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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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      "kind": "callout",
      "text": "Kerry Chambers, et al. vs. Amdocs Limited, et al.",
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      "text": "Are we comfortable with a management team which has been criticized in the past for the practice of hiding organic top-line contraction and capitalizing the cost of growth?",
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      "text": "Excerpts from legal documents detailing acquisitions of ITDS, Select Technology Group, and Clarify.",
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      "text": "Acquiring sales via acquisition is a well-worn strategy for Amdocs. During the dot com bust, the Company faced top-line pressure in the face of a struggling telecom industry, management made ~$1.4B worth of acquisitions to compensate for organic revenue contraction.",
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      "text": "Clarify is bringing to the table a customer base that is very wide and very important. . . From the employees' point of view, they bring a lot of excellence and experience in the overall customer relationship and management. Now talking about the functionality [Clarify is] very strong in the area of sales force automation, for example, for [sic] navigate the calls to the right module. . . — CEO Avi Naor (quoted in Bloomberg, Oct 2, 2001). The acquisition strengthens Amdocs' ability to effectively address all segments of the IP market. With blue-chip customers like the IP units at AT&T Canada, BT, GTE, SNET and Swiss Online... Select is the vendor of choice for IP leaders and emerging new entrants. — CEO Avi Naor (Feb 29, 2000 press release).",
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      "text": "Buying Growth Through Acquisitions: Part Of Amdocs' 1999-2002 Playbook",
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