Huron Consulting Group

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Huron Consulting Group Inc.
TypePublic
Nasdaq: HURN
Russell 2000 Component
IndustryManagement consulting
Business Advisory
Business Performance Management
Healthcare
Life Sciences
Finance
Education
Founded2002; 19 years ago (2002)
HeadquartersChicago, Illinois, United States
Area served
Worldwide
Key people
James H. Roth (CEO & President)
C. Mark Hussey (COO & CFO & Treasurer)
Revenue$795.1 million (2018)[1]
$52.1 million (2018)[1]
$13.6 million (2018)[1]
Total assets$1.05 billion (2018)[1]
Total equity$540.6 million (2018)[1]
Number of employees
3,750 (12/31/2019)[1]
Websitewww.huronconsultinggroup.com

Huron Consulting Group, commonly known as Huron, is a management consulting firm offering services to the Healthcare, Life Sciences, Commercial, and Higher Education industries.

History[]

Huron (etymologically from Lake Huron) was founded in May 2002 in Chicago, Illinois. As of 2019, Huron had more than 3,700 employees.[2]

In May 2004, Huron filed a registration statement with the Securities and Exchange Commission (SEC) relating to the initial public offering of its common stock.[3] Huron Consulting Group Inc., the holding company, became a public company trading common stock on the NASDAQ Global Select Market exchange under the ticker "HURN" in October 2004.[4]

The firm’s headquarters are in Chicago and it has 25 global locations across North America, Europe and Asia Pacific.[5] In fiscal year ending December 31, 2019, Huron generated $876.8 million in annual revenue.[6]

Recent acquisitions[]

Pope Woodhead & Associates[]

On January 9, 2017, Huron acquired Pope Woodhead & Associates, a UK-based life sciences firm.[7]

HSM[]

On July 27, 2016, Huron acquired Healthcare Services Management, Inc. (HSM), a healthcare information technology consultant.[8][9]

ADI Strategies[]

On May 20, 2016, Huron acquired ADI Strategies, Inc., an enterprise performance management and business intelligence firm.[10][11]

MyRounding[]

On February 2, 2016 Huron acquired MyRounding, a firm specializing in digital health products.[12]

Cloud62[]

On October 1, 2015 Huron acquired Cloud62, a firm specializing in complex Salesforce.com implementations and related cloud-based applications[13]

Rittman Mead India[]

On July 1, 2015, Huron acquired the India affiliate of Rittman Mead Consulting Ltd., Rittman Mead India, a data and analytics consulting firm that specializes in the implementation of enterprise performance management and analytics systems.[14]

Studer Group[]

On Feb. 13, 2015, Huron acquired Studer Group, a professional services firm that consults with healthcare providers on clinical outcomes and financial results.[15]

Sky Analytics[]

On Jan. 8, 2015, Huron acquired Sky Analytics, a Massachusetts-based provider of legal software for corporate law departments.[16]

Threshold Consulting, Inc.[]

On Oct. 2, 2014, Huron acquired Threshold Consulting, Inc., a consulting firm that provides customer relationship management consulting, cloud-based software as a service applications, business intelligence tools and data warehousing.[17]

Vonlay LLC[]

On May 5, 2014 Huron acquired Vonlay, LLC, a healthcare technology consulting firm.[18]

Frankel Group[]

On January 7, 2014 Huron acquired The Frankel Group Associates LLC, a life sciences consulting firm. [19]

Blue Stone International[]

On September 20, 2013, Huron acquired Blue Stone International, LLC, a provider of Oracle Corporation professional services. Under the terms of the agreement, Huron will acquire the assets of Blue Stone for $30 million in cash. [20]

Click Commerce[]

Huron acquired Click Commerce, a supplier of software-based applications and professional services to academic medical centers and research institutions. Terms of the acquisition were not disclosed.[21]

Revenue[]

2005 $225,960,000[22]
2006 $321,918,000[22]
2007 $547,953,000[22]
2008 $672,176,000[22]
2009 $526,047,000[1]
2010 $515,668,000[1]
2011 $606,314,000[1]
2012 $625,961,000[1]
2013 $720,522,000[1]
2014 $811,332,000[1]
2015 $699,010,000[1]-
2016 $726,272,000[23]
2017 $732,570,000[23]
2018 $795,125,000[24]
2019 $876,757,000[25]

Financial restatement[]

On July 31, 2009, Huron announced that the company would restate its financial statements for 2006, 2007, 2008, and first quarter 2009.[26] That same day, Huron announced the resignation of its chairman of the board and CEO Gary Holdren, CFO Gary Burge, and that Chief Accounting Officer Wayne Lipski would soon be departing.[27] The company also announced that James H. Roth, a founder of the company, would be Huron's new CEO. The following business day - August 3, 2009 - Huron's shares dropped 69 percent to $13.69.[28] The company had reported that shareholders of four Huron business acquisitions, acquired between 2005 and 2007, conditionally redistributed portions of their initial and future acquisition-related payments among themselves and to certain Huron employees without Huron's knowledge or permission. The issue was initially identified by the Chief Accounting Officer/Controller, Wayne Lipski.

On July 19, 2012, Huron announced it had reached a final settlement with the U.S. Securities and Exchange Commission (SEC) resolving the previously disclosed SEC investigation into the Company's August 2009 restatement of its financial statements for the years ended 2006, 2007 and 2008 and the first quarter of 2009. The Company agreed to the settlement without admitting or denying the SEC's findings.[29]

References[]

  1. ^ Jump up to: a b c d e f g h i j k l m "HURON CONSULTING GROUP INC Annual Report". HURON. 2019-12-31. Retrieved 2020-05-27.
  2. ^ "275 Andersen employees resign to create own firm". Chicago Tribune. Retrieved 2014-06-26.
  3. ^ "Huron Consulting files for $100M IPO". Boston Business Journal. Retrieved 2014-06-26.
  4. ^ "Huron Consulting IPO takes flight". MarketWatch. Retrieved 2014-06-26.
  5. ^ "Locations - Huron". www.huronconsultinggroup.com. Retrieved Aug 24, 2021.
  6. ^ "Huron Announces Fourth Quarter and Full Year 2019 Financial Results, and Provides 2020 Guidance - Huron Consulting Group Inc". ir.huronconsultinggroup.com. Retrieved Aug 24, 2021.
  7. ^ "Huron Consulting Group (HURN) Acquires Pope Woodhead & Associates". StreetInsider.com. Retrieved Aug 24, 2021.
  8. ^ "Huron still buying, moves to acquire HSM consulting". Modern Healthcare. Retrieved 2016-10-07.
  9. ^ http://pages/hit-consultant-llc/302199219847409 (2016-07-27). "Huron Consulting Group Acquires HSM Consulting: 5 Things to Know". Retrieved 2016-10-07.
  10. ^ "FocalPoint Advises ADI Strategies in Sale to Huron Consulting - News | ABL Advisor". www.abladvisor.com. Retrieved 2016-10-07.
  11. ^ "Huron Consulting Group Closes Acquisition of ADI Strategies". myemail.constantcontact.com. Retrieved 2016-10-07.
  12. ^ Kutscher, Ben (2016-02-04). "Huron Consulting acquires digital health firm MyRounding". Modern Healthcare. Crain Communications, Inc. Retrieved 2016-04-01.
  13. ^ Monegain, Bernie (2015-09-14). "Huron to acquire Cloud62". HealthcareIT News. HIMSS Media. Retrieved 2016-04-01.
  14. ^ Zacks.com (2015-07-07). "Huron Acquires Rittman Mead India to Boost Analytics - Analyst Blog". Nasdaq. Retrieved 2015-07-21.
  15. ^ Emily Rappleye (2015-02-13). "Huron Consulting Group finalizes $325M deal with Studer Group". Becker's Hospital Review. Retrieved 2015-03-13.
  16. ^ Chris DiMarco (2015-01-08). "Huron Consulting Group to acquire Sky Analytics". InsideCounsel. Archived from the original on 2015-04-02. Retrieved 2015-03-13.
  17. ^ "Huron Boosts IT Consulting Offerings with Threshold Buy - Analyst Blog". NASDAQ. 2014-10-06. Retrieved 2015-03-13.
  18. ^ "Huron completes acquisition of health IT firm Vonlay". Modern Healthcare. Retrieved 2014-06-26.
  19. ^ "Huron Consulting to acquire Frankel Group". Chicago Business Journal. Retrieved 2014-06-26.
  20. ^ "Huron Consulting to buy Blue Stone; adding 100 to staff". Chicago Business Journal. Retrieved 2014-06-26.
  21. ^ "Huron Consulting Group Acquires Click Commerce". Click Commerce acquisition added. Retrieved 8 November 2010.[permanent dead link]
  22. ^ Jump up to: a b c d "HURON CONSULTING GROUP INC Income Statement". DailyFinance. Retrieved 2010-10-22.
  23. ^ Jump up to: a b http://ir.huronconsultinggroup.com/static-files/a6049037-0fc3-41cf-b595-5ee27fa28a74
  24. ^ "2018 Annual Report". Retrieved Aug 24, 2021.
  25. ^ "2019 Annual Report". Retrieved Aug 24, 2021.
  26. ^ "Huron Consulting to restate financial reports; shares tumble". MarketWatch. Retrieved 2014-06-26.
  27. ^ Singh, Sweta (31 July 2009). "Huron CEO, CFO quit as restatements slash profits". Bloomberg. Retrieved 2010-10-22.
  28. ^ "Huron Drops on Restatement Plans, Chief's Resignation". Bloomberg. Retrieved 2010-10-22.
  29. ^ "SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations". U.S. Securities and Exchange Commission. Retrieved 2014-06-26.
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