An Indianapolis company that sells software that captures and manages information from online forms plans to hire 55 people during the next five years for a newly opened office in downtown Colorado Springs.
Formstack LLC is opening the office at 6 S. Tejon St. because many of its employees, who largely work from home, are based in the Colorado Springs office, including Dustin Sapp, who joined the company in May as its chief operating officer. The office will serve as a hub for Formstack's outbound sales, mid-market and enterprise team, the company said.
"The city is a natural fit for our continued growth with its strong access to talent, central location and a quality of life that fits the Formstack culture," Sapp said Wednesday in a news release.
Sapp, who moved to Monument from Indianapolis earlier this year after he was diagnosed with a rare genetic lung disorder, heads the local office that now operates temporarily at Epicentral Coworking, 415 N. Tejon St. He said the company will move in April to office space on the seventh and eighth floors of the U.S. Bank building, 6 S. Tejon St. Sapp previously was CEO and cofounder of Octiv, formerly known as TinderBox, an Indianapolis company that makes software that creates and manages documents used in the sales process.
"We had three people move here and more were interested in coming. so we saw an opportunity to build a more established presence here," Sapp said Wednesday. "Colorado Springs has an interesting intersection of young talent from universities and former military with the types of skills we need."
Sapp said the company will receive up to $275,000 in state and local tax incentives if it hires all 55 people during the five-year period.
Formstack was started in 2006 and has expanded to more than 15,000 customers with 500,000 users in 112 countries and reported revenue growth of 125 percent last year. The company was ranked 1,674th on Inc. magazine's list of the nation's 5,000 fastest-growing firms, with 233 percent revenue growth from 2014-16, to $9.7 million. Formstack increased its work force 50 percent this year, to more than 120.
"We're recruiting and retaining the best employees for our innovative and hard-working culture, and we're excited to further tap into the Colorado workforce to continue our growth," Formstack CEO Chris Byers said in the release.
"I'm pleased Formstack chose to invest in and grow their operations in Colorado Springs. I am enthusiastic about their rise in the technology sector and look forward to welcoming them to our business community." Colorado Springs Mayor John Suthers said Wednesday in a statement.
Dirk Draper, CEO of the Colorado Springs Chamber & EDC, said the chamber is "eager to continue our work together as they grow their business. With our world-class technology industry and top-notch talent, Colorado Springs is a fitting place for Formstack as they capitalize on their increasing success."
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