Summer is drawing to a close, and we at Formstack have had a lot to get excited about the past few months. We’ve been furthering our remote/Indy office relationships through department “All Hands” events. Our employees have been celebrating weddings, new family members, and other milestones. Our CEO went on sabbatical, and we didn’t burn the office down (check his Twitter account to see what he was up to).
With all the fun relationship building that’s been happening, it’s been really encouraging to see growth in our Formstack product as well. We wanted to give you a little update on some big company wins, so you can celebrate with us!
Let’s get the business-y stuff out of the way first. We’ve seen growth in 4 major areas of our business:
- Revenue: By the end of Q2, we had already exceeded our total new revenue from 2014. We’re seeing a 110% jump in new revenue over the past year, including a 58% increase in average revenue per user (ARPU). At this rate, we’re expecting to see 75–80% year-over-year revenue growth by the end of 2015.
- Team: All this revenue growth is allowing us to expand our team at a faster rate than ever! We’re expected to double in size again this year, expanding some of our smaller departments and adding a completely new “Customer Success” team to ensure every Formstack customer has the best possible experience with our software.
- Customer Retention: Additionally, we’re currently reporting a net churn near 0%, meaning customer downgrades or cancellations are offset by a rise in customer upgrades. We’re glad you guys like us enough to stick around!
- Features and Plans: In Q2, we saw a 7x increase in new revenue from our Platinum plan. We’ve really tried to beef up this plan level this year with new, lead gen-centric features that’ll help you convert more website traffic and maximize your marketing ROI. We’ve launched Form A/B Testing functionality, Social Autofill and Facebook Tab plugins, and Partial Submissions tracking. We have some pretty amazing attribution and analytics features in the works as well, like a Google Adwords plugin that’ll show you which keywords are driving the most conversions.
In addition to these exciting wins, we’ve been speaking at conferences, winning awards, and collaborating on other great things that share our Formstack story and help our customers succeed. As always, thanks for joining us on this super fun ride. Now, raise a glass with us as we look to finish out the year strong! (It can be a glass of water or orange juice depending on what time you’re reading this. But we really hope it’s beer.)
– The Formstack Team