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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "Ultimate Software (\"Ultimate\") is an appropriate comparable for ADP’s upper-mid and enterprise markets",
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      "text": "Ultimate Software (“Ultimate”) is an appropriate comparable for ADP’s upper-mid and enterprise markets",
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      "text": "Ultimate Software was founded by Scott Scheer, in 1990, a former ADP executive. Transitioned to cloud-based UltiPro offering in 2002. Ultimate Software has become a pure-play SaaS HCM provider to the mid-to-enterprise market. Leader in integrated HCM.",
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      "text": "Ultimate has been winning significant business from ADP. Any assertion that Ultimate provides a different value proposition is not supported. 40-50% of Ultimate’s wins come from ADP, suggesting 140-180 client wins and $100-120mm revenue won.",
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      "text": "Mitch Dauerman, Ultimate Software, CFO (March 2017) \"[O]ur primary – I would say it's the service bureaus on the high end. We see ADP and Ceridian have a number of larger customers, and that's where our [C]ompan[y's] – the business [is] coming from.\"",
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      "text": "\"[O]ur primary – I would say it's the service bureaus on the high end. We see ADP and Ceridian have a number of larger customers, and that's where our [C]ompan[y's] – the business [is] coming from.\" — Mitch Dauerman, Ultimate Software, CFO (March 2017)",
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