Thryv Holdings, Inc. (THRY): History, Ownership, Mission, How It Works & Makes Money

How does Thryv Holdings, Inc. (THRY) manage the tricky transition from a legacy print business to a pure-play software model while still driving growth? You need to understand the mechanics of that shift, especially when the company's full-year 2025 SaaS revenue guidance sits in the tight range of $460 million to $463 million. The real story is in the segments, so let's break down how their mission-to empower 106 thousand small businesses with an all-in-one platform-translates into a 33% year-over-year jump in Q3 2025 SaaS revenue, and what that defintely means for your investment thesis.

Thryv Holdings, Inc. (THRY) History

Given Company's Founding Timeline

The history of Thryv Holdings, Inc. is less about a garage startup and more about a major corporate transformation, a strategic pivot from the old-school Yellow Pages to a modern Software-as-a-Service (SaaS) platform. The corporate entity's roots are deep in the telecommunications and print directory business, but the current company is a product of consolidation and a dramatic shift in focus.

Year established

The legal entity was incorporated in 2012 as Dex Media Holdings, Inc., but the current brand, Thryv, was established in 2017 following a major merger and a strategic rebrand. The earliest origins trace back to Southwestern Bell Media in 1999.

Original location

The corporate headquarters for the modern Thryv Holdings, Inc. are in Dallas, Texas, a central location that reflects its US-focused small-to-medium-sized business (SMB) client base.

Founding team members

While the original Yellow Pages entities had numerous leaders, the architect of the company's dramatic transformation into a SaaS provider is Chairman and CEO Joe Walsh. He steered the company through the complex mergers and the critical shift to a technology-first model.

Initial capital/funding

The company's transformation was significantly funded by a major financial event in 2016 when Golden Gate Capital acquired a majority stake in Dex Media, setting the stage for the strategic changes that led to the Thryv brand. The company later went public via a direct listing on NASDAQ in October 2020.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The single most transformative decision was the commitment to exit the legacy Marketing Services (Yellow Pages) business and go all-in on Software-as-a-Service (SaaS). This was a brutal but necessary move; you can't build a tech company on a declining print revenue stream.

This pivot is why the 2025 financial results are so important. In the third quarter of 2025, Thryv reported SaaS revenue of $115.9 million, a 33% increase year-over-year. That is defintely where the future cash flow will come from, not the legacy business.

• The SaaS Inflection Point: The company achieved a major milestone in 2025, projecting full-year SaaS revenue guidance in the range of $460 million to $463 million. This growth is fueled by a significant increase in client adoption, reaching 103,000 SaaS subscribers by the end of Q3 2025.
• Focus on Profitability: The transformation is showing real results on the bottom line. SaaS Adjusted EBITDA reached $19.6 million in Q3 2025, representing a 17% adjusted EBITDA margin for the segment. This is a clear sign the high-margin software business is taking over.
• Product Expansion: The company continues to invest in its platform, launching the Thryv Workforce Center in the second half of 2025 to streamline employee management and payroll for SMBs. This expansion into new centers increases the average revenue per unit (ARPU) and client stickiness.

The Marketing Services segment is still generating cash-forecasted to provide robust unlevered free cash flow of approximately $250 million to $300 million from 2025 to 2030-but that cash is being directly funneled into the SaaS growth engine. The goal is a full exit from the legacy business by 2028.

You can dive deeper into the players driving this shift by Exploring Thryv Holdings, Inc. (THRY) Investor Profile: Who's Buying and Why?

Here's the quick math: the company is successfully trading a declining, low-multiple asset for a growing, high-multiple one.

Next step: Portfolio Managers should assess the impact of the $460 million to $463 million SaaS revenue guidance on your valuation models by the end of the month.

Thryv Holdings, Inc. (THRY) Ownership Structure

Understanding who owns Thryv Holdings, Inc. (THRY) is key to grasping its strategic direction, as major shareholders often influence governance and capital allocation. The company's ownership is a typical mix for a publicly-traded technology firm, dominated by institutional money, but with significant insider stakes that align management's interests with yours.

Thryv Holdings, Inc.'s Current Status

Thryv Holdings, Inc. is a publicly-traded company, listed on the Nasdaq Capital Market (NasdaqCM) under the ticker symbol THRY. This status means its shares are freely traded, and the company is subject to the rigorous reporting and transparency requirements of the U.S. Securities and Exchange Commission (SEC), including filing Schedule 13D for active investments over 5% and Schedule 13G for passive investments over 5%. The stock price, as of November 2025, was around $5.64 per share.

Thryv Holdings, Inc.'s Ownership Breakdown

Institutional investors-the big players like BlackRock, Inc. and The Vanguard Group, Inc.-hold the majority of the stock, which is a common structure that provides liquidity but also means a few large funds can sway major votes. Honestly, this is where the real power lies in most public companies.

Thryv Holdings, Inc.'s Leadership

The company is steered by an experienced management team, with an average tenure of 3.4 years, which is a good sign of stability in the fast-moving Software as a Service (SaaS) sector. This team is responsible for executing the company's strategy, which you can read more about in the Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

The executive leadership team, as of November 2025, is headed by Chairman and CEO Joe Walsh, who has been with the company since 2014. His total yearly compensation was approximately $5.47 million, showing a significant investment in top-tier executive talent. The core team includes:

• Joe Walsh: Chairman and Chief Executive Officer (CEO)
• Paul Rouse: Chief Financial Officer (CFO), Executive Vice President, and Treasurer
• Grant Freeman: President
• Lesley Bolger: Chief Legal Officer and Human Resources
• Tami Cannizzaro: Chief Marketing Officer (CMO)
• Rees Johnson: Chief Product Officer (CPO)
• Sean Wechter: Chief Technology Officer (CTO)

That level of insider ownership and a long-tenured CEO defintely suggests a commitment to the long-term strategy.

Thryv Holdings, Inc. (THRY) Mission and Values

Thryv Holdings, Inc. stands for a clear purpose: to democratize technology for the backbone of the US economy-the small-to-medium-sized business (SMB)-by providing a simplified, all-in-one platform. This commitment to SMB empowerment is the cultural bedrock that drives their product roadmap, which is reflected in their strong Q2 2025 SaaS revenue of $115.0 million.

Their mission is not just a poster on the wall, but a defintely actionable strategy that maps directly to their growth, as evidenced by a 25% year-over-year increase in SaaS clients to 106 thousand by the end of Q2 2025.

Thryv Holdings, Inc.'s Core Purpose

The company's core purpose is rooted in a deep understanding of the local business owner's struggle: too little time and too many complex, disconnected software tools. Their entire operating philosophy centers on making sophisticated business automation accessible.

Official mission statement

While Thryv Holdings, Inc. does not publish a single, rigid mission statement, its operational focus-the real mission-is a multi-pronged commitment to the SMB market.

• Empowering SMBs: Giving small businesses the tools to succeed in a competitive market.
• Innovative Solutions: Delivering software and marketing solutions that address the evolving needs of SMBs.
• Simplified Technology: Making complex technology easy to use for non-technical business owners.
• Driving Growth: Helping SMBs increase revenue and improve efficiency.

Honesty, that last point is the one that matters most to the investor; the mission is ultimately about driving customer lifetime value.

Vision statement

Thryv's vision is to be the leading partner for SMBs, which means moving beyond just being a software vendor to becoming an essential, integrated part of their daily operations. This is a clear strategic move to capture a greater share of the SMB wallet.

• Be the leading partner for SMBs in their quest for growth and success.
• Provide an all-in-one platform that simplifies all business operations.
• Offer exceptional support and guidance to help businesses thrive.

This vision is being executed through a strategic shift, with Q2 2025 consolidated total revenue at $210.5 million, as the company transitions fully into a Software as a Service (SaaS) model.

You can read more about their philosophical underpinnings here: Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

Thryv Holdings, Inc. slogan/tagline

Thryv's core message, which serves as its de facto tagline, centers on the concept of automating the small business workflow, making their value proposition crystal clear.

• Local Business Automation™.
• The leading sales and marketing platform designed to help small businesses attract new and repeat customers.

The focus on 'Local Business Automation' is the key differentiator; it's a promise to save the small business owner time, which is their most precious resource.

Thryv Holdings, Inc. (THRY) How It Works

Thryv Holdings, Inc. operates as a dual-engine business, using its legacy Marketing Services revenue to fund the rapid expansion of its core, high-margin Software as a Service (SaaS) platform, which is the future of the company.

The company's primary function is to provide small-to-medium sized businesses (SMBs) with an all-in-one cloud-based software platform that automates their customer communication, marketing, and day-to-day operations, essentially acting as a digital operating system for local service-based companies.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Thryv's operational framework is centered on a strategic, multi-year transition from a traditional marketing and directory services model to a pure-play SaaS provider. This is a tough pivot, but the numbers show progress.

• Client Migration: The company actively leverages its extensive, established sales force to move existing Marketing Services clients to the higher-value Thryv SaaS Platform. This is the defintely the most crucial internal process.
• Revenue Segmentation: As of the third quarter of 2025, SaaS revenue reached $115.9 million, surpassing the Marketing Services revenue of $85.7 million for the first time in a Q3 period, confirming the strategic shift is working.
• Value Creation: Value is created by consolidating disparate business tools-like scheduling, invoicing, and social media-into one platform, saving the SMB owner time and money. The platform's Average Revenue Per Unit (ARPU) for SaaS was $352 per month in Q2 2025, showing solid monetization.
• Payment Processing: The embedded payment solution, ThryvPay, processed a total payment volume of $90 million in Q2 2025, adding a high-growth, transactional revenue stream.

Given Company's Strategic Advantages

The company's success hinges on two main strategic advantages: its legacy customer base and its 'land-and-expand' product strategy. You need a clear path to growth, and this is theirs.

• Captive Audience and Sales Channel: Thryv inherited a massive, established base of approximately 300,000 global SMB clients, a substantial starting point for cross-selling SaaS products. Their existing, highly trained sales team is a unique asset for transitioning clients, which is much cheaper than acquiring new customers from scratch.
• Land-and-Expand Model: The strategy focuses on getting clients onto the core platform (land) and then upselling additional 'Centers' (expand), such as the new Thryv Workforce Center for payroll and employee management, which was slated to launch in the second half of 2025. This increases the number of paid centers per client, which drives up their lifetime value.
• High-Margin SaaS Focus: The strategic decision to fully exit the low-margin Marketing Services segment by 2028 is a long-term advantage, as it shifts the business entirely to the SaaS segment, which had an Adjusted Gross Margin of 74.0% in Q2 2025. This allows for higher profitability and a more favorable valuation multiple over time.

If you want to dig deeper into who is betting on this transition, you should check out Exploring Thryv Holdings, Inc. (THRY) Investor Profile: Who's Buying and Why?

Thryv Holdings, Inc. (THRY) How It Makes Money

Thryv Holdings, Inc. primarily generates revenue through two distinct channels: selling its all-in-one Software as a Service (SaaS) platform to small-to-medium businesses (SMBs) and, for now, continuing to provide legacy Marketing Services, though the latter is being phased out.

The company is strategically pivoting to be a pure-play software business, so the SaaS segment is the focus for future growth and profitability.

Thryv Holdings, Inc.'s Revenue Breakdown

Looking at the third quarter of 2025, the shift to a software-first model is clear, with SaaS revenue now making up the majority of the top line. Total consolidated revenue for Q3 2025 was $201.6 million.

Here's the quick math: SaaS revenue was $115.9 million, and Marketing Services revenue was $85.7 million in Q3 2025. The 33% year-over-year growth in SaaS revenue is defintely the engine here, even as the legacy Marketing Services revenue declines as planned.

Business Economics

The core economic model is centered on increasing Average Revenue Per User (ARPU) from the existing subscriber base, which stood at 103,000 SaaS clients in Q3 2025. This is a high-margin, sticky business, and that's what investors like to see.

• ARPU Expansion: Average monthly revenue per user is currently around $365, up 19% year-over-year. Management is targeting a long-term goal of moving annual customer spend from $4,000 to $8,000 by selling more products.
• Net Revenue Retention (NRR): The seasoned NRR is a strong 103%, which means existing customers are spending more money with the company than the revenue lost from customers who churned. That's a key indicator of product value.
• Cross-Selling Success: The strategy is working-clients with two or more SaaS products grew to 20% of the base in Q3 2025, up from 16% a year ago.
• Payment Processing: The proprietary payment solution, ThryvPay, adds a transactional revenue stream, processing $89 million in total payment volume in Q3 2025.
• High SaaS Margin: The Software as a Service segment boasts an Adjusted Gross Margin of 73%, which is excellent for a software business.

Thryv Holdings, Inc.'s Financial Performance

The financials as of Q3 2025 show a company in a managed transition, where the profitability of the high-growth SaaS segment is starting to outpace the legacy decline. For a deeper dive into the balance sheet, you can check out Breaking Down Thryv Holdings, Inc. (THRY) Financial Health: Key Insights for Investors.

• SaaS Profitability: SaaS Adjusted EBITDA for Q3 2025 was $19.6 million, resulting in a 17% margin, exceeding company guidance.
• Marketing Services Profitability: The Marketing Services segment is still profitable, generating $21.2 million in Adjusted EBITDA in Q3 2025, with a 25% margin. They are milking this legacy cash cow responsibly until the planned exit in 2028.
• Cash Generation: The company generated $14.6 million in Free Cash Flow in Q3 2025. This cash is being used to strengthen the balance sheet.
• Debt Reduction: Net debt was reduced to approximately $265 million as of the end of Q3 2025, bringing the leverage ratio down to 1.9x.
• Full-Year Guidance: Management expects full-year 2025 SaaS revenue to be between $460 million and $463 million, which confirms the strong annual trajectory.

Thryv Holdings, Inc. (THRY) Market Position & Future Outlook

Thryv Holdings, Inc. is fundamentally a company in transition, pivoting from a legacy print and digital marketing services business to a pure-play Software-as-a-Service (SaaS) provider for small-to-medium businesses (SMBs). This strategic shift is showing real momentum, with SaaS revenue hitting $115.9 million in the third quarter of 2025, a 33% year-over-year increase, even as total TTM revenue sits around $779.99 million due to the planned wind-down of the older business. The future hinges entirely on how fast they can convert their legacy customer base to the higher-margin SaaS platform, which is their all-in-one solution for managing customer relationships, payments, and marketing.

Competitive Landscape

You need to see Thryv not just as a CRM competitor, but as an all-in-one platform fighting on multiple fronts. Their core advantage is the sales force and the long-standing relationships they have with local businesses, which is a huge asset no pure-play software company can easily replicate. But they are still a relatively small player in the broader software category, holding a 2.80% market share in the CRM Platforms market. Here's how they stack up against the Goliaths of the SMB tech world, one focused on accounting and the other on growth.

Opportunities & Challenges

The next few years are defintely about execution. The biggest opportunity is also the biggest risk: completing the migration away from the old, declining Marketing Services segment to the high-growth SaaS model. They have a clear runway for growth if they can successfully cross-sell their 111 thousand SaaS clients to higher-tier products, plus they have a huge pool of legacy customers to tap.

Industry Position

Thryv's position is unique-they are the bridge between the old-school local business model and modern SaaS. They are not the market leader in any single category, but they offer a compelling, unified solution for the SMB that wants one simple tool instead of five different ones. This all-in-one approach is their moat.

• SaaS-First Focus: The shift is working, evidenced by the 33% SaaS revenue growth in Q3 2025, which is a strong indicator for a software business.
• High Customer Value: The company is focused on increasing Average Revenue Per Unit (ARPU) through cross-selling, which drove a record Seasoned Net Revenue Retention of 103% in Q1 2025.
• Integrated Platform Advantage: The key is bundling features like CRM, scheduling, payments (ThryvPay), and marketing-all in one place-which is a huge selling point for time-strapped small business owners.
• Mission Alignment: Their entire strategy is underpinned by a clear focus on empowering SMBs, which you can read more about in their Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

What this estimate hides is the true cost of acquiring those new SaaS clients, especially as the legacy sales channel shrinks. They need to keep investing heavily in product and sales to maintain that growth rate.