Thryv Holdings, Inc. (THRY) stock rose 2% today after the provides software as service (SaaS) company, which provides management and digital marketing tools to small and mid-sized businesses, announced financial results for the fourth quarter and full year of 2021.
While Thryv's overall revenue was relatively flat for the fourth quarter and the full year, the company posted fourth quarter US SaaS revenue of $47.1 million, a 35% increase year-over-year.
Full year US SaaS revenue was $170.5 million, a 31.3% increase year-over-year.
SaaS Growth
Speaking on the results, Joe Walsh, Chairman and CEO of Thryv, commented, “We are pleased to report a strong finish to 2021, with Q4 representing our largest SaaS revenue quarter on record.”
“We beat all of our 2021 guidance targets. These outstanding results confirm that Thryv has become the leader in moving small to medium-sized businesses to cloud software to enable them to modernize and run their businesses.”
Overall, SaaS Average Revenue per Unit increased to $351 for the fourth quarter of 2021, compared to $293 in the fourth quarter of 2020.
Additionally, total SaaS clients increased to 46,000 for the fourth quarter of 2021.
Key Acquisitions
Thryv also gave an update on its acquisition of Vivial Media Holdings, a regional provider of small business digital and print marketing services.
The company announced it had closed the deal for $21 million.
“Vivial has a strong presence in key US markets including Hawaii, Alaska, Cincinnati, Ohio, Rochester, New York, and Lincoln, Nebraska,” said Walsh.
“These fit synergistically into Thryv’s national platform. We are confident that many of Vivial’s 25,000 digital customers will adopt Thryv’s CRM software.”
Thryv management hopes that Vivial's marketing services will provide customers a gateway into the SaaS business.
