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  "notes": "Uses direct quotes from earnings calls to highlight the contradiction between management's narrative and the acquisition timeline.",
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      "text": "We also note that the delayed timing of the MFS launch with respect to the Utiba acquisition superficially makes MFS appear to be much more of an organic development than it really was.",
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      "text": "The Company would likely argue that the MFS revenue stream begun in Q1 FY 2015 was an organic development... the contribution of MFS to Company sales in its first year of operation should be considered inorganic.",
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      "text": "Amdocs first acquired Utiba... We also note that the delayed timing of the MFS launch with respect to the Utiba acquisition superficially makes MFS appear to be much more of an organic development than it really was.",
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      "kind": "quote",
      "text": "When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects.",
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      "text": "Important to our geographic expansion, we're also focused on bringing innovation to the market... Amdocs [launched] mobile financial services solutions, MFS, a new offering resounding from our internal R&D investment and the acquisition of Utiba...",
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      "text": "Towards the end of the quarter, we also closed on the strategic acquisition of Utiba... revenue contribution for the quarter was immaterial.",
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      "text": "\"Towards the end of the quarter, we also closed on the strategic acquisition of Utiba, a small developer of payment-related technology in the emerging markets. Utiba was acquired for $20 million in cash and the revenue contribution for the quarter was immaterial.\" — Tamar Rapaport-Dagim, CFO, Amdocs; \"Important to our geographic expansion, we're also focused on bringing innovation to the market as another dimension of our long-term growth, both in terms of new products and new services. Along these lines, in the first quarter, Amdocs [launched] mobile financial services solutions, MFS, a new offering resounding from our internal R&D investment and the acquisition of Utiba, which we completed in the second quarter of FY14.\" — Tamar Rapaport-Dagim, CFO, Amdocs; \"When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects.\" — Eli Gelman, President and CEO, Amdocs",
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      "text": "Q1 FY 2015: Utiba/Mobile Financial Services – Background",
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