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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The slide uses a 'villain' framing by characterizing ADP's strategy as 'cobbled' together.",
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      "kind": "callout",
      "text": "From 2003 to 2017, ADP completed ~$3bn of acquisitions as it filled out its HCM Beyond Payroll product suite",
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      "text": "ADP “cobbled” together a collection of HCM products across disparate platforms which have largely remain siloed operationally",
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      "text": "Acquisition value ($m) and number of acquisitions per year from 2003 to 2017",
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      "text": "ADP “cobbled” together a collection of HCM products across disparate platforms which have largely remain siloed operationally\nADP should be focusing on acquisition integration, product integration, and organic development",
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      "text": "Note: A few small acquisitions were geographic expansion in HCM. Excludes Dealer Services acquisitions, namely, Kerridge Computer Company (2006: $300m) and Cobalt (2011: $405m). 15",
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      "text": "Lacking Innovation Capabilities, ADP Built its HCM Offering Almost Entirely Through Acquisitions",
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