations professional further underscores that. Thus, communicating this narrative to the market and perhaps even finding someone to fill this role for the company are both areas where Fivespan could add immediate value.</p>
<div class="lb-trans"><p>至少有三个可解决的问题导致了 Appian 的折扣。首先，市场对 Appian 的人工智能风险存在根本误解。与许多软件公司一样，Appian 被广泛归类为 “自动化” 公司，导致它与真正面临 AI 颠覆的企业（如客户服务或聊天机器人驱动的自动化）混为一谈。然而，Appian 的自动化完全不同，因为它专注于创建和实施复杂的后端流程。尽管如此，这种品牌化迫使它被贴上同样的标签，而在今天的市场中，任何与自动化相关的事物都被无差别地抛售。任何查看 Appian 财务数据的人都能识别出这一熊市论点的谬误，因为该公司的增长和保留指标与真正面临 AI 风险的公司的情况截然不同。问题在于，Appian 迄今未能向市场传达这一点。公司的四位创始人——马修·卡尔金斯、迈克尔·贝克利、罗伯特·克雷默、马克·威尔逊——都是技术人员，主要是大学同学，他们在车库里创办了这家公司。这些人并不想与市场对话，而公司缺乏投资者关系专业人士进一步强调了这一点。因此，将这一叙述传达给市场，甚至可能找到人来填补这一角色，都是 Fivespan 可以立即增加价值的领域。</p>
</div><p>Second is a lack of focus on margins. Historically, management, like many other growth companies, has prioritized top-line growth with limited attention to the company's profitability, leaving Appian's free cash flow margins in the low single digits, while comparable businesses like Pega generate margins north of 30%. With Fivespan now involved, this is likely to begin to change. Appian's recurring and sticky revenue model should allow them to pursue both revenue growth while expanding margins, by ensuring that incremental growth generates incremental profitability. While margins won't jump overnight, they should improve steadily each quarter as costs continue to grow more slowly than revenue, something we have observed from larger peers like Pega and ServiceNow. It is important to note that this is not a situation where layoffs and cost-cutting will lead to margin improvement, just being conscious of incremental costs as revenue increases should significantly benefit the bottom line.</p>
<div class="lb-trans"><p>其次是对利润率缺乏关注。历史上，管理层像许多其他成长型公司一样，优先考虑收入增长，而对公司的盈利能力关注有限，这使得 Appian 的自由现金流利润率处于低个位数，而类似的企业如 Pega 的利润率超过 30%。随着 Fivespan 的参与，这种情况可能会开始改变。Appian 的经常性和粘性收入模式应该使他们能够在追求收入增长的同时扩大利润率，确保增量增长带来增量盈利。虽然利润率不会一夜之间大幅提升，但随着成本的增长速度持续低于收入，利润率应该会在每个季度稳步改善，这一点我们从像 Pega 和 ServiceNow 这样的较大同行中观察到了。值得注意的是，这并不是一个通过裁员和削减成本来改善利润率的情况，随着收入的增加，关注增量成本应该会显著有利于底线。</p>
</div><p>Lastly is capital allocation. As margins expand, Appian should become a cash cow, making disciplined capital allocation increasingly important for a company that hasn't had the strongest track record of doing so. This is where we see Haggart adding the most value. Some of the best activism occurs when a good activist gets on the board of a good company and management continues to do what they do best – run the business generating significant free cash flow, and an activist like Haggart does what he does best – help advise the board the best way to spend the cash flow to maximize shareholder value. This is one thing ValueAct is known for and that Haggart did extremely well at companies like Seagate. And this is an even more important skill to have on Appian's board, as the company is on the verge of coming into an at least $500 million windfall from a corporate espionage lawsuit filed against Pega. Appian sued Pega in 2020 and won a $2.036 billion verdict in 2022. The Virginia Court of Appeals overturned the verdict in 2024 and remanded it back to the lower court for a new trial. However, Appian had partly insured the verdict in the amount of $500 million, meaning that if it's ultimately awarded less than $500 million, the insurance company will make up the difference. If it's awarded more than $500 million, it is theirs to keep and the insurance company is off the hook. So, it is just a matter of time before Appian receives at least $500 million, which is more than 25% of the company's entire market cap.</p>
<div class="lb-trans"><p>最后是资本配置。随着利润率的扩大，Appian 应该会成为一个现金奶牛，使得有纪律的资本配置对这家在这方面没有强大记录的公司变得越来越重要。这就是我们看到 Haggart 能够增加最大价值的地方。一些最佳的激进主义发生在一个优秀的激进者进入一家优秀公司的董事会，而管理层继续做他们最擅长的事情——经营业务，产生显著的自由现金流，而像 Haggart 这样的激进者则做他最擅长的事情——帮助董事会建议如何最佳地使用现金流以最大化股东价值。这是 ValueAct 所知的事情，而 Haggart 在 Seagate 等公司做得非常出色。这在 Appian 的董事会中是一个更重要的技能，因为该公司即将从对 Pega 提起的企业间谍诉讼中获得至少 5 亿美元的意外之财。Appian 在 2020 年起诉 Pega，并在 2022 年赢得了 20.36 亿美元的判决。弗吉尼亚上诉法院在 2024 年推翻了该判决，并将其发回下级法院进行新审理。然而，Appian 部分为该判决投保了 5 亿美元，这意味着如果最终获得的金额少于 5 亿美元，保险公司将弥补差额。如果获得超过 5 亿美元的赔偿，则这笔钱归 Appian 所有，保险公司不再承担责任。因此，Appian 获得至少 5 亿美元的时间只是问题，且这笔金额超过了公司整个市值的 25%。</p>
</div><p>In the firm's other three campaigns, Fivespan has demonstrated that it prefers &#34;behind the scenes,&#34; collaborative and amicable activism — and that's a good thing as it doesn't have any other choice here. However, while any strategic, operational, or governance changes are ultimately in the company's discretion, we think Appian and Fivespan are rowing in the same direction. Moreover, we think the company would benefit greatly from the addition of a minority shareholder representative on the board, like Haggart or another Fivespan executive. One of the benefits of having a hedge fund representative on the board is that the board not only gets the director's advice and counsel, but the resources of the entire firm and its team of analysts. This is particularly important when there are crucial capital allocation decisions to be made. Ultimately, this will be an activist-lite campaign and Haggart knows that he can only be effective here with the blessing and invitation of the founder. We expect he will proceed with that in mind.</p>
<div class="lb-trans"><p>在该公司的其他三个活动中，Fivespan 展示了它更喜欢 “幕后” 的、合作和友好的激进主义——这是一件好事，因为在这里它没有其他选择。然而，虽然任何战略、运营或治理变更最终都在公司的自由裁量权之内，但我们认为 Appian 和 Fivespan 是在同一个方向上划桨。此外，我们认为公司将从董事会中增加一名少数股东代表（如 Haggart 或其他 Fivespan 高管）中受益匪浅。董事会中有对冲基金代表的好处在于，董事会不仅能获得该董事的建议和咨询，还能获得整个公司的资源及其分析师团队。这在需要做出关键资本配置决策时尤为重要。最终，这将是一次轻度激进的活动，Haggart 知道他只有在创始人的祝福和邀请下才能在这里发挥作用。我们预计他会考虑到这一点继续推进。</p>
</div><p><em>Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.</em></p>
<div class="lb-trans"><p><em>Ken Squire 是 13D Monitor 的创始人和总裁，这是一家关于股东激进主义的机构研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该共同基金投资于激进投资组合。</em></p>
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Fivespan 通过友好的激进主义来推动 Appian 的股价上涨并创造价值