PRESS RELEASE:
110 percent increase in new revenue and doubled employee growth establish Formstack as a thriving tech brand and promote product innovation
INDIANAPOLIS–(BUSINESS WIRE)–August 10, 2015–
Formstack, a Software-as-a-Service (SaaS) company that helps digital marketers convert traffic into qualified leads, today announced its second-quarter results and its continued product focus.
A leading provider of lead capture and conversion software, Formstack is expected to see 75 to 80 percent year-over-year revenue growth in 2015, based on current new Monthly Recurring Revenue (MRR) projections. By the end of Q2, the company had already exceeded its total new revenue from 2014. Additionally, Formstack is reporting a net churn near 0 percent, meaning customer downgrades or cancellations are offset by a rise in customer upgrades.
The company experienced a 110 percent jump in new revenue over the past year, including a 58 percent increase in average revenue per user (ARPU). Formstack also saw a 7x increase in new revenue from its highest paid subscription plan. Additionally, the company continues to grow its remote workforce and has nearly doubled in size since September 2014.
“The growth we’ve seen this year, and especially in the last quarter, is tremendous,” said Chris Byers, CEO of Formstack. “We are on track to hit many of our long-term revenue goals as a company, which confirms that we are hiring the right people and working toward the right product goals. Formstack’s growth rate is increasing, year over year, without raising any capital. That’s very rare to see.”
As Formstack looks ahead, the company plans to keep its focus on helping customers convert more leads through its optimization and performance marketing features. Formstack announced this product initiative at the end of 2014 and has seen encouraging growth among its target market.
“Seeing customers recognize Formstack as a lead conversion tool is really motivating. We are committed to supporting digital marketing teams as they work to generate more qualified leads and maximize their spend.” said Chris Lucas, VP of Marketing. “In addition, we are creating a new team focus around customer success this year, providing our customers extra support and advocacy as they adopt our performance marketing features.”
As part of its continued focus on marketing and lead generation, Formstack plans to roll out additional lead conversion features in the coming months. The company is introducing a feature that helps marketers pinpoint which paid keywords drive the qualified leads that ultimately become customers. By de-anonymizing Google Analytics data, Formstack makes it easy for marketers to prove ROI on their PPC spend.
To learn more about Formstack’s services and upcoming features, please visit formstack.com.
About Formstack
Formstack is a lead capture and conversion software that helps marketing teams convert traffic into revenue. Formstack’s tools help marketers build smart online forms, optimize their conversion rates, and analyze keyword and campaign performance, all toward the goal of converting more traffic into qualified leads. For more information about Formstack, please visit www.formstack.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150810005795/en/
BLASTmedia for Formstack
Meghan Matheny, 317-806-1900 Ext. 115
Meghan_Matheny@BLASTmedia.com
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