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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "The Human Capital Management industry is a secularly attractive, growing, and underpenetrated market",
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      "text": "ADP has a market share of ~10% and has been growing slightly slower than the market in recent years: Built from legacy strength in payroll; ADP has the broadest market offering, including HR outsourcing (e.g., PEO)",
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      "text": "Strong high-single-digit HCM growth is driven by low-single-digit growth in payroll and double-digit growth in Beyond Payroll, driven by: Increasing and more complex regulations driving demand for outsourced HCM; Rising recognition of the strategic value of HR",
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