Reading Room

ADT Q3 2026 results; guidance withdrawn pending the Thrive transaction.

Target company press release announcing the definitive agreement.

Acquirer statement on the ADT agreement; source of the ">75 businesses" figure.

Definitive agreement at approximately $7.7 billion enterprise value: about $4.6 billion equity purchase price and $3.1 billion net debt. Expected close Q1 2027.

Announces an October 10 London event with Anthropic, ElevenLabs, General Catalyst, and EQT as partners; challenges focus on messy operating cases and escalation.

Reports over $2 billion in new capital at a $12 billion valuation, over $3 billion raised since inception, and more than 70 businesses. Announces expansion into built-environment services.

Announces a $35 million Series B led by The General Partnership and Allen Shim joining as president/CFO. Describes a permanent holdco with embedded technologists.

Reports nearly $70 million committed equity, a first closed acquisition, and work with ten agencies before acquisition. Describes a specialty brokerage growth platform.

Confirms the rename and continuity of the accounting platform. Describes local ownership, branding, leadership, and the Tax AI initiative.

Announced May 4, 2026. Long Lake Management agreed to acquire American Express Global Business Travel in an all-cash take-private valued at approximately $6.3 billion, with support from General Catalyst and Alpha Wave; Koch Equity Development was also reported in the syndicate. Shareholders receive $9.50 per share, a 60.2 percent premium to the May 1 closing price. The transaction is expected to close in the second half of 2026, subject to customary conditions and regulatory clearances. American Express is selling its roughly 30 percent stake for $1.5 billion and expects to record a pre-tax gain of about $975 million; its brand license and other commercial agreements with Amex GBT remain in place. Paul Abbott is chief executive of Amex GBT, which operates in more than 140 countries. Ken Chenault, General Catalyst chairman and former American Express chief executive, commented on the deal. Long Lake was founded in 2023.

Announced February 2, 2026, from New York. Shield Technology Partners raised $100 million from Thrive Holdings to fund product development and further acquisitions across its national IT services platform. Shield reported surpassing $100 million in annual revenue in 2025 and partnering with nine IT services companies across the US serving more than 1,500 customers in sectors including construction, energy, and healthcare; it had majority stakes in four MSPs at its June 2025 launch, which carried more than $100 million in initial capital. Part of the investment supports Shield's engineering team, which works alongside OpenAI researchers to build and embed AI products for IT engineers. Two internal products were named: Sentinel, which monitors and triages customer tickets and routes them by engineer, timing, and priority, and Spectre, which helps engineers orchestrate multiple agents to resolve requests. Jim Siders is chief executive of Shield; Anuj Mehndiratta of the Thrive Holdings founding team commented, as did Alexander Saca, chief executive of partner company IronOrbit. Shield was formed as a collaboration between Thrive Holdings and ZBS Partners, pairing Thrive's technical capability with ZBS's approach to founder-led businesses.

Announces joint research, engineering, and operating work, with OpenAI becoming an owner of Thrive Holdings.

A Luma event listing, not an article. Poker Night hosted by Sequence Holdings at 300 Vesey Street, suite 1230, New York, on Wednesday, October 15, 2025 at 7:15pm, with guests asked to meet in the lobby. The listing describes an open, casual evening of cards, wine and cocktails, and catered food, states that non-players are welcome and will be taught the basics, and carries no buy-in, stakes, agenda, or speaker information. Registration was required. The page is now marked as a past event. The same listing was also posted on Partiful.

Announced August 12, 2025, from New York. Titan, an AI holding company incubated by General Catalyst, announced $74 million in funding led by General Catalyst and, in the same release, its acquisition of Richard Fleischman & Associates (RFA), a New York-based managed service provider with roughly 250 employees serving more than 400 financial services clients across multiple countries. RFA becomes Titan's first MSP platform, into which Titan layers its augmented AI stack. The stated thesis is that traditional MSPs are constrained by legacy tooling and manual, ticket-based workflows, and that agentic AI can automate routine support, predict failures, and free technicians to act as strategic advisers rather than reactive support. Co-founders Saurin Patel and David Heffernan said Titan intends to acquire additional IT services firms. Yohan Kim is chief executive of RFA; Marc Bhargava, managing director at General Catalyst, commented on the investment. The deal was one of several executions of General Catalyst's AI-enabled roll-up program, for which the firm allocated $1.5 billion beginning in late 2023.

Introduces a permanent-capital vehicle to invest in, acquire, and operate businesses over long periods.