PSG, a returning investor, has led a $425 million growth investment in Formstack, a workplace productivity platform empowering users to digitize operations. The investment was led by PSG and Silversmith Capital Partners.
Formstack allows its users to quickly and simply build custom forms, documents and collect eSignatures without coding. There are over 238,000 users across 25,000 organizations including NHL, Netflix and Twitter that have used the firm’s service. The investment furthers Formstack’s intention of rapid global adoption of its platform.
Since its initial investment in 2018, PSG has seen Formstack more than triple its revenue, complete four acquisitions, made significant R&D investments and scale to 250 global employees. The new investment will focus on accelerating Formstack’s growth in go-to-market product development and expansion of its remote-first team.
“We believe Formstack is at the forefront of innovation in the workplace productivity space,” said Tom Reardon, managing director at PSG. “Their talented team continues to deliver solutions to help organizations across industries operate more effectively and efficiently.”
Kirkland & Ellis served as legal counsel to Silversmith Capital Partners; Weil, Gotshal & Manges LLP as legal counsel for PSG and Formstack; and Aeris Partners LLC as the exclusive financial advisor to PSG and Formstack.