Thryv Holdings, the developer of Thryv software, announced the acquisition of Sensis, a leading Australian digital marketing and directory service provider from Telstra and Platinum Equity. Thryv’s software is an end-to-end customer experience platform designed to fuel the growth of small businesses.
Australia’s expanding digital economy
According to the Australian Bureau of Statistics (ABS), the Australian digital activity gross value added (GVA) is growing at around 7.5% per annum. The ABS also points out that online retail sales in Australia are increasing at approximately 10% per year. These numbers cast light on the growing need for SMBs to have the right tools and platforms to stay relevant in the digital era.
Joe Walsh, Thryv’s CEO and President said that the acquisition is a game-changer for Thryv and one that will equip small businesses (SMBs) in Australia to compete in the current digital economy. At present, Australia’s digital economy is a critical part of Australia’s economic present and future.
Mr. Walsh said, “The acquisition of Sensis follows our strategy of expanding internationally where small businesses are ready to modernize their operations in order to serve their customers faster and more efficiently – from anywhere, including mobile devices.” He also added that although Thryv has worked with over 300,000 small businesses in the United States, the challenges for small businesses in Australia will more or less remain the same.
The entry of Thryv software into the Australian market will have a positive impact on Australian SMBs in the upcoming months.
Cost of Acquisition
Thryv Holdings shelled out nearly $ 200 million in cash to complete the acquisition of Sensis. In link with the acquisition, Thryv commenced operations in a new term loan facility and refinanced the existing $ 175 million revolving credit facility. A part of the term loan facility was used to clear the current debt under the revolving credit facility and also finance the acquisition.
More about Thryv
Thryv is a US-based publicly traded SaaS company that commenced as an amalgamation of Yellow Pages companies. It is the owner of the Thryv end-to-end customer experience software that has helped over 40,000 SaaS clients grow. Thryv’s platform offers its customers cutting-edge business functions, helps them reach out to their customers, and stay organized.