Thryv Holdings, Inc. (NASDAQ: THRY)

Thryv Holdings, Inc. is a software led platform company that enables small and medium sized businesses to run and grow their operations more efficiently using artificial intelligence tools and automation. The firm delivers a unified SaaS platform that supports customer acquisition engagement operations and retention across the SMB lifecycle. As of December 31 2025 the company served approximately 230 000 SMB clients through its two business segments SaaS and Marketing Services. The SaaS segment represents the strategic growth engine while the Marketing Services segment is the legacy business that the company is actively managing and exiting as part of a multi year transition to a pure SaaS model.

The company generates revenue primarily from subscription fees for its SaaS platform which include access to core capabilities such as marketing execution customer relationship management workflow automation communications payments and reporting. Additional revenue comes from platform extensions like SEO tools growth packages and website creation tools. Payment solutions such as ThryvPay and KeapPay generate fees from credit card and ACH processing as well as from scheduled payments convenience fees and consumer financing. Professional services including implementation training and consulting also contribute to revenue. The legacy Marketing Services segment earns income from the sale of advertisements in printed directories and from digital advertising products including internet yellow pages extended search solutions search engine marketing and other digital media.

The company operates through the following segments: SaaS and Marketing Services.

• The SaaS segment consists of a unified marketing platform that combines customer relationship management marketing execution automation communications payments and reporting into a single system. The platform is modular allowing customers to adopt core capabilities and extend functionality as their needs evolve. Revenue in this segment is generated through subscription plans platform extensions payment solutions and professional services. The SaaS offering includes the Thryv Marketing Center and the Keap CRM and automation engine which together provide tools for managing leads automating campaigns processing payments and gaining data driven insights. Additional features such as Thryv Leads growth packages SEO tools website creation and management tools are available as optional add ons. Payment solutions ThryvPay and KeapPay enable credit card ACH and scheduled payments with options for convenience fees surcharges and tipping. Professional services help customers with onboarding training and ongoing success initiatives.

• The Marketing Services segment provides legacy print and digital marketing solutions. Print offerings consist of owned and operated Yellow and White Page directories that carry the Real Yellow Pages tagline in the United States and similar titles in Australia and New Zealand. Revenue from the print business is generated by charging for advertisements placed within these directories. Digital offerings include proprietary Internet Yellow Pages extended search solutions search engine marketing and other digital media such as online display and social advertising. The company has announced its intention to exit the Marketing Services business by the end of 2028 with the final publication of printed directories scheduled for December 2028.

The company operates in a highly fragmented and competitive market for small and medium business software and marketing services. It faces competition from point solution providers vertical specialists and other all in one platforms. Thryv Holdings believes it competes favorably on factors such as customized integrated solutions compatibility with third party applications quality pricing ease of use brand recognition nationwide sales force and customer support. The company draws a competitive advantage from its extensive sales force its unified SaaS platform and its deep industry experience. These strengths allow it to attract and retain SMB customers who seek a single source for marketing automation payments and business management tools.

The company serves small and medium sized businesses across a variety of industries including home services professional services retail and health and wellness. Its customers range from sole proprietors to firms with several employees that need tools for customer acquisition engagement operations and retention. While the filing does not disclose individual client names the base consists of tens of thousands of service oriented businesses that use the platform to manage leads schedule appointments process payments and communicate with customers.