US Application Software: Back Office Software: Ranking Update – New Top Picks BOX, NAVN, and APPN

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US Application Software: Back Office Software: Ranking Update – New Top Picks BOX, NAVN, and APPN

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24 Jun 2026 19:46:50 ET │ 11 pages

US Application Software

Back Office Software: Ranking Update – New Top Picks BOX, NAVN,

and APPN

Steven Enders, CFA AC

CITI'S TAKE +1-415-951-1745

We are updating our rankings across our Back Office Software coverage steven.enders@citi.com

following 1Q26 earnings, preferring names with a clear acceleration George Kurosawa, CFAsupported by differentiated AI strategies that we believe are

underappreciated. We prefer infrastructure-like names where we see +1-415-658-4247

potential for consumption-driven monetization (+BOX, +APPN, +PEGA, george.kurosawa@citi.com

+NAVN) as well as a continued preference for companies with strong Palak Chandak

execution momentum (+BOX +APPN, +PCTY) with regulatory exposure that +1-716-932-9661limits displacement risk. We are lowering preference for names managing

through near-term growth/execution questions (-ROP, -PEGA) and more palak.chandak@citi.com

persistent AI bear narratives, particularly related to competition and

disintermediation (-INTU, -MNDY, -ASAN, -INTA). Our new top picks are

BOX, NAVN, and APPN.

Leaning into AI Acceleration Stories — We are leaning into our preference for

companies driving a growth acceleration supported by clear AI differentiation and

monetization. We prefer infrastructure-like players, operating below the traditional

application layer where we see more potential for consumption-oriented revenue

streams and NT agentic monetization to emerge. In addition, we prefer regulatory-

oriented value propositions, where we see more insulation from the build vs. buy

concerns or displacement risk from new entrants. We continue to favor companies