Keap revenue decline after Thryv acquisition

The revenue drop points to a mature SMB software base that was likely shrinking faster than price increases and onboarding fees could offset. Keap sells CRM, email marketing, automation, and payments to small service businesses, but it still carries a split product line between simpler Pro and Max plans and the older, heavier Max Classic product. That mix makes it harder to keep entry level customers while also serving long time power users.1 4 5 6

• Keap monetizes in two layers. First is recurring software subscriptions, with self serve style plans at $129 and $199 per month, plus Max Classic starting at $1,092 per month. Second is upfront onboarding, starting at $1,999, and payments revenue through Keap Pay.1 5 6
• The company has been trying to simplify for years. It rebranded Infusionsoft to Keap in 2019 to reach a broader small business audience, but it remained a two product company. That helps explain why product focus and retention can be difficult, especially with older customers on Max Classic.4 7
• The 2025 revenue level also fits a business in transition after its sale. Thryv announced the acquisition on October 29, 2024 and closed it on October 31, 2024 for about $76.9M net cash, which suggests Keap was being valued more like a slow growth, retention driven asset than a compounding SaaS leader.8 9

Going forward, the path is less about adding many new SMBs and more about tightening the product around the customers who stay longest. Under Thryv, Keap is likely to be pushed toward bundling CRM, messaging, automation, and payments more tightly, with less emphasis on broad market expansion and more on extracting steadier revenue from a smaller installed base.8 9