Thrive Holdings, a venture initiated by Thrive Capital, known for its backing from OpenAI and Stripe, has officially appointed Jim Siders, a former Palantir executive, as CEO of Shield Technology Partners. This newly established company is dedicated to providing a range of IT services.
Siders boasts over 12 years of experience at Palantir, where he held the position of chief information officer, managing global IT operations, business applications, and infrastructure. He began his journey at Palantir as an IT helpdesk engineer, showcasing a career that evolved within the organization.
Palantir has become a noteworthy success story in the stock market, especially during the recent surge in artificial intelligence, surging nearly thirtyfold since the end of 2022.
Thrive, set up by entrepreneur Josh Kushner, launched Thrive Holdings in April with the vision of investing in and managing companies poised for technological enhancements. Shield, co-created by Thrive Holdings and ZBS Partners in June, received over $100 million in initial funding to accelerate its mission.
The core strategy of Shield involves acquiring ownership stakes in IT services companies and empowering them to flourish by providing access to advanced AI technology 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 customer all the way through to us here at Shield,” Siders expressed in a CNBC interview, highlighting the potential of the businesses involved.
Currently, Shield partners with seven companies and is on track to generate over $100 million in revenue this year, with an emphasis on small to mid-sized businesses. The venture also has plans for future expansion, aiming to enhance its portfolio further. With industry veterans like Siders leading the charge, there is a promising outlook for Shield Technology Partners as it navigates the evolving landscape of IT services.