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Huron Consulting Group Inc.
Company typePublic
Nasdaq: HURN
IndustryManagement consulting
Business Advisory
Business Performance Management
Education
Finance
Life Sciences
Healthcare
Founded2002
HeadquartersChicago, Illinois
Area served
Worldwide
Key people
James H. Roth (CEO & President)
C. Mark Hussey (COO & CFO & Treasurer)
Revenue$699.3 million (2015)[1]
$103.5 million (2015)[1]
$61.9 million (2015)[1]
Total assets$1.16 billion (2015)[1]
Total equity$652.3 million (2015)[1]
Number of employees
2,671 (2015)[1]
Websitewww.huronconsultinggroup.com

Founded in 2002, the Huron Consulting Group, commonly known as “Huron,” is a global management consulting company offering services to the Healthcare, Higher Education, Life Sciences, and Commercial industries. In fiscal year ending December 31, 2015, Huron generated $699 million in annual revenue.[1]

History

Huron was founded in May 2002 in Chicago, Illinois. The company’s initial employees included former consultants from Arthur Andersen, including 25 partners and 250 other professionals. Today Huron has more than 2,600 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]

Recent Acquisitions

HSM

On July 27, 2016, Huron acquired Healthcare Services Management, Inc. (HSM), a healthcare information technology consultant whose clients include Allscripts, Athenahealth, Cerner and Epic Systems.[5][6]

ADI Strategies

On May 20, 2016, Huron acquired ADI Strategies, Inc., an enterprise performance management and business intelligence firm that has been recognized as an Oracle Platinum Partner.[7][8]

MyRounding

On February 2, 2016 Huron acquired MyRounding, a firm specializing in digital health solutions to improve patient care. [9]

Cloud62

On October 1, 2015 Huron acquired Cloud62, a firm specializing in complex Salesforce.com implementations and related cloud-based applications[10]

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.[11]

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.[12]

Sky Analytics

On Jan. 8, 2015, Huron acquired Sky Analytics, a Massachusetts-based provider of legal software for corporate law departments.[13]

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 solutions and data warehousing.[14]

Vonlay LLC

On May 5, 2014 Huron acquired Vonlay, LLC, a healthcare technology consulting firm specializing in clinical, administrative and financial system implementation and optimization. [15]

Frankel Group

On January 7, 2014 Huron acquired The Frankel Group Associates LLC, a life sciences consulting firm. [16]

Blue Stone International

On September 20, 2013, Huron acquired Blue Stone International, LLC, a provider of Oracle Corporation professional services supporting enterprise performance management, information management and business intelligence solutions. Under the terms of the agreement, Huron will acquire the assets of Blue Stone for $30 million in cash. [17]

Click Commerce

Huron acquired Click Commerce, a supplier of software-based solutions and professional services to academic medical centers and research institutions. Terms of the acquisition were not disclosed.[18]

Revenue

2005 $225,960,000[19]
2006 $321,918,000[19]
2007 $547,953,000[19]
2008 $672,176,000[19]
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]

Financial Restatement

On July 31, 2009, Huron announced that the company would restate its financial statements for 2006, 2007, 2008, and first quarter 2009.[20] 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.[21] 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.[22] 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 has 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.[23]

Recognition

  • Huron was named one of Forbes America’s Best Employers for 2015 and 2016.[24][25]
  • Huron was named one of Consulting magazine’s Best Firms to Work For in 2011,[26] 2012,[27] 2013,[28] 2014,[29] 2015[30] and 2016.[31]
  • Consulting Magazine named Gordon Mountford, executive vice president, Huron Healthcare as one of the Top 25 Most Influential Consultants in 2014.[32]
  • Consulting Magazine named Laura Yaeger, founding member and leader of Huron Consulting Group's Education and Life Sciences practice, as one of the Top 25 Consultants in 2015.[33]
  • Consulting Magazine named Dr. Andrew Ziskind, managing director and Clinical solutions leader, Huron Healthcare as one of the Top 25 Most Influential Consultants in 2013.[34]
  • Consulting Magazine named James H. Roth, CEO and President, as one of the Top 25 Most Influential Consultants in 2009 and 2011.[35]
  • The Turnaround Management Association (TMA) recognized Huron as one of the winners of the 2013 TMA Turnaround and Transaction of the Year Awards. Huron Financial was honored for its turnaround of Bancroft Bag, Inc.[36]
  • Huron Healthcare was ranked in the top five of Modern Healthcare’s Largest Healthcare Management Consulting Firms for the past 10 years.[37]
  • Huron was named a 2013 and 2014 Top Workplace by The Oregonian.[38][39]
  • Huron was named a 2013 and 2014 Top Workplace by the Chicago Tribune.[40][41]
  • Huron's ecrt, Click and efacs were selected as Readers' Choice Top Products by University Business in 2013, 2014 and 2015, respectively.[42][43]
  • Huron received a perfect score on the 2014 Corporate Equality Index in 2014 and 2015.[44][45]
  • Huron received Consulting magazine’s Excellence in Social & Community Investment Award in 2014.[46]

References

  1. ^ a b c d e f g h i j k l m n "HURON CONSULTING GROUP INC 10-K". SEC. 2015-12-31. Retrieved 2016-04-01.
  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. ^ "Huron still buying, moves to acquire HSM consulting". Modern Healthcare. Retrieved 2016-10-07.
  6. ^ http://pages/hit-consultant-llc/302199219847409 (2016-07-27). "Huron Consulting Group Acquires HSM Consulting: 5 Things to Know". Retrieved 2016-10-07.{{cite web}}: CS1 maint: numeric names: authors list (link)
  7. ^ "FocalPoint Advises ADI Strategies in Sale to Huron Consulting - News | ABL Advisor". www.abladvisor.com. Retrieved 2016-10-07.
  8. ^ "Huron Consulting Group Closes Acquisition of ADI Strategies". myemail.constantcontact.com. Retrieved 2016-10-07.
  9. ^ Kutscher, Ben (2016-02-04). "Huron Consulting acquires digital health firm MyRounding". Modern Healthcare. Crain Communications, Inc. Retrieved 2016-04-01.
  10. ^ Monegain, Bernie (2015-09-14). "Huron to acquire Cloud62". HealthcareIT News. HIMSS Media. Retrieved 2016-04-01.
  11. ^ Zacks.com (2015-07-07). "Huron Acquires Rittman Mead India to Boost Analytics - Analyst Blog". Nasdaq. Retrieved 2015-07-21.
  12. ^ Emily Rappleye (2015-02-13). "Huron Consulting Group finalizes $325M deal with Studer Group". Becker's Hospital Review. Retrieved 2015-03-13.
  13. ^ Chris DiMarco (2015-01-08). "Huron Consulting Group to acquire Sky Analytics". InsideCounsel. Retrieved 2015-03-13.
  14. ^ "Huron Boosts IT Consulting Offerings with Threshold Buy - Analyst Blog". NASDAQ. 2014-10-06. Retrieved 2015-03-13.
  15. ^ "Huron completes acquisition of health IT firm Vonlay". Modern Healthcare. Retrieved 2014-06-26.
  16. ^ "Huron Consulting to acquire Frankel Group". Chicago Business Journal. Retrieved 2014-06-26.
  17. ^ "Huron Consulting to buy Blue Stone; adding 100 to staff". Chicago Business Journal. Retrieved 2014-06-26.
  18. ^ "Huron Consulting Group Acquires Click Commerce". Click Commerce acquisition added. Retrieved 8 November 2010.
  19. ^ a b c d "HURON CONSULTING GROUP INC Income Statement". DailyFinance. Retrieved 2010-10-22.
  20. ^ "Huron Consulting to restate financial reports; shares tumble". MarketWatch. Retrieved 2014-06-26.
  21. ^ "Huron CEO, CFO quit as restatements slash profits". Bloomberg. Retrieved 2010-10-22.
  22. ^ "Huron Drops on Restatement Plans, Chief's Resignation". Bloomberg. Retrieved 2010-10-22.
  23. ^ "SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations". U.S. Securities and Exchange Commission. Retrieved 2014-06-26.
  24. ^ "America's Best Employers". Forbes. Retrieved 2015-07-21.
  25. ^ "America's Best Midsize Employers". Forbes. Forbes.com LLC. March 23, 2016. Retrieved 2016-04-01.
  26. ^ "The 2011 Best Firms to Work For". Consulting Magazine. Retrieved 2014-06-26.
  27. ^ "The 2012 Best Firms to Work For". Consulting Magazine. Retrieved 2014-06-26.
  28. ^ "The 2013 Best Firms to Work For". Consulting Magazine. Retrieved 2014-06-26.
  29. ^ "The 2014 Best Firms to Work For". Consulting Magazine. Retrieved 2015-03-13.
  30. ^ "The 2015 Best Firms to Work For". Consulting Magazine. Retrieved 2016-04-01.
  31. ^ "The 2016 Best Firms to Work For". Consultingmag.com. Retrieved 2016-10-07.
  32. ^ "The Top 25 Consultants 2014: Gordon Mountford". Consulting Magazine. Retrieved 2014-06-26.
  33. ^ "Top 25 Consultants, 2015". Consulting Magazine. Retrieved 2015-07-21.
  34. ^ "Top 25 Consultants, 2013". Consulting Magazine. Retrieved 2014-06-26.
  35. ^ "The 2011 Top 25 Consultants: Jim Roth". Consulting Magazine. Retrieved 2014-06-26.
  36. ^ "2013 TMA Turnaround and Transaction of the Year Award Winners Announced". Turnaround Management Association. Retrieved 2014-06-26.
  37. ^ "Largest Healthcare Consulting Firms 2014". Modern Healthcare via Huron Consulting Group. Retrieved 2015-03-13.
  38. ^ "Top Work Places". The Oregonian. Retrieved 2014-06-26.
  39. ^ "Top Work Places". The Oregonian. Retrieved 2015-03-16.
  40. ^ "Chicago's Top Workplaces 2013: The Winners". Chicago Tribune. Retrieved 2014-06-26.
  41. ^ "Chicago's Top Workplaces 2014: The Winners". Chicago Tribune. Retrieved 2015-03-13.
  42. ^ "Readers' Choice Top Products". University Business. Retrieved 2014-06-26.
  43. ^ "Readers' Choice Top Products". University Business. Retrieved 2015-03-13.
  44. ^ "Corporate Equality Index 2014" (PDF). Human Rights Campaign Foundation. Retrieved 2014-06-26.
  45. ^ "Corporate Equality Index 2015". Human Rights Campaign Foundation. Retrieved 2015-03-13.
  46. ^ "Achievement Awards: Excellence in Social & Community Investment Awards Dinner". Consulting Magazine. Retrieved 2015-03-13.
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