
What smart money is saying about Thryv Holdings
4 funds in our archive have pitched Thryv Holdings, most recently Laughing Water Capital in September 2025.
Thryv Holdings, Inc. provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs). It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International. The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH. It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools. The company was formerly known as Dex Media Holdings, Inc. and changed its name to Thryv Holdings, Inc. in July 2019. Thryv Holdings, Inc. is based in DFW Airport, Texas.
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Position history
Between Q4 2024 and Q4 2025, 1 fund letter reported a position in Thryv Holdings, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2025 | 1 | 0 | 1 | 0 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 1 position · 1 move
- ExitedFar View Capital ManagementDecember 2025
“Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial view that the company offered a “hidden gem” SaaS business tucked within a legacy Yellow Pages wrapper, operating results did not develop as I expected. When we bought in Q1 2025, the SaaS segment had produced multiple quarters at or near Rule of 40 metrics and management laid out a credible cross-sell path to meaningfully grow mid-term recurring revenue. The thesis broke in Q3 2025 when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn—especially among migrated Yellow Pages customers—while new product development was substantially delayed. With the growth plan reset and confidence in execution gone, we sold the position and will monitor from the sidelines.”
Thryv Holdings
Fund coverage · 4 theses
- Laughing Water CapitalSeptember 2025
Thryv offers a compelling opportunity in SMB software, where its fast-growing, cash-generating SaaS business is deeply undervalued due to legacy accounting noise—setting the stage for significant upside as the market catches on.
Read the full thesis - Laughing Water CapitalJune 2025
Thryv Holdings Inc is trading at a significantly undervalued price, reflecting market fears about a recession and tariff impacts, despite strong small business optimism and potential for growth through product-led strategies.
Read the full thesis - Laughing Water CapitalMarch 2025
Thryv Inc is a rapidly growing SMB software business with promising SaaS revenue growth and majority SaaS status, but faces market challenges due to economic sensitivity despite strong fundamentals and insider buying.
Read the full thesis - Laughing Water CapitalDecember 2024
Thryv Inc. is a fast-growing small and medium business software company poised for significant market appreciation due to strong execution, impressive year-over-year customer growth, and positive financial metrics despite recent challenges with equity financing.
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