An e-signature company that set up shop on Charleston's upper peninsula has been sold to an Indiana buyer.
Formstack acquired InsureSign, which is based at the Pacific Box & Crate development. Financial terms were not disclosed.
The acquired firm employs about a dozen workers, half in Charleston while the others work remotely. All of them, including CEO Joe Floyd, will stay.
Formstack, a 13-year-old company led by CEO Chris Byers, sells form-building software services. It has been on something of a buying spree of late, purchasing three other companies since December.
"Formstack helps users capture data and put it to work, and we know users are increasingly looking to end-to-end, do-it-all platforms to power their workflows," Byers said in a written statement. "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."
Floyd said he founded InsureSign in 2011. At the time, he owned a finance company and found himself needing many documents and contracts signed, and e-signature options were scarce. So he built a business based on that void in the market. He brought the product first to the insurance industry and later expanded.
Floyd lives in Beaufort and commutes to Charleston for work. InsureSign's customers are largely small and medium-sized businesses.
In the e-signature space, meeting compliance guidelines is often the top challenge, Floyd said. Being part of a company with more resources on-hand to manage those questions is one benefit of the sale, he said, which will allow workers to focus on the product.
"We've got so many ideas about ways to improve, and no shortage of customer feedback," Floyd said.
In the crowded field where several companies offer competing software-as-a-service solutions, Floyd said InsureSign has focused on customer service. G2 Crowd, which reviews business software, gives InsureSign the highest client satisfaction score among its peers.