Other Stakeholders

In a June 2021 FCC notice (PDF) granting AppDirect full transfer of control of Telegration from Denis Raue, the agency listed the entities and individuals who held 10% or more equity and voting interests in AppDirect. The listing, although it likely does not reflect the state of affairs in 2023, provides a fascinating glimpse into key AppDirect stakeholders.

Chairman and CEO Nicolas Desmarais at the time held direct 11.7% equity and 41% voting interest. Co-founder and president Daniel Saks held direct 8.2% equity and 29.4% voting interest.

Mithril LP, a venture capital wing of Peter Thiel’s Mithril Capital Management, held 10% equity interest and 3.7% voting interest. Mithril II LP, another wing of the firm (managed by Thiel’s partner Ajay Gopal Royan), held 7.4% equity interest and 2.7% voting interest.

J.P. Morgan’s PEG Digital Growth Fund II held 12.4% equity and 4.6% voting.

But perhaps most intriguing was Paul Desmarais Jr., who is the father of Nicolas Desmarais. At the time of the FCC notice, he held 15.9% in AppDirect and 5.9% voting interest. He used three different intermediate entities to collectively hold his indirect interests in AppDirect. More on the Desmarais family in the next slide.

It’s worth noting that this retroactive transfer of control pertained to 2019 Telegration deal. That was before CDPQ helped lead a $185 million  funding round, so it’s almost certain that the equity breakdown looks different now.