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COVID-19 has made it hard for many businesses to grow during 2020. Some companies are struggling to make their bottom line, while others can post positive financial reports. For the third quarter of 2020, Thryv® announced they had finished out Q3 with minimal losses. Leaders at Thryv believe they are on track to see year-over-year growth for 2020.
Thryv Holdings, Inc. (NASDAQ: THRY) offers end-to-end software built for small businesses that helps over 40,000 SaaS clients with the daily demands of running a business. With Thryv, they can get the job, manage the job, and get credit. Thryv’s award-winning platform provides modernized business functions, allowing small-to-medium-sized businesses (SMB) to reach more customers, stay organized, get paid faster, and generate reviews. These include building a digital customer database, automated marketing through email and text, updating business listings across the internet, schedule online appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices, and processing payments.
Customized marketing services is what got Thryv off the ground, and that experience has given them an edge for practical software tool solutions. Companies working with Thryv’s Marketing Services segment can get both print and digital solutions for lead gen purposes. Thryv has offered marketing services for some time to companies before moving to SaaS solutions. Thryv CEO Joe Walsh says:
“Thryv is devoted to supporting and helping small businesses; we have been for a very long time. We have a big marketing services business that provides millions of leads for small businesses, low cost high converting leads. More recently, we’ve started our Thryv software platform. And our Thryv software platform helps small businesses get the job, manage the job and then get credit for the job.”
The marketing software company offers specialists that coach and teach the SMB clients how to integrate Thryv software into their business. This SaaS has been a crucial part of growth and sustainability for many SMBs impacted heavily by COVID-19. With changes forced by the pandemic, most companies have had to go online or shutter their doors. Thryv software makes it possible for them to realistically manage their online presence in a powerful way, without needing the manpower or expertise of an enterprise team.
While it may look like Thryv had a tough Q3 on paper with the announcement of a 25% decrease from 2019, the company leadership is feeling good about their positioning. Revenue from the SaaS business was $31.8 million for the quarter, an increase of 2% from the third quarter of 2019.
CEO Joe Walsh was feeling good about what these numbers meant for Thryv growth:
“This was a milestone quarter for Thryv as we re-entered the market as a public entity and saw our SaaS business return to growth. While the COVID-19 pandemic continued to hurt local businesses across America, the Thryv software platform helped small and medium-sized businesses survive by enabling them to do business virtually.”
Walsh announced that clients using the Thryv software are more engaged than ever before. He believes the company and it’s SaaS segment, will continue to have a great Q4 and see a positive growth trend into 2021. “We continue to see a more engaged set of clients and higher usage of our software and expect that positive trend to continue into 2021,” Joe Walsh stated. “The direct listing on the Nasdaq underscored our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive consistent value to shareholders.”
Thryv CFO was on the same page, expecting numbers for the SaaS segment, showing growth for all of 2020 when compared to 2019. Their larger Marketing Services revenue is expected to range from $955 to $965 million, while the Thryv SaaS revenue is expected to land around $128 million for the year. Thryv CFO Paul Rouse noted:
“For the fiscal year 2020, we expect SaaS revenue of $128 million. This represents flat year-over-year growth when compared to the fiscal year 2019. This implies SaaS revenue of $33 million for the fourth quarter, representing an anticipated year-over-year increase in the low single digits. We believe SaaS will end 2020 with a solid run-rate and we are confident that momentum will continue into 2021.”
About Thryv Holdings, Inc.
The company owns the easy-to-use Thryv® end-to-end customer experience software built for small businesses that helps over 40,000 SaaS clients with the daily demands of running a business. With Thryv, they can get the job, manage the job, and get credit. Thryv’s award-winning platform provides modernized business functions, allowing small-to-medium-sized businesses (SMB) to reach more customers, stay organized, get paid faster, and generate reviews. These include building a digital customer database, automated marketing through email and text, updating business listings across the internet, schedule online appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices, and processing payments.
Thryv supports franchise operators and multi-location business owners with Hub by Thryv™, a software console that enables business managers to oversee their operations using the Thryv software.
Thryv also connects local businesses to consumer services through our search, display and social media management products, our print directories featuring The Real Yellow Pages® tagline, and our local search portals, which operate under the DexKnows.com®, Superpages.com® and Yellowpages.com URLs and reach some 35 million monthly visitors. For more information about the company, visit thryv.com.
Thryv delivers business services to more than 360,000 SMBs across America that enable them to compete and win in today’s economy.
Learn more about Thryv on LinkedIn and Medium.
