Venture Capital: No-Code Productivity Platform Formstack Raises $425M
Customers across the globe are turning to Formstack to digitize and automate everything from simple tasks to complex enterprise processes.
Formstack, a platform that allows customers to digitize their workflows including forms, documents, and e-signatures without having to code, announced its raise of a $425 million growth investment led by Silversmith Capital Partners and returning investor PSG. (CISION PRNewswire)
The round comes as more than 238,000 users across more than 25,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University – have become Formstack customers, welcoming the independence from complex coding.
No-code workflow automation
“The number of businesses looking to streamline and digitize business processes today is accelerating, yet a key pain point for companies is not having the technical resources to implement and maintain a solution,” said Jim Quagliaroli, Managing Partner at Silversmith, in a statement. “Formstack’s no-code workflow automation solution was built to address this problem by enabling non-technical employees who understand a business use case, but don’t have the technical skills to implement a solution, to become ‘citizen-developers.’
Though Formstack was launched in 2006, it received an initial investment from PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies, only in 2018.
That investment helped Formstack to more than triple its revenue, complete four acquisitions, make significant R&D investments, and scale to more than 250 global employees. Furthermore, the startup is now also profitable.
“The momentum we’re seeing continues to validate our belief that the key to digital transformation success is all about empowering non-technical employees with no-code workflow automation solutions,” said Chris Byers, CEO of Formstack.
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