Jay Adams, Chief Financial Officer, Thrive, is a 2021 Boston Business Journal CFO of the Year honoree.
Title: CFO
Company: Thrive
Education: Accounting degree from Boston College
Hometown: Walpole
Read full article HERE
Acquisitions can be a key part of some businesses’ growth plans. Thrive is one of those businesses.
Thrive, a Foxborough cybersecurity firm, made two in 2020 alone. Jay Adams, the company’s CFO, has overseen nine in his five years with the company. Adams has overseen more that just acquisitions, including a nearly threefold increase in revenue since 2017, and a recapitalization of the company’s finances earlier this year that resulted in what Thrive says is one of the highest valuations in the managed service provider history.
Adams has been with Thrive since its beginning in 2016, with the merger of Corporate IT Solutions and Thrive Networks, and he now oversees 16 employees across Thrive’s finance, operations, human resources and legal departments. A CFO for more than two decades, Adams also managed Thrive’s finances during the pandemic without the benefit of Paycheck Protection Program funding — and without drawing down a line of credit. In fact, Thrive, with the advantage of clients’ moving toward more online work, exceeded its revenue target for last year.
How did you end up in finance? I always loved numbers as a kid. I spent the first five years of my career in public accounting, and then jumped into private, and never looked back.
What has been a highlight of your career so far? Without a doubt, working and learning from some phenomenal CEOs: Kenan Sahin at Kenan Systems, Michael George at Bowstreet, and currently Rob Stephenson at Thrive. Three completely different guys in many ways, but all with incredible passion, drive and intellect.
What’s your advice to someone starting a career in finance? Be a sponge. Understand that hard work gets recognized and rewarded. Try different areas of finance and put your hand up for special projects. It will all pay off in the end, but in the meantime, be patient.
What hurdles did you have to overcome in your career? There are always going to be blips in your career. Learn from them — every day is different. Try to stay even-keeled through the good days and the not-so-good days.
How has COVID-19 changed your role? Not much overall, but I spend probably five hours per day on Zoom or Microsoft Teams videos. Without those tools, I think many businesses would have failed.
What will your post-pandemic work arrangement be? I was never much of a work-from-home guy, but in many ways have found it to be super-productive. I miss seeing the people in the office, too, so I expect to probably get back to the office a few days a week.
What book is on your nightstand? The Tiger’s Wife by Tea Obreht.
What do you do for fun outside the office? I love hanging with my family. I’ve always been an avid baseball fan. My son has played professional baseball the past four years, and we’ve had a ton of fun following him around the country. And I really like to golf.
What would you have done if not finance? A money manager.
Do you have any career regrets? I only started working with (private-equity) firms over the past six years, and have thoroughly enjoyed working with these super smart guys at M/C Partners in Boston, and Court Square Capital in New York. I wish I had taken this path earlier.
What do people most often misunderstand about your job? Funny, a lot of outside people who aren’t familiar with the role of a CFO think that I do taxes and get really busy from February to April.
Welcome back to another installment of our “Thrive Employee Spotlight” blog series.
Our featured Thrive Employee is Robbie Luethold, Regional Vice President of Sales.
In addition to his pivotal role driving Thrive’s sales and improving the customer experience, Robbie is also known for many talents, including playing the trumpet, surfing and rollerblading. Keep reading to learn more about Robbie!
Hi Robbie! Tell us about your role at Thrive as Regional Vice President of Sales.
My role at Thrive is to learn every day, create an atmosphere with my team where we love what we do, enjoy getting better every day, which in turn, results in an improved experience for our customers. They gave me a fancy title, Regional Vice President of Sales, but I believe my role is ensuring the employees around me love the environment they work in, translating into our team providing a better customer experience across the board. If we can accomplish this, revenue and sales should be the bi-product of the incredible culture we have here at Thrive.
Can you tell us about your background and how you came to Thrive?
I graduated from The College of New Jersey in 2004 with a degree in Marketing (which is code for “I don’t know what I want to be when I grow up.”) So here I was, the first job out of college in a sales role, selling copiers. In my delusional mind, this was going to be the “amuse-bouche” to my illustrious career. However, 17 years later, it would be the only place I would call home.
When it all began in 2004, copiers were analog, but quickly becoming digital printing and scanning devices. This led to much more interaction with IT and the network overall. As a result, many copier companies, including my company, began to provide Managed IT services along with the copiers. As technology evolved, I found myself gravitating towards IT solutions and wanting to learn more. Had I remained in an outside sales role, my stay may have been a few years shorter, however, the opportunity presented itself in 2015 for me to take a role as a sales manager.
Management unlocked a world of challenges far beyond anything I could have ever imagined in sales. For whatever reason, I loved it. My sales team was an incredible group, we were a family, and we all grew together, challenging each other through both good times and bad. In 2020, along with all the challenges that came from that year, my company began to pivot, resulting in a “reorganization” of sorts. Part of the reorganization resulted in a promotion for me to run the region I was a part of, taking over the role of my long-time boss, and friend, Rob Bain. He hired me in 2004, and I reported to him my entire career.
With all this change, Rob retiring and leaving my sales team which was like family, I started thinking that the timing is ideal for a more significant change. I hoped to find a company that was entirely focused on IT and cyber security. I researched the best companies in this space, and I connected with Rob Stephenson, who introduced me to John Holland. They say timing is everything. The timing was mutually beneficial for me to make a change, and Rob and John to fill a newly formed role at Thrive.
Where did you go to school or get training?
I went to The College of New Jersey (TCNJ) and received a B.S. in Marketing, which was far from my intended path or major. I invested my middle school and high school years in classical trumpet and musical theory and composition. After getting into some prominent music schools, my father, fearing I would forever be broke, chasing a dream of being the second chair in the New York Philharmonic, decided to sit me down and deliver a speech that only a father could… He meticulously and methodically broke down every expense in my life, month by month, year by year, decade by decade. By the end of it, I was so scared, I sold my trumpet for a guitar and surfboard, enrolled in TCNJ and walked on to the college golf team. This extreme deviation from all my life’s choices, had it happened 20 years later, would most certainly have been considered a mid-life crisis. Thankfully, I was 18 and everyone chalked it up to me being young and confused. Here I am, 8 months away from 40 and I can say without a shadow of a doubt that I am so thankful my dad gave me that speech. I also have no plans or desire to buy a convertible sports car.
What do you most enjoy about working for Thrive?
I enjoy the people and culture at Thrive. The employee-first mindset and the family-like atmosphere that welcomed me in with open arms was unexpected but so important for me. When you leave a company after 17 years, I don’t care how tough or confident you think you are, you are scared, and you have doubts and second thoughts on your decision. However, when you have a culture like Thrive and the support of such an incredible group of people, it’s only a matter of days before you realize the decision you made was perfect. What Thrive has is rare, and I am extremely proud to be a part of it.
Any recent exciting projects at Thrive that you can tell us about?
Right now, I am simultaneously working on two critical areas within our Mid-Atlantic region. First, with my outside sales team, we are meeting with new customers and discussing security strategies daily – with everything going on in terms of cyber security today, the opportunity to help organizations is tremendous. It’s been fantastic to work with this team and learn from their professionalism and consultative approach.
Secondly, I have had the privilege to work alongside one of our most recent acquisitions, The Apex Team. We have been laser-focused on transitioning Apex clients onto the Thrive platform and ensuring the absolute best customer experience. Acquisitions have many moving parts and while certainly, the customer’s transition is important, for me, my highest priority has been the employees — our new team. Fortunately for me, Apex already has an incredible family-like culture, coupled with talented individuals who are not only fitting in, but enhancing all Thrive has to offer.
What do you like to do in your free time?
My free time is spent in a few different ways. Playing golf, sometimes competitively, but mostly for fun with friends, as well as with my wife and kids who enjoy it enough to put up with the fact that “Dad loves it.”
The beach and surfing. The beach is a short walk away from where we live and has always been a part of our lives. I used to love to surf hurricanes, which seems like a good idea on the east coast because it’s the best waves, but after my daughter was born, I realized I was responsible for another human I decided that wasn’t such a good idea. Fortunately, my kids love it and I go out with them now, not in hurricanes — yet.
My daughter Ryleigh loves music and theater. She plays the trumpet and I have become the resident music teacher. I once again own my own trumpet, and we have been practicing her school music together for three years now.
My son Brendan loves hockey and plays on a travel hockey team. I think I am younger than I am and find myself practicing with him both on the ice, and of course, I also had to get myself a pair of rollerblades to relive the 90’s and show the kid that Dad still has it. The family has the over-under on the inevitable hospital visit from this behavior set at my 40th birthday which is fast approaching…they all bet the under.
Thanks, Robbie! When you are ready to start the Thrive band let us know!
Are you interested in learning more about Thrive? Click here!
And please don’t forget to follow us on LinkedIn, Twitter, Facebook, YouTube and Instagram for the latest news, and continue checking our blog for more in our “Thrive Employee Spotlight” series. Until next time…
Thrive Acquires S7 Technology Group
Thrive, a premier provider of NextGen Managed Services, announces today that it has acquired S7 Technology Group, an information technology services provider for the financial industry.
Scot Guido, CEO, Michael Bilenkis, CTO and Fred Bruno, COO, will all assume senior leadership roles in New York, home to Thrive’s largest office. The S7 transaction marks the 12th acquisition for Thrive since 2016.
Channel Futures — Thrive Acquires S7 Technology Group, Enhancing Cybersecurity OffersThrive’s cybersecurity and digital transformation solutions offer a unique blend designed to boost market clout.
Cyber Defense Magazine — Thrive acquires S7 Technology GroupThe acquisition will significantly benefit the financial industry by offering a suite of cyber and cloud security offerings via an automation platform.
Thrive Acquires S7 Technology GroupStrengthens New York Financial Services’ Practice
FOXBOROUGH, Mass. – July 14, 2021 – Thrive, a premier provider of NextGen Managed Services, announces today that it has acquired S7 Technology Group, an information technology services provider for the financial industry. This transaction will greatly enhance S7’s clientele by providing availability to Thrive’s innovative Cyber Security, Microsoft Digital Transformation and Hybrid Cloud offerings built upon their ServiceNow automation platform.
S7 Technology Group, headquartered in Midtown Manhattan, is an SSAE 18- audited, value-driven technology firm that provides turnkey, full-service IT solutions and ongoing support to financial institutions. Its comprehensive end-to-end framework, Azure Partner status, and laser focus on the Private Equity support industry provide a competitive edge for financial firms seeking to maximize their technology return on investment.
“Adding S7 and their talented management team to the Thrive family signals our continued commitment to enhance our financial services practice, particularly in New York,” said Rob Stephenson, CEO of Thrive. “Thrive’s Cyber Security and advanced Microsoft Digital Transformation solutions, designed for financial customers, reinforce our mission to support the strategic technology needs of Private Equity firms with a unique blend of managed services, portfolio engagement services, and consulting to ensure security, compliance and performance.”
“For more than a decade, S7 Technology Group has enabled financial businesses to leverage the performance, security, and scalability previously only afforded to large enterprises and we’re thrilled to be joining the Thrive team,” said Scot Guido, CEO of S7 Technology Group. “We’re incredibly impressed by the level of automation and operational efficiencies of Thrive’s ServiceNow platform and the enhanced Cyber Security capabilities of their 24×7 Security Operations Center (SOC). Our clients will benefit greatly from our new partnership with Thrive.”
Scot Guido, CEO, Michael Bilenkis, CTO and Fred Bruno, COO, will all assume senior leadership roles in New York, home to Thrive’s largest office. The S7 transaction marks the 12th acquisition for Thrive since 2016.
For more information, please click here.
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About Thrive
Thrive is a leading provider of NextGen managed services and cyber security designed to drive successful business outcomes through application availability, enablement and optimization. The company’s Thrive5 Methodology utilizes a unique combination of its Application Performance Platform and strategic services to ensure each business takes advantage of technology that enables peak performance, scale, and the highest level of security. For more information, thrivenextgen.com.
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MEDIA CONTACT:
Stephanie Farrell
Director of Corporate Marketing
617-952-0289 | sfarrell@thrivenextgen.com
About S7 Technology Group
S7 is a technology solutions provider to companies in the financial services industry. S7 provides the resources and expertise of an IT department, but without the management, overhead, and complexities of having one in-house. Whether you are in the initial stage of a build-out or an established business, S7 will be your single point of contact and will provide you with a complete technology solution that will allow you to operate efficiently, while giving your clients and investors the information they need to trust in the stability and security of your IT solution.
Using a unique, hands-on approach, S7 tailors their services to meet exact client needs and requirements. S7 provides complete, end-to-end technology services including assessment, planning, design, clean-up of current systems, network reconfiguration, project management and deployment, contract negotiations, disaster recovery, business continuity, systems administration, installation and maintenance, and 24 x 7 x 365 support. For more information, visit s7tech.com.
A fast-growing commercial real estate firm selects Thrive to update IT infrastructure for improved communication, collaboration, and Cybersecurity to support its expanding remote workforce. Download Now
CHALLENGE
Foxrock Properties, one of the fastest-growing commercial real estate firms in greater Boston, focuses on improving neighborhoods and quality of life for residents with its 50 employees spanning multiple locations. As Foxrock was growing, the firm was operating with an aging IT infrastructure and without a strategic IT vision. The firm was challenged with maintaining acceptable and scalable communications while protecting its end users in a remote work model with sufficient Cybersecurity protocols.
SOLUTION
Foxrock reached out to Thrive for MSP support and guidance in scaling its business operations securely to the Cloud. Thrive’s expert team designed the strategy, architecture, and training to aid in Foxrock’s growing IT demands. The first step was migrating Foxrock away from local servers and hardware purchases to gain the scalability and business continuity that comes with the Cloud via ThriveCloud. Next, Thrive implemented human firewall services, including endpoint protection, patching, mail security, and O365 management and backup to keep remote workers securely connected for seamless collaboration.
RESULT
The integration of the ThriveCloud solutions at Foxrock transformed its daily business operations, enhancing communication and productivity. Thrive’s ongoing dedicated technical account management tools are now in place to further support business objectives and demands with thought leadership and strategy. Thrive’s 24×7 help desk is also allowing the Foxrock team to focus on their core business.
“Thrive is very easy to work with. I knew that Thrive would embrace the opportunity, create a solution to meet the customers’ requirements and communicate with me throughout the process. Thrive’s focus on client satisfaction leads to up-sell opportunities that continually grow MRR.” ~ Dan Holleran, Harbor Networks
How can Thrive help your business?
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