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The DNC drafted a letter invoking the source code clause — the only contractual leverage it holds over NGP VAN — citing concerns about system stability. Never sent it. Officials concluded it "could backfire in the middle of an election year."
Fifty-plus Democratic operatives warned about all of this in an open letter in August 2021, within weeks of the acquisition. The layoffs, the degradation, the loss of institutional capacity were all predicted. And yet Bonterra continues to monopolize the Democratic party, and to my knowledge, no Democratic official has raised concerns about foreign ownership over their own data.
The Singham Pipeline
In October 2017, Apax bought ThoughtWorks from Neville Singham for approximately $785 million. Singham owned virtually all of the company. Weeks before the sale closed, Singham incorporated a Delaware shell called Mutod LLC, registered to a hotel address on East Wacker Drive in Chicago. Within a year, $278 million of his proceeds flowed through three channels — Mutod LLC, a Goldman Sachs donor-advised fund, and a second shell called Likewise Conceptions — into a network of U.S. activist organizations aligned with Chinese Communist Party foreign policy positions. An SDNY grand jury is investigating wire fraud, bank fraud, money laundering, FARA violations, and tax fraud.
Chinese government records (NECIPS) still listed Singham as a corporate officer of ThoughtWorks Beijing as of June 2025 — contradicting ThoughtWorks' public statement that "Roy's affiliation with Thoughtworks ended when he sold the company in 2017." When that became a problem, Apax took ThoughtWorks public in 2021 at a debut market cap of approximately $9 billion, then announced re-privatization in August 2024 for $1.75 billion.
What Trump Didn’t Say
On July 16, Trump claimed China "illicitly acquired" 220 million voter files in "the largest compromise of election data in history."
The actual structure is worse than what he alleged. Chinese government capital legally holds an ownership stake in the management entity controlling the fund that holds the DNC's entire data infrastructure, and Chinese law obligates that investor to cooperate with state intelligence. Saudi sovereign capital had exposure through both the buyer and the prior seller. Singapore's PM-chaired sovereign fund owns roughly 4% of the same management entity. And CFIUS doesn't cover political identity data at all.
And nobody in Congress has held a hearing.
P.S. The Epstein Files
If all of the above weren’t enough, Isabel Maxwell, the sister of Ghislaine, identified herself in the Epstein emails as a consultant to Apax Partners. I don’t know what that means, either.
https://x.com/DataRepublican/status/2081110451786482109

DataRepublican (small r) @DataRepublican - Virtually every major Democratic campaign depends on a single private platform for voter, donor, and organizing data.
Yet the ownership, regulatory gaps, and risks surrounding that infrastructure have received almost no public scrutiny.
Apax Partners is what ties together Neville Roy Singham, China involvement, the Democratic party infrastructure, and much more.