A Fishers company that is a leader in electronic document processing is laying off as many as 40% of all its employees.
Formstack CEO Chris Byers announced the job cuts on the company’s LinkedIn page.
“Amongst the individuals departing Formstack are high performers, culture champions, and solid people,” Byers wrote Wednesday. “Today has been a very hard day.”
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Byers could not be reached immediately for comment but the cuts come 1 ½ years after the company secured a $425 million investment from Silversmith Capital Partners and PSG to expand its worldwide operations.
Formstack's LinkedIn page says it has 318 employees, including 56 in the Indianapolis area. The company’s main office is in downtown Fishers, above Four Day Ray Brewing on Maple Street, but most employees work remotely.
Byers’s post didn’t specify the number of layoffs, but some employees who were let go said the company was cutting 40% of its workers.
“I was, unfortunately, one of the 40% at Formstack who was laid off today,” wrote communications manager Allyson VanWagnen on LinkedIn. “It sucks, and I'm still trying to process my feelings for everyone impacted.”
Content creator and web host Lindsay McGuire also wrote that she was “impacted” by layoffs.
Job cuts have swept through the tech industry this year, including the biggest names like Microsoft, Google Amazon, Yahoo and Zoom. The total for the year is 168,243, according to Layoffs.fyi, a San Francisco-based website that has been tracking tech lay-offs for three years.
Byers's post did not says where Formstack cuts would be or why.
"These decisions are a part of a larger plan to put Formstack in a place to continue to succeed and grow for the long-term," he wrote on LinkedIn. " As a part of this restructuring, we will streamline internal processes and simplify our operating model."
Formstack was founded in 2006 in Indianapolis and moved to Fishers in 2019. Its annual recurring revenues grew to $50 million in 2020 and Byers said then that he expected it to double within the next few years.
Formstack's product is targeted toward customers with little or no tech expertise and allow users to easily create and share digital documents and forms. It is widely used by universities and health care systems and other organizations with backlogs of paperwork.
Clients include IU Health, Franciscan Health, Yeti, the National Football League, the National Hockey League, Butler University and the Indiana Pacers. It's also used by corporations to process new employees and small business to sell products online.
This article originally appeared on Indianapolis Star: Fishers-based Formstack among latest in wave of tech layoffs