Revenue growth FY 2015 to 2017: 81%
Health care expansion: Formstack helps customers build online forms and automate workflow. A big investment it undertook nearly two years ago—to make its products more secure and compliant under the Health Insurance Portability and Accountability Act of 1996 (HIPPA)—continues to pay dividends, CEO Chris Byers said. “We have done really well getting into health care,” he said.
An acquisition: In late 2017, Formstack bought a company called Fast Forms, which Byers said has developed “unique and powerful” form technology within the Salesforce store known as the AppExchange. “Salesforce has always been a big partner of ours. We have 2,000 customers that use our product and Salesforce, so this was a great opportunity for us to see how we could go deeper in that Salesforce AppExchange and gain some growth from that.”
Adding technology: Byers said Formstack has built out some additional workflow technology that allows users to begin to automate processes from their Formstack account. So, for example, a customer can build a travel-reimbursement form that can be sent from an employee to a manager who needs to add a project code to accounts payable for processing. Realistically, Byers said, that’s just one big form someone needs to fill out. “But if you’re going to start to assign that form and sections of it to different people, now you’ve created a way to automate processes. That’s allowing us to help people save a lot of time and automate processes they’ve not previously been able to,” he said.
Expansion: Byers said Formstack is looking to make additional acquisitions. “This first one has gone extremely well,” he said, “and we are looking to find more ways we can help our customers collect data or automate processes. Between the two of those, you can help businesses really streamline a lot of operations and spend less time doing repetitive tasks and more time doing what they’re really here to do.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.