Huron Consulting Group
||This article may be an autobiography or has been extensively edited by the subject or an institution related to the subject. (August 2012)|
|Traded as||NASDAQ: HURN|
|Key people||James H. Roth (CEO)
David Shade (President & COO)
|Revenue||$604.6 million (2010)|
|Operating income||$42.955 million (2010)|
|Net income||$8.525 million (2010)|
|Total assets||$200.614 million (2010)|
|Total equity||$348.372 million (2010)|
The Huron Consulting Group, founded in 2002, is a global management consulting company offering services in the Healthcare, Education, Law, and Finance industries. As of year end 2010, Huron employed 1,558 full-time employees (including 1,115 full-time billable consultants) and generated $604.6 million in annual revenue.
- 1 History
- 1.1 Acquisitions
- 1.2 Revenue
- 1.3 Financial Restatement Scandal
- 2 Healthcare consulting
- 3 Recognition
- 4 References
- 5 External links
Huron was formed in March 2002 by a group of approximately two dozen experienced financial and operational consultants who previously worked for the recently disbanded Arthur Andersen. The group had equity sponsorship from a group of investors led by Lake Capital Management LLC. In May 2002, Huron began operations in Chicago with 213 consultants.
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. Huron Consulting Group Inc., the holding company, becomes a public company trading common stock on the NASDAQ Global Select Market exchange under the ticker “HURN” in October 2004.
Speltz & Weis
Huron acquired Speltz & Weis LLC on May 10, 2005. Speltz and Weiss provided organizational renewal and turnaround services to hospitals and other healthcare organizations in distress.
Galt & Company
Huron acquired assets of Galt & Company, LLC, on April 6, 2006. Galt is an advisory firm that designs and implements corporate-wide programs to improve shareholder returns. Its principals repurchased the firm from Huron on December 31, 2009 and continue to do business as Galt & Company.
Aaxis Technologies & Document Review Consulting Services
Huron acquired both Aaxis Technologies Inc. and Document Review Consulting Services LLC in July 2006, improving Huron's legal services.
Huron acquired the healthcare management consulting firm, Wellspring Partners LTD, on January 4, 2007 for $65 million. Wellspring, founded in 1999, specialized in integrated performance improvement services for hospitals and health systems, including healthcare supply chain management, physician practice management, revenue cycle management, turnaround services, as well as nursing, staffing, and retention.
Glass & Associates
Glass & Associates, Inc., a turnaround and restructuring firm, was also acquired by Huron on January 4, 2007 for $30 million.
Huron acquired Callaway Partners, LLC, a professional services firm, on July 31, 2007 for approximately $60 million. Callaway Partners specialized in finance and accounting projects, financial reporting, internal audit and controls, and corporate tax solutions.
Huron also acquired Aegis Advisers Ltd. in July 2007. Aegis Advisors, founded in 1997, offered healthcare strategic planning, facility planning, and market strategy services.
Stockamp & Associates
Huron Consulting Group Inc acquired supplier of software-based solutions and professional services to academic medical centers and research institutions Click Commerce, Inc., Terms of the acquisition were not disclosed.
Financial Restatement Scandal
On July 31, 2009, Huron's board audit committee discovered that shareholders of four Huron business acquisitions, between 2005 and 2007, redistributed portions of their acquisition-related payments among themselves and to certain Huron employees. This led to Huron restating financial results for 2006, 2007, 2008 and first quarter 2009 and the resignation of CEO Gary Holdren, Chief Financial Officer Gary Burge, as well as Chief Accounting Officer Wayne Lipski. As a result, Huron’s shares dropped $30.66 (69%) on August 2, 2009.
In 2006, Consulting Magazine ranked Huron one of the 10 best firms to work for. Fortune Magazine named Huron to its list of the 100 Fastest-Growing Companies in 2008 and 2009. Huron employees have been named to Consulting Magazine’s Top 25 Consultants six times:
- Gary Holdren – 2003 & 2005
- David Speltz – 2006
- Shahzad Bashir – 2007
- David Shade – 2008
- Jim Roth – 2009
- "HURON CONSULTING GROUP INC Income Statement". Forbes.com. Retrieved 2011-05-23.
- "Huron Fact Sheet". Huron Consulting. Retrieved 2010-10-22.
- "Huron Consulting Group Acquires Speltz & Weis LLC.". GOLIATH. Retrieved 2010-10-22.
- "Huron Consulting Group Acquires Assets of Galt & Company.". GOLIATH. Retrieved 2010-10-22.
- "Key Developments: Huron Consulting Group Inc.". Reuters. Retrieved 2010-10-22.
- "Huron buys Wellspring Partners for $65 mln". Reuters. Retrieved 2010-10-22.
- "Wellspring Partners". LinkedIn. Retrieved 2010-10-22.
- "Huron Huron Consulting Group Acquires Healthcare Strategy Firm Aegis Advisers Ltd.". GOLIATH. Retrieved 2010-10-22.
- "Huron Consulting Group Acquires Stockamp & Associates". redOrbit. Retrieved 2010-10-22.
- "Huron Consulting Group Acquires Click Commerce". Click Commerce acquisition added. Retrieved 8 November 2010.
- "HURON CONSULTING GROUP INC Income Statement". DailyFinance. Retrieved 2010-10-22.
- "Huron CEO, CFO quit as restatements slash profits". Bloomberg. Retrieved 2010-10-22.
- "In Huron scandal, shadows of Arthur Andersen". Reuters. Retrieved 2010-10-22.
- "Wellspring+Stockamp, Huron Healthcare, New Advertisement". BusinessWire. Retrieved 2010-10-22.
- "Huron Healthcare Website". Huron Consulting Group. Retrieved 2011-05-23.
- "10th Anniversary: The Best Firms to Work For". Consulting Magazine. Retrieved 2010-10-22.
- "100 Fastest-Growing Companies". Fortune Magazine. Retrieved 2010-10-22.
- "10th Anniversary: The Top 25 Consultants". Consulting Magazine. Retrieved 2010-10-22.
- "Largest healthcare management consulting firms". Modern Healthcare. Retrieved 2010-10-22.