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• HubSpot for small businesses.
• Shopify for service businesses.
• Square, but focused on a business's full digital presence and customer management.

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• Thryv Software Platform: This software-as-a-service (SaaS) solution provides small businesses with an all-in-one platform for managing client relationships, scheduling appointments, invoicing, accepting payments, and automating marketing tasks.
• ThryvPay: An integrated payment processing service within the Thryv platform, enabling businesses to securely accept credit cards, bank transfers, and other digital payments from clients.
• Digital Marketing Services: Thryv offers various services including online listings management, local SEO, website development, social media management, and online advertising to help small businesses enhance their online presence.
• Print and Digital Yellow Pages: Thryv maintains its legacy directory business, providing print and online Yellow Pages advertising to local businesses to help them get discovered by customers.

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Company: Thryv (THRY)

Thryv Holdings, Inc. (THRY) primarily sells its software-as-a-service (SaaS) and digital marketing solutions to other companies. Its core customer base consists of small and medium-sized businesses (SMBs) across a wide range of industries.

Due to the fragmented nature of the SMB market and Thryv's business model, which involves serving a large number of diverse clients, the company does not have "major customers" in the traditional sense where a few named corporations contribute a significant portion of its revenue. Thryv's revenue is diversified across its vast client base of SMBs.

As such, specific major customer companies cannot be identified or listed by name with stock symbols, as no single customer or small group of customers accounts for a material percentage of Thryv's total revenue.

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• Amazon Web Services (AWS), a division of Amazon.com, Inc. (NASDAQ: AMZN)
• Google Cloud Platform (GCP), a division of Alphabet Inc. (NASDAQ: GOOGL)
• Stripe

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Joe Walsh Chairman and Chief Executive Officer

Joe Walsh joined Thryv in October 2014 and serves as its Chairman and CEO. He is credited with transforming the company from a leads-based model to a pioneering SaaS provider. Prior to Thryv, Walsh was CEO of Yellowbook for over 20 years, where he oversaw significant growth, numerous acquisitions, new market launches, and led the company to a successful IPO on the London Stock Exchange, expanding U.S. revenue from $38 million to $2 billion. He also served as Executive Chairman of Cambium Learning Group (NASDAQ: ABCD), an educational technology company, where he expanded its SaaS offerings globally. Walsh founded Iyp Publishing Corp. in 1982. His career demonstrates a pattern of guiding companies through major growth, mergers and acquisitions, international expansions, public listings, and restructurings. Thryv itself emerged from a merger between Dex Media (which underwent debt restructuring) and YP Holdings.

Paul Rouse Chief Financial Officer, Executive Vice President and Treasurer

Paul Rouse joined Thryv from Apple and Eve, LLC, where he served as Chief Financial Officer. At Apple and Eve, he was instrumental in doubling the company's enterprise value over two years, leading to its successful sale to Lassonde Industries. Before Apple and Eve, Rouse was the Vice President of Finance, Corporate and Business Development, and Treasurer at Yellowbook, Inc., where he was responsible for overseeing 80 acquisitions over two decades, helping the company grow from $38 million to $2 billion in annual sales. He began his career at JP Morgan in international internal audit and at Ernst and Young in public accounting. Rouse has been Thryv's CFO for over 10 years and played a crucial role in the company's turnaround, including debt restructuring and establishing the proper capital structure during its transition from a Yellow Pages business to a software company.

Grant Freeman President

Grant Freeman was promoted to President of Thryv in September 2023. Previously, he served as the company's Chief Customer Officer, focusing on enhancing client and employee experience. In his current role, he oversees the global team responsible for product, marketing, acquisition, retention, operations, employee experience, and client success. Before joining Thryv, Freeman was the Director of Digital Media for hibu/Yellowbook, where he led digital specialists, helped achieve digital revenue targets, and managed training across 23 states. He has been instrumental in Thryv's transition to a SaaS-focused company.

Lesley Bolger Chief Legal Officer and Human Resources

Lesley Bolger serves as Executive Vice President, Chief Legal Officer, and Human Resources at Thryv. She spearheaded the company's transformation from a privately held entity to a public company through a direct Nasdaq listing in October 2020, following extensive financial restructuring. Bolger is responsible for all legal matters, employee experience, diversity and inclusion initiatives, labor relations, and talent management. With over 15 years at Thryv and its predecessors (SuperMedia and Dex Media Inc.), she has progressed through various legal roles, including VP Corporate Counsel and Assistant General Counsel. Her work has also involved supporting international expansion and reducing the company's litigation portfolio.

John Wholey Chief Operations Officer and Executive Vice President

John Wholey is the Chief Operations & Information Officer and Executive Vice President at Thryv, a position he has held since January 2015. He is responsible for overseeing all back-office operations and IT functions, ensuring efficient product fulfillment and servicing. Wholey joined Thryv from hibu, where he was the head of U.S. operations, managing all operational aspects from order capture to production, fulfillment, publishing, distribution, customer service, and sales support for both print and digital offerings. His career includes previous leadership roles in the search industry with Yellowbook (as Vice President of Publishing Operations), White Directory Publishers, and Bell Atlantic. During his tenure at hibu, he achieved significant cost savings and reduced overall operational costs.

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The key risks to Thryv's business (NASDAQ: THRY) are primarily centered around its ongoing strategic transformation and the market in which it operates.

1. SaaS Transition and Decline of Legacy Marketing Services: Thryv is in the midst of a significant shift from its traditional, declining marketing services business to a Software-as-a-Service (SaaS) model for small and medium-sized businesses (SMBs). The company plans to exit its legacy marketing services by 2028, which creates a persistent revenue headwind. A primary operational risk is the successful migration of existing marketing services clients to the Thryv SaaS platform, as there is a risk of higher churn if clients do not adopt the new platform, impacting revenue. Delays in this transition or continued subscriber churn could threaten the stability of recurring revenue.
2. Highly Competitive and Dynamic Market: Thryv operates in a highly competitive and dynamic market, particularly as it transitions to a dedicated SaaS company for SMBs. The company faces competition across various fronts from broad business solutions to specialized marketing and CRM platforms, including established players like HubSpot and Salesforce. Intensifying competitive threats could expose Thryv to risk if it struggles with new client growth or integration challenges.
3. Macroeconomic Headwinds Affecting SMBs: Thryv's business is susceptible to macroeconomic headwinds such as economic slowdowns, inflation, and high interest rates. These factors can adversely affect SMBs, Thryv's primary customer base, leading to reduced spending on software and marketing services. There is also a potential for higher customer churn during times of economic weakness.

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The clear emerging threat for Thryv (THRY) is the accelerated expansion of comprehensive, integrated small business management tools by major technology platforms.

Companies like Google, Meta, and payment processors such as Square and Stripe are continuously enhancing their existing ecosystems to offer more robust CRM, scheduling, marketing automation, and payment processing functionalities directly to small and medium-sized businesses. These platforms leverage their immense user bases, established trust, and often lower-cost or free bundled services to provide solutions that directly compete with Thryv's core offerings. If these dominant platforms continue to integrate sophisticated features into their widely adopted services (e.g., Google Business Profile becoming a more powerful operating system for local businesses, or Square's ecosystem expanding further into full-suite business management), they could diminish the perceived value and necessity of a dedicated third-party platform like Thryv for a significant segment of SMBs.

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Thryv (THRY) offers an all-in-one business management platform primarily targeting small and medium-sized businesses (SMBs). This platform encompasses various services, including customer relationship management (CRM), marketing automation, online presence management (website builder, online listings, SEO, social media management), scheduling, and payments.

Addressable Markets for Thryv's Main Products and Services:

• Overall SMB Business Software Platform: The global small and medium business (SMB) software market was valued at approximately USD 63.9 billion in 2023 and is projected to reach USD 116.49 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period from 2025 to 2032. Another estimate places the global SMB software market size at USD 69.32 billion in 2024, with a projection to reach USD 143.27 billion by 2034, demonstrating a CAGR of 7.53% from 2025 to 2034. For the U.S. specifically, Thryv identifies its Serviceable Addressable Market (SAM) at $20 billion, targeting approximately 10 million SMBs. The global SAM for Thryv is estimated at $40 billion, targeting around 5 million SMBs in mature or English-speaking markets. These figures are based on the average Annual Revenue Per User (ARPU) spend for businesses with 2-99 employees in service-driven industries.
• Marketing Automation for SMBs: The global marketing automation market size was estimated at USD 6.65 billion in 2024 and is projected to grow to USD 15.58 billion by 2030, with a CAGR of 15.3% from 2025 to 2030. North America held the largest revenue share in the global marketing automation market in 2024, accounting for 43.6%. The small business marketing software market, which includes marketing automation, was valued at approximately USD 25 billion globally in 2024 and is expected to reach USD 50 billion by 2032, with a CAGR of about 9% from 2024 to 2032.
• CRM (Customer Relationship Management) for SMBs: While a specific market size for CRM solely for SMBs is not readily available, the broader business management software market, which includes CRM, is forecast to increase by USD 421 billion globally between 2024 and 2029, at a CAGR of 12.8%. This market serves both large enterprises and SMEs. Thryv currently holds a market share of 2.80% in the CRM platforms market, with the majority of its CRM customers being companies with 0-9 employees, primarily located in the United States.

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Here are the expected drivers of future revenue growth for Thryv (THRY) over the next 2-3 years:

1. Continued SaaS Revenue Growth: Thryv's primary growth engine is its software-as-a-service (SaaS) segment. The company reported a 29% year-over-year increase in SaaS revenue in Q3 2024 and a 41% year-over-year growth in total SaaS revenue in Q4 2024. Organic SaaS growth for Thryv's business, excluding the Keap acquisition, was 23% in Q4 2024 and 25% for the full year 2024. Management forecasts SaaS revenue to grow 34-37% in 2025, reaching between $460.5 million and $471 million, with a long-term goal of $1 billion in SaaS Annual Recurring Revenue (ARR) by 2030, implying approximately a 20% revenue compound annual growth rate (CAGR) from 2025.
2. Contribution from the Keap Acquisition: The acquisition of Keap is a significant factor in boosting Thryv's SaaS revenue. Keap contributed $13.4 million in revenue in November and December 2024 and is expected to contribute between $75 million to $78 million for the full year 2025.
3. Growth in SaaS Clients and Subscriber Base: Increasing the number of SaaS clients and subscribers is a direct driver of revenue growth. Thryv saw its total SaaS clients grow 45% year-over-year to 96,000 in Q3 2024. By Q4 2024, the subscriber base, including Keap, reached 114,000, representing a 50% year-over-year increase for Thryv's SaaS business alone. In Q1 2025, SaaS clients surged to 111,000, marking a 59% increase year-over-year.
4. Upselling and Cross-selling Multiple Products: Thryv is focused on increasing the adoption of multiple products within its existing client base. The company's Seasoned Net Dollar Retention (NDR) increased to 101% in Q3 2024 and reached a record high of 103% in Q1 2025, indicating successful upselling and cross-selling efforts. Approximately 17.2% of SaaS clients were using multiple paid products in Q1 2025, a key driver for lower churn rates. With 84% of its 114,000 clients currently using only one of its six products, there is substantial opportunity to increase Average Revenue Per Unit (ARPU) through deeper engagement and increased product utilization.
5. Expansion into New Products and Services: The launch of new offerings further diversifies revenue streams. ThryvPay, the company's payment processing solution, saw its total payment volume increase by 30% year-over-year to $82 million in Q3 2024. Additionally, Thryv plans to launch a "Workforce center" product, one of its six product offerings, which is expected to contribute to future growth.

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Share Repurchases

• Thryv announced a stock repurchase program in May 2024, authorizing the buyback of up to $40 million of its outstanding common stock.
• In 2020, the company repurchased approximately 1.0 million shares for $12.6 million in January, 0.8 million shares for $9.2 million in March, and another 0.8 million shares for $8.8 million in June.
• As of July 2025, Thryv had a standing share buyback authorization and management indicated that the company now has the liquidity to execute on it.

Share Issuance

• In October 2024, Thryv completed an underwritten public offering of 5,715,000 shares of common stock at $14.00 per share, resulting in approximately $80.0 million in gross proceeds.
• The net proceeds from this offering were used to fund a portion of the purchase price for the acquisition of Infusion Software, Inc. (Keap).
• This issuance led to an increase in the share count by about 5.7 million shares, representing approximately 15.8% dilution.

Outbound Investments

• Thryv acquired Infusion Software, Inc., which operates as Keap, in October 2024.
• In January 2021, Thryv announced its intent to acquire Sensis Holding Limited, a leading Australian provider of marketing solutions, to expand its international footprint.
• The company's mergers and acquisitions strategy is aimed at boosting cross-sell opportunities for its software and enhancing its technological capabilities.

Capital Expenditures

• Thryv reported capital expenditures of -$31.30 million in the last 12 months leading up to Q2 2025.
• The company's management has emphasized a focus on investing significantly in product development.
• Capital expenditures are primarily directed towards enhancing its SaaS platform by developing and launching new modules and vertical solutions, such as ThryvPay, Thryv Leads, Thryv for HVAC, and the Thryv Workforce Center payroll solution.