Fishers Mayor Scott Fadness gives update on Fishers Event Center construction
The 7,500-capacity venue is expected to open Nov. 22 in Fishers. Mayor Scott Fadness explains what kind of events the venue will hold and what visitors can expect to look forward to.
A Fishers company that makes user-friendly programs for digital documents and saw explosive growth followed by sudden layoffs is changing its name and relocating outside of Indiana.
Formstack, founded in 2006 in Indianapolis, is now named Intellistack, and has moved its headquarters to Denver, Colorado as it pursues growth into AI-driven data automation, according to a company spokesperson. Formstack is now ubiquitous in colleges, hospitals and retailers and familiar to anyone who has ordered food or bought merchandise online, or signed documents electronically.
“This is more than a name change – it’s a signal of where we’re going,” said Chris Benham, Chief Marketing Officer at Intellistack in a news release. “We’re evolving to meet our customers’ future needs with solutions that go beyond forms. And we couldn’t ask for a better location than Denver to attract the kind of talent and energy needed to build what’s next.”
Formstack was a quickly expanding start-up that moved to an office above Four Day Ray brewery in downtown Fishers at the zenith of the suburb’s transformation into a high-tech hub. Two years later it secured a $425 million investment from Silversmith Capital Partners and PSG, an international growth equity firm, and planned to widen its worldwide reach.
But in 2023, during a wave of layoffs in the tech industry — led by giants Google, Microsoft and Amazon — Formstack fired up to 40% of its staff.
Most of the company’s employees work remotely and Formstack had 318 at the time, with 56 in the Indianapolis area. But that was short of the 75 it had predicted when it signed a financial incentive deal with the Indiana Department of Economic Development and the company never claimed any of its $1.7 million in tax credits, a spokesperson for the agency said.
The company now employs more than 200 people, including over 50 based in Denver, according to a news release from the company. The office in Fishers will remain open, said spokesperson Jeannie Zaemes.
“This move actually started last summer when we started hiring sales, marketing, and support personnel in Denver,” Zaemes said in an email. “We still have a presence in the office in Fishers. No employees were moved or positions eliminated. It has all been through growth and attrition.”
Fishers and its Tech Park have been home of tech firms and start-ups for more than a decade, including Clear Object, Flexware Innovation and Qumulex. The Indiana Internet of Things lab hosts more than 25 companies and 130 members and serves as launching pad for more new companies.
But even before the tech industry downturn, Fishers had shifted its economic recruitment efforts to attracting medical technology firms to a newly developed, 75-acre Fishers Life Science & Innovation Park near 126th Street. List Bio, The Stevanato Group and INCOG BioPharma Services are among a cluster of companies that make drugs, vials, syringes and other products for medical treatments.
Last month, 1Elevan Bio Pharmaceutical, which manufactures peptides, announced it was moving from California to Fishers, with a promise to bring 120 jobs to the city in the next 10 years.
Call IndyStar reporter John Tuohy at 317-444-6418. Email at john.tuohy@indystar.com and follow on X/Twitter and Facebook.
