Automation in the working environment is the new buzzword of the modern business world, and now a startup called Formstack, a US-based no-code workflow automation provider, has announced a big round of funding to bring that technology to the business world and help businesses automate their internal workflows. The US startup raised $425 million in fresh capital to grow its cloud-based technology platform, which is used by more than 25,000 companies and organizations worldwide.
According to TechCrunch, the newly-raised capital will be used to continue picking new customers and to fuel its expansion programs into new markets.
PSG, a leading growth equity firm with a strong focus on middle-market software and technology companies, PSG and growth equity firms Silversmith Capital Partners provided the funding. The company made four acquisitions in the past years, between PSG’s first investment in 2018 and the latest funding round announced this week. It used the technology it acquired through the deals to enhance its cloud-based technology platform, which automates internal workflows. With this fresh funding, the company is expected to make even more acquisitions to fuel its desire to enter new market segments.
Founded in 2006, based in Fishers, Indiana, Formstack develops a workplace productivity platform that helps organizations streamline digital work through a wide range of templates, online forms, and integrations. The primary goal, according to CEO Chris Byers, was to build a tool to make it easier for everyone to create online forms to gather customer information and more automatically channel that into useful information in the back office.
Originally, Formstack was started by Ade Olonoh as a simple online form builder. Today, the company offers data and workflow management solutions for various industries, including education, government, healthcare, insurance, and nonprofit organizations. In addition to its main Indianapolis office, Formstack also maintains an office in Colorado Springs, and over half of its current workforce works remotely across the world.
The company’s no-code cloud platform enables organizations to create automated workflows without any programming or additional software required. The workflow automation platform integrates with over 100 web applications. These include email marketing, CRM management, payment processing, and document management. Other features include a mobile app that allows users to accept data offline, a workflow automation tool for Salesforce and HIPAA compliance, and a conversion rate optimization tool for online marketers.