Formstack Announces Double-Digit Revenue Momentum Year over Year

Press Release
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October 20, 2020

Appoints former Omnitracs and Sabre Corporation leader, Richard Smith, as Chief Financial Officer as it prepares for the next phase of growth


FISHERS, IND.—October 20, 2020— Formstack, a workplace productivity platform ‍that empowers anyone to digitize information, automate workflows, and fix processes—all without code—today announced strong revenue and partner growth in 2020. Despite the ongoing challenges of the pandemic, Formstack’s flagship products (Forms, Documents and Sign) have accelerated annualized growth to nearly 30% in each of the past two quarters, while the company has tripled year-over-year partner revenue growth, and closes in on 27,000 customers worldwide. The company also announced the appointment of Richard Smith as its chief financial officer.

Throughout 2020, Formstack has seen significant demand for its workplace productivity solutions from new and existing customers as they digitize and automate operations and customer experiences. Organizations across healthcare, higher education, financial services, insurance, and government used Formstack to bring operations online and keep their business moving forward during the pandemic. The need for companies to not only accelerate digital work, but consolidate tech stacks in the process, also led to increased demand for the Formstack Platform, which combines the power of digital forms, document automation, and eSignatures into one, seamless solution to streamline workflows.

“We’ve spent the past 14 years helping organizations accelerate work with no-code productivity solutions, but never has the need for our platform been more apparent,” said Chris Byers, CEO of Formstack. “It’s been inspiring to see how customers across nearly all industries use Formstack to stay agile, streamline the employee and customer experience, and ensure resiliency for future challenges. The momentum we’re seeing continues to validate our belief that the key to digital transformation success is all about empowering the non-technical worker with low- and no-code productivity solutions.”

Formstack Customer and Partner Success

New Formstack customers include the American Occupational Therapy Association (AOTA), YMCA of Greater New York, the United States Tennis Association (USTA), Save A Lot, UW Health, Tri Counties Bank, and the Kansas Department of Commerce. With Formstack and Salesforce, Tri Counties Bank launched an online Payment Protection Program (PPP) application process in one week—without custom code—originating and funding 2,908 loans totaling $436.7M. These loans helped to preserve more than 25,000 jobs throughout California. 

“Formstack is a Swiss Army knife that helps me solve problems,” said Todd McGregor, Salesforce Platform Manager at Tri Counties Bank. “When the challenge of quickly creating a digital PPP loan application came up, I was ready and didn’t need an army of developers.”

Formstack has also added 150 certified consulting partners in 2020 and developed breakthrough customer transformation projects with partners including Coastal Cloud, Servio Consulting, Enrite Solutions, Skie, InsightPowered, and Soliant Consulting. The company also significantly expanded its Salesforce offerings to become the most complete digital forms, document generation, and digital signature products native to Salesforce. Formstack also invested in expanding strategic technology partnerships with Hawksoft, Vertafore, NowCerts, Airtable, Smartsheet, Quickbase, Microsoft, and Dropbox to better deliver value for customers. 

Richard Smith Named Formstack’s Chief Financial Officer

As part of its growth strategy, Formstack also appointed Richard Smith as CFO. Having spent more than a decade building robust finance teams for SaaS providers, Smith will be responsible for planning and executing financial growth strategies for the organization. Prior to joining Formstack, he served as the vice president of finance at Omnitracs, where he helped the company consistently meet or exceed operating targets. Previously, Smith also served as director of corporate finance and investor relations at Active Network, and helped lead Sabre Corporation’s successful IPO as finance manager of its Airline Solutions unit.

“Formstack has built a tremendous suite of products that helps customers eliminate data silos, automate processes, and drive increased efficiency,” said Smith. “This company has a high-energy culture and continues to drive immense value for customers every step of the way. I’m honored and excited to help lead Formstack through this next phase of growth.” 

Formstack is currently hiring for positions across the company. To learn more or to apply, visit www.formstack.com/careers.


About Formstack
Formstack is a secure workplace productivity platform built to produce ingenious solutions to the everyday work that slows organizations down. From eliminating paper forms to breaking digital silos, Formstack empowers anyone to quickly and easily build custom forms, create documents, and collect eSignatures—all without code. Launched in 2006, Formstack is trusted by over 27,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University—to digitize what matters, automate workflows, and fix processes. To learn more, visit www.formstack.com.

Contact:
Formstack
Ryan Greives
ryan.greives@formstack.com
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