The publicly traded small business software company Thryv, based out of North Texas, has finalized a deal to acquire software as a service (SaaS) solutions provider Keap.
Thryv Holdings announced the deal’s closure on October 31 in a press release. According to the details, Keap (which rebranded from its former name, Infusionsoft, in 2019) was acquired for $80 million in cash, “subject to adjustment.”
“We’re thrilled to be joining Thryv. Our shared vision for empowering small businesses will allow us to accelerate innovation and provide unmatched support to our clients. Together, we will create a stronger platform that meets the ever-changing needs of SMBs everywhere,” said Keap CEO Clate Mask.
Thryv focuses on providing software services to businesses, like a customer relationship management (CRM) platform. According to the company’s Chairman and CEO, Joe Walsh, acquiring Keap will signal Thryv’s commitment to enhancing its software offerings.
“By joining forces with Keap, we are taking a significant step forward in our mission to fuel small business success. We are very impressed with Keap’s dedicated team and product suite and are excited to bring an expanded, integrated set of marketing and sales solutions to our growing subscriber base, helping them compete and win across the globe,” said Walsh.
The press releases highlighted three enhancements expected as a result of the acquisition.
- Customer Benefits: Integrating Keap into Thryv’s ecosystem will allow the company to offer SMBs access to powerful automation and AI-supported marketing tools typically reserved for larger competitors.
- Expanded Geographic Reach: Keap’s partner channel will complement Thryv’s existing direct go-to-market channels and expand Thryv’s presence and reach in North America, Europe, and Australia.
- Enhanced Software Roadmap: Thryv will benefit from access to Keap’s marketing automation and sales platform, enabling the company to “scale and cross-sell/upsell opportunities across Thryv’s subscriber base.”
As of Nov. 5, shares of Thryv Holdings, Inc., which trades under the ticker THRY, are down over 25% year-to-date.