Thryv Holdings, the Dallas-based company that owns the Yellow Pages, began trading shares of its common stock on the Nasdaq on Thursday, hoping to attract investors with its growth into a small-business-management platform.
Perhaps you haven’t opened or even seen a physical Yellow Pages book in years, but you’ve certainly seen the online Yellow Pages appear in search engine results. That evolution of the legacy Yellow Pages print product to a digital one has been the focus of Thryv chairman and CEO Joe Walsh and his team.
For five years, the company also has been building out an all-in-one business-management platform, called Thryv, that specifically caters to small- and mid-sized businesses. Think Salesforce, but for companies with two to 50 employees.
“We have the Yellow Pages, and the Yellow Pages come with hundreds and hundreds of thousands of mom-and-pop small businesses,” Walsh said. “So we built something that was appropriate for them.”
Grown through a series of mergers and acquisitions, Thryv Holdings now operates in 48 states. In 2014, Thryv was called DexMedia and was a conglomerate of Yellow Pages companies that previously had been fragmented among owners such as Verizon and AT&T. It acquired YP Holdings — the owner of YP.com — from AT&T in 2017.
Thryv recorded $1.3 billion in revenue and $452 million in pre-tax profit for the 12-month period that ended in June. Headquartered in the old Braniff International Airways HQ near DFW Airport, Thryv employs more than 2,400 people and serves 360,000 customers. About half of its staff works in the Dallas area, including human resources, sales and information technology teams.
Already a mature company, Thryv opted to go back to the trading floor through a direct listing under the ticker symbol THRY. Its shares had a brutal first day, opening at $14 and dropping