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Fishers-based Formstack, a software company that provides “no-code” workplace-productivity tools, has rebranded as Intellistack and relocated its headquarters from Fishers to Denver, the company announced Thursday.
Founded in 2006, Formstack qualified numerous times for IBJ’s Fast 25 List of fastest-growing Indianapolis-area private companies, most recently in 2021. The same year, the company announced that it received a $425 million growth investment—by far the largest single capital raise by an Indiana-based technology company in the state’s history, according to Indianapolis-based TechPoint, a not-for-profit that supports the state’s tech industry.
But the company announced significant layoffs in 2023, dropping total employment from more than 300 to about 200 at the time, with more than 50 employees based in Indiana. The local employment number has since fallen to about 20.
According to company leadership, the remote-first firm’s relocation and rebranding is part of a strategic shift toward AI-driven data automation, underscored by the launch of its new platform, Intellistack Streamline, a zero-retention model with real-time data processing across systems without storing any data.
“This is more than a name change–it’s a signal of where we’re going,” Chris Benham, chief marketing officer at Intellistack, said in a news release. “We’re evolving to meet our customers’ future needs with solutions that go beyond forms.”
Despite the company’s rebrand, the release said, its traditional products—Formstack and Formsite—will continue operating under their current brands.
The relocation to Colorado, according to company spokesperson Jeannie Zaemes, has actually been taking place over the past year. Zaemes said the Colorado office has been open since last summer and the company has been building a staff in the Denver area.
The Fishers office at 11671 Lantern Road has been downsized and is being subleased to other companies, Zaemes said. Current Indiana employees will remain in the state, she said.
The new Intellistack headquarters is in Cherry Creek, southeast of downtown Denver. The company employs more than 200 people, including over 50 based in Denver and others working from offices in Los Angeles, Poland, Australia, the United Kingdom and Menlo Park, California.
According to an incentive agreement it reached with the Indiana Economic Development Corp. in February 2023, Formstack had 77 Indiana employees as of Sept. 30, 2022. The agreement called for the company to raise that number to 152 by the end of 2025 to qualify for up to $1.7 million in tax credits.
The company has fallen well short of those employment numbers and hasn’t received any incentives on the agreement to date, according to the IEDC’s Transparency Portal.
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Just wondering… if a company like Formstack receives incentives from the State of Indiana then subsequently moves out of state, can those incentives be recaptured? Or are Indiana taxpayers just SOL? I don’t know Formstack received any incentives or not.
Sure would hope there is some sort of “claw back” provision in these bloated taxpayer giveaways.
“The company has fallen well short of those employment numbers and hasn’t received any incentives on the agreement to date, according to the IEDC’s Transparency Portal.”
There’s nothing to claw back.
Time to rethink our renewal. Sounds like they are circling the drain.