A software company with headquarters in Colorado Springs and Indianapolis has acquired a South Carolina firm that makes it easier for businesses to get documents signed electronically.
The acquisition of Charleston-based InsureSign is the fourth deal in eight months for Formstack, which sells software that captures and manages information from online forms and has grown to 30 employees since expanding to the Springs in December. The company expects to hire 20 more workers by the end of the year, said CEO Chris Byers, who is based in the Springs. For more information, go to www.formstack.com/careers.
“We have acquired several under-capitalized businesses and we help them grow faster by expanding sales and marketing, which is primarily what we do at this office,” Byers said Tuesday. “We plan to continue investing in sales and marketing and these acquisitions give us additional products to sell. We are working hard to integrate these companies into our operations and continue to look for other opportunities.”
All of the acquisitions have been financed by a March 2018 investment in Formstack by Providence Strategic Growth, a unit of Rhode Island-based private equity giant Providence Equity Partners, Byers said. Formstack acquired Toronto-based mobile survey provider QuickTapSurvey in December, Massachusetts-based data collection provider Bedrock Data in February and Indianapolis-based automated contracts and proposal provider WebMerge in April.
InsureSign employs 14, all of which were retained by Formstack. Its platform allows customers to electronically sign documents with any device for companies in the insurance, health care, real estate, banking, marketing and other industries. Formstack plans to immediately incorporate electronic signatures into its workplace productivity software through integration with its WebMerge platform.
“Formstack helps users capture data and put it to work, and we know users are increasingly looking to end-to-end, do-it-all platforms to power their workflows,” Byers said Tuesday in a news release. “This acquisition will allow our users to capture data, manage it, create documents and secure signatures electronically without needing to leave the application or cobble together integrations.”
Formstack employs 200 companywide, including 30 in Indianapolis and 140 working remotely.
In addition to Byers, Formstack’s chief operating and financial officers, its top sales and customer support executive, several software engineers and customer support staff are based in the Springs.
Formstack was started in 2006 and ranked 2,505th last year in Inc. magazine’s list of 5,000 fastest-growing companies — with 171% growth in revenue from 2015-17 to $13.1 million. Byers said Formstack’s revenue has more than doubled since 2017 but declined to disclose the total for 2018.