Charleston-based e-signature provider InsureSign has been acquired by digital form builder Formstack for an undisclosed amount. The product will integrate into Formstack’s offerings, and all InsureSign employees will join the Formstack team.
The deal came together after Formstack reached out to InsureSign CEO Joe Floyd to discuss plans for growth. Floyd says that “it became clear that we were a good fit in both directions.”
“Formstack was an attractive option because they were like a larger version of us,” Floyd tells Hypepotamus. “They are a SaaS company like us, with a startup mentality and history. They are building things fast and establishing a firm place in the market and that fits with what we want to do as well.”
The e-signature startup was founded in 2011 to help businesses close deals faster. Floyd has largely bootstrapped the company’s growth, with no institutional capital raises reported on Crunchbase.
InsureSign’s software gives any document the capability to be e-signed via computer, smartphone, or SMS text, as well as offers an API integration for enterprises.
They cater to users across industries such as insurance, healthcare, banking, real estate, and more.
The tool has consistently been an industry leader, ranking as the number-one e-signature software in terms of usability for the fourth year in a row in a 2019 report.
“We have already begun integrating with another recently acquired Formstack product — Webmerge. This allows some really cool form e-signing automation, and that is just scratching the surface,” says Floyd.
“Very soon, we will be able to handle any data/form/e-signature workflow from small business to enterprise level. The team has big plans and is excited for what is coming.”
This is Formstack’s fourth acquisition in the past six months. The Indianapolis-headquartered company was founded in 2006 and has over half a million users globally.
“This acquisition will allow our users to capture data, manage it, create documents and secure signatures electronically without needing to leave the application or cobble together integrations,” said Chris Byers, CEO of Formstack.