Cloud computing and enterprise software company Appian Corporation (APPN) has announced the acquisition of Lana Labs, a process mining software company. The terms of the deal have not been disclosed so far.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Following the news, shares of the company remained unchanged and closed at $119 in the extended trading session.
The buyout will combine Appian’s prowess in low-code process modeling and automation with Lana’s expertise in machine learning algorithms to offer customers a complete low-code automation suite.
The CEO of Appian, Matt Calkins, said, “There is natural synergy between process mining, process modeling, and automation. We believe that our acquisition of Lana Labs means that only Appian will be able to take customers from knowing to doing, in a unified suite.” (See Appian stock chart on TipRanks)
Two days ago, Needham analyst Jack Andrews reiterated a Buy rating on the stock with a price target of $186, implying 79.9% upside potential from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus based on 2 Buys and 3 Holds. The average Appian price target of $119 implies that the stock has upside potential of 15.1% from current levels. Shares have gained 106% over the past year.
Related News:
Levi to Acquire Beyond Yoga; Street Says Buy
Dropbox Q2 Results Beat Estimates; Shares Rise 3.2%
Moderna Swings to Profit in Q2 as Revenues Skyrocket
