An e-signature software company based in Charleston has been acquired by data management company Formstack.
InsureSign, founded in 2011 by Joe Floyd, is based out of Pacific Box & Crate. The company primarily serves the insurance, health care, banking, real estate and business services industries.
Formstack, founded in 2006, is based in Indiana.
Floyd, who served as InsureSign’s CEO, said he had been approached several times about potentially selling his company and had declined in the past, but when Formstack came along, he felt it was a good fit.
“One, they were the right size,” Floyd said. “They’re a big company but not too big. They’re kind of just a bigger, more mature version of us. And second, they really are a software company, as opposed to someone buying it strictly strategically or strictly on a financial basis. They were really buying it to incorporate the product and improve on it.”
Floyd and Formstack CEO Chris Byers declined to disclose financial terms of the acquisition.
Byers said in an email that acquiring InsureSign allows Formstack to fill in a gap that existed in its platform.
“Capturing data via online forms and using that data to create documents is a common workflow; however, too often those documents need to be printed out, signed by hand, scanned into a folder and then thrown away,” Byers said. “By adding InsureSign’s native e-signatures to our productivity platform, we are truly digitizing every step in a workflow.”
InsureSign will retain its Charleston presence and its 13 employees, about half of whom are based in the Lowcountry, will join Formstack.
Floyd will continue to manage the InsureSign team and will analyze how the software fits into the Formstack suite of products.
“There’s a lot of moving parts coming together and trying to figure out where everything fits in,” Floyd said.