Jim Siders, a Senior Technology Executive, is making a high profile move from a leading data analytics firm to a fast growing investment platform focused on technology driven services. The shift highlights rising interest in using artificial intelligence to reshape traditional IT businesses.
Thrive Holdings said on Monday it has appointed Jim Siders as chief executive of Shield Technology Partners, a newly formed IT services business. Thrive Holdings was launched by Thrive Capital, an investor backed by OpenAI and Stripe. Siders spent more than 12 years at Palantir, most recently serving as chief information officer, where he oversaw global IT operations, business applications and infrastructure. He began his career at the company as an IT helpdesk engineer. Palantir has been among the strongest stock market performers during the artificial intelligence surge, rising nearly 30 times since the end of 2022.
Thrive Holdings was founded by Josh Kushner and launched in April to own and operate companies it believes can benefit from major technology shifts. Shield was created in June by Thrive Holdings and ZBS Partners with more than $100 million in initial funding. The business takes ownership stakes in IT services firms and supports their growth by providing access to advanced AI tools and engineering resources. “If we’re doing this right, we’re going to see a lot of value created all the way up the chain, from end customers all the way through to us here at Shield,” Siders told a business news outlet. “These are great businesses and they’re going to be rising up even more.”
As of December, Shield works with 7 companies and is expected to generate more than $100 million in revenue this year, according to Thrive. The firm focuses mainly on small and mid sized businesses and plans to expand its portfolio further. Thrive Holdings also operates in the accounting sector. Earlier this month, OpenAI said it had taken an ownership stake in Thrive Holdings and will embed engineering, research and product teams within its companies.
Siders officially began his role as Shield CEO on Monday and said his early focus will be on existing partners and identifying new opportunities. “There’s a whole industry out there, people who’ve spent their careers trying to deliver this value for everybody’s benefit,” he said. “This is a unique and special thing to attack.” Thrive clarified that companies backed by Shield retain equity in their businesses.
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