# The Feedback Economy

> A landscape look at the software category built to capture what people tell companies - online forms, surveys, and experience signals. Formstack pioneered no-code data capture and in 2025 rebranded as Intellistack to chase workflow automation. Medallia rode the same wave to a 2019 IPO and a $6.4 billion take-private, only to hand its owner a historic $5 billion write-down. The story is what happens to a whole category when AI makes the core job - collecting and reading feedback - almost free.

## Achievements

- Formstack has been used by more than 32,000 organizations, including Kaiser Permanente, Shell, Shopify, and Netflix.
- Medallia built a platform that captures billions of experience signals a day across voice, video, digital, social, and messaging channels.
- The broader customer-experience-management market was estimated at over $11 billion in 2023 and is projected to grow at roughly 15% a year.
- Formstack expanded from a single form builder into documents, eSignature, and visual workflow automation before rebranding as Intellistack.

## Latest updates

- **2025-06** — Formstack officially rebrands as Intellistack, backed by PSG Equity and Silversmith Capital Partners, positioning around no-code process automation.
- **2026-01** — Thoma Bravo records a roughly $5.1 billion write-down on Medallia as a Blackstone-led lender group moves to take control and inject fresh capital.

## Links

- Website: https://www.intellistack.com
- LinkedIn: https://www.linkedin.com/company/formstack

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Profile page: https://yespress.io/feedback-economy-just-lost-5-billion
Published by YesPress — https://yespress.io
Last updated: 2026-08-08