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  "documentTitle": "Edgewater Technology, Inc. (EDGW)",
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  "authorName": "Jim Chadwick",
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      "text": "Edgewater's Board has overseen a significant lack of revenue growth, despite making numerous acquisitions, implying the Company's organic revenue growth is poor or acquired companies perform poorly post-acquisition, or both",
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      "text": "The discovery of a more than $1.2 million employee embezzlement scandal is, in our view, an exemplary sign of the Board's poor due diligence in making acquisitions",
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      "text": "Edgewater has spent approximately $104 million on acquisitions since 2002, while the current market capitalization of the Company is $93.8 million (as of 1/20/2017)",
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      "text": "Since 2006, revenues have increased $58.4 million (excluding reimbursable expenses), and the company has spent $97.5 million on acquisitions, which implies that management has delivered meager organic growth and has overpaid for its acquired businesses",
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