Software as a Service (SaaS) / Marketing Automation / Small Business Software
Strategic Profile
Thryv expects to exit marketing services by 2028, with cash flows lasting through 2030, providing liquidity as the company transforms to a pure-play software business. The company is strategically shifting toward its AI-enabled unified "Market, Sell and Grow" platform, with Marketing Center and Keap representing more than two-thirds of SaaS billings in Q4 2025 and positioned as the company's future growth engine.
Cyborg Score Rationale
2025 SaaS revenue increased to $461.0 million from $343.5 million, and SaaS Adjusted EBITDA rose to $73.8 million from $41.2 million, indicating stronger scale and margin expansion in the core software business. However, legacy Marketing Services revenue fell to $324.0 million from $480.7 million, underscoring ongoing pressure in the traditional business. The company faces execution risks with a complex transition and challenging 2026 guidance.
Top Insights
SaaS revenue grew 34% year-over-year to $461.0 million in 2025 with expanding profitability, showing strong scaling potential
2026 guidance reflects a smaller overall business (total revenue $611-631M vs $785M in 2025) with SaaS guidance of $461-471M and Marketing Services shrinking to $150-160M
Management targets marketing services exit by 2028, with free cash flow expected to increase to $40-50M in 2026 from $31.1M in 2025
AI-powered Thryv Platform launching later in 2026 with CRM and automation layer designed for AI-driven insights and customer expansion, representing next phase strategy beyond legacy transition
Named Competitors
HubSpot — CRM and marketing automation platform for SMBs
Mailchimp — Email marketing and CRM platform for small businesses
Keap (formerly Infusionsoft) — CRM and marketing automation for service-based businesses
Recent Developments
(Feb 2026) Q4 2025 earnings released with 34% SaaS revenue growth, significantly lower 2026 guidance, and focus on AI-enabled unified platform
(Feb 2026) New CTO Sean Wechter appointed to expand AI efforts and improve data assets with partner-oriented strategy
(Nov 2025) AI-enabled marketing software launched for home services businesses
(Jan 2026) New Thryv data shows cautious optimism for 2026 amid SMB uncertainty
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