FISHERS, Ind. (Inside INdiana Business) — Fishers-based tech company Formstack says it has secured a $425 million growth investment. The company, which has developed a workplace productivity software platform, says it will use the funding to accelerate growth in key areas, including go-to-market, product development and expansion of its remote-first team.
The investment was led by Silversmith Capital Partners and returning investor PSG, both based in Boston.
Formstack says since PSG’s initial investment in 2018, the company has more than tripled its revenue and grown to more than 250 employees worldwide. The company also touts more than 25,000 organizations that use its software, including Netflix, Twitter and the NHL.
“We believe Formstack is at the forefront of innovation in the workplace productivity space. Their talented team continues to deliver solutions to help organizations across industries operate more effectively and efficiently,” said Tom Reardon, managing director at PSG. “It’s been a pleasure to witness the significant growth they’ve achieved in the past several years, and we’re excited to continue to serve as a partner and work alongside Silversmith to support their expansion.”
Formstack did not specify a specific number of new jobs it plans to add as a result of the funding.
As a result of the investment, Reardon, Silversmith Managing Partner Jim Quagliaroli and PSG Senior Associate Andrew Heim will join the Formstack Board of Directors.