Formstack reached unicorn status in November 2021 with a $425 million Series D round led by PSG and Silversmith Capital Partners, valuing the business at approximately $1 billion. On June 25, 2025 the company was officially rebranded as Intellistack to emphasize intelligent automation capabilities. The company concentrates on the small-to-mid-market segment while serving select enterprise accounts and targets regulated industries requiring compliance controls including healthcare, financial services, education, and non-profits.
Cyborg Score Rationale
The company achieved unicorn status with $425M in Series D funding (November 2021). However, in May 2023 Formstack laid off over 100 employees—eliminating over 40% of its workforce—approximately 18 months after receiving the $425 million funding round, signaling execution challenges despite strong market traction with 25,000+ customers.
Top Insights
Rebranded to Intellistack in June 2025 to reflect intelligent automation capabilities and product evolution
Company has made 6 acquisitions to expand platform capabilities and market reach
Originally created as an online form builder, Formstack has expanded offerings to include data and workflow management for various industries including healthcare, education, insurance, nonprofit, government, and finance
YETI deployment achieved $60,000-$80,000 in annual savings and reduced customer service case resolution times by two minutes per case
Named Competitors
Box — Cloud content management and workflow platform
Automattic — Open-source and hosted website building and automation
Kaltura — Video management and workflow automation platform
PandaDoc — Document generation and eSignature automation
Zapier — No-code workflow automation and integration platform
Recent Developments
(June 2025) Rebranded from Formstack to Intellistack and launched Intellistack Streamline, a no-code AI-driven process automation platform
(May 2023) Conducted significant workforce reduction, eliminating over 40% of employees (100+ staff)
(November 2021) Raised $425M Series D funding round from PSG and Silversmith Capital, achieving unicorn valuation of ~$1 billion
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