Huron Consulting Group

Last updated
Huron Consulting Group Inc.
Company type Public
Nasdaq:  HURN
Russell 2000 Component
Industry Management consulting
Business advisory
Business performance management
Healthcare
Life sciences
Finance
Education
Founded2002;22 years ago (2002)
Headquarters Chicago, Illinois, United States
Area served
 Worldwide
Key people
Mark Hussey (CEO & President)
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]
Website www.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.

Contents

History

Huron was founded in May 2002 in Chicago, Illinois, by a group of former employees of Arthur Andersen in the wake of that firm's high-profile collapse. [2] As of 2019, Huron had more than 3,700 employees. [3]

Huron is named after Huron Street in Chicago. After successful meetings with investors in 2002 to secure funding to create a new consulting firm, founding CEO Gary Holdren spontaneously chose to name the firm after the street down which he was walking afterwards when he realized his new firm needed a name.

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. [4] 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. [5]

The firm’s headquarters are in Chicago and it has 25 global locations across North America, Europe and Asia Pacific. [6]

Its revenue increased from just over $225 million in 2005 [7] to $1,132,455,000 in 2022. [8]

Acquisitions

In 2010, 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. [9]

In September, 2013, Huron acquired Blue Stone International, LLC, a provider of Oracle Corporation professional services. Under the terms of the agreement, Huron acquired the assets of Blue Stone for $30 million in cash. [10]

Huron acquired three other companies in 2014: 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; [11] Vonlay, LLC, a healthcare technology consulting firm; [12] and The Frankel Group Associates LLC, a life sciences consulting firm. [13]

In 2015, Huron acquired a number of other companies: 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] Cloud62, a firm specializing in complex Salesforce.com implementations and related cloud-based applications [15] Studer Group, a professional services firm that consults with healthcare providers on clinical outcomes and financial results;, [16] and Sky Analytics, a Massachusetts-based provider of legal software for corporate law departments. [17]

In February, 2016 Huron acquired MyRounding, a firm specializing in digital health products. [18] In May, 2016, Huron acquired ADI Strategies, Inc., an enterprise performance management and business intelligence firm, [19] [20] while in July of that year Huron acquired Healthcare Services Management, Inc. (HSM), a healthcare information technology consultant. [21] [22]

In January 2017, Huron acquired Pope Woodhead & Associates, a UK-based life sciences firm. [23]

In January 2022, Huron acquired AIMDATA, LLC, a enterprise information data consulting firm who specialize in Boomi. [24]

Accounting violations investigation

In 2009, the U.S. Securities and Exchange Commission (SEC) announced an investigation in Huron for a series of major accounting errors dating over several years. [25] Six related shareholder class-action lawsuits were also filed against the company. [25] On July 31, 2009, Huron announced that the company would restate its financial statements for 2006, 2007, 2008, and first quarter 2009. [26] The chairman of the board and CEO Gary Holdren, CFO Gary Burge, and Chief Accounting Officer Wayne Lipski all resigned. [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.

In 2010, Huron reached a settlement in its shareholder lawsuits in return for a payment of $38m. [29] On July 19, 2012, Huron announced it had reached a final settlement with the 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, but also agreed to pay a $1m civil fine. [30]

Other controversies

Huron's role in higher education restructuring has attracted criticism. The company advocates for using post-Hurricane Katrina dispossessions as a model for how universities should operate, in the form of staff and faculty layoffs, program closures, salary reductions, and hiring freezes. [31] Peter Stokes, Managing Director of Huron’s Higher Education Practice, has argued that higher education institutions should align their curriculums with corporate needs. [32]

Huron's austerity-based recommendations led to major layoffs and the termination of many non-STEM programs at the University of Wisconsin in 2017, the University of New Hampshire in 2019, and the New School in 2022. [31] [33] In 2023, faculty at West Virginia University stated that Huron had provided "ill-informed consulting and faulty data" which contributed to the institution's major budget shortfall, debt crisis, and program cuts. [34]

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References

  1. 1 2 3 4 5 6 "HURON CONSULTING GROUP INC Annual Report". HURON. 2019-12-31. Retrieved 2020-05-27.
  2. ↑ Alexander, Delroy (22 May 2002). "275 Andersen employees resign to create own firm" . Retrieved 6 December 2023.
  3. ↑ "275 Andersen employees resign to create own firm". Chicago Tribune. 22 May 2002. Retrieved 2014-06-26.
  4. ↑ "Huron Consulting files for $100M IPO". Boston Business Journal. Retrieved 2014-06-26.
  5. ↑ "Huron Consulting IPO takes flight". MarketWatch. Retrieved 2014-06-26.
  6. ↑ "Locations - Huron". www.huronconsultinggroup.com. Retrieved Aug 24, 2021.
  7. ↑ "HURON CONSULTING GROUP INC Income Statement". DailyFinance. Retrieved 2010-10-22.
  8. ↑ "Huron Announces Fourth Quarter and Full Year 2022 Financial Results, and Provides 2023 Guidance". February 28, 2023.
  9. ↑ "Huron Consulting Group Acquires Click Commerce". Click Commerce acquisition added. Retrieved 8 November 2010.[ permanent dead link ]
  10. ↑ "Huron Consulting to buy Blue Stone; adding 100 to staff". Chicago Business Journal. Retrieved 2014-06-26.
  11. ↑ "Huron Boosts IT Consulting Offerings with Threshold Buy - Analyst Blog". NASDAQ. 2014-10-06. Retrieved 2015-03-13.
  12. ↑ "Huron completes acquisition of health IT firm Vonlay". Modern Healthcare. 15 September 2010. Retrieved 2014-06-26.
  13. ↑ "Huron Consulting to acquire Frankel Group". Chicago Business Journal. Retrieved 2014-06-26.
  14. ↑ Zacks.com (2015-07-07). "Huron Acquires Rittman Mead India to Boost Analytics - Analyst Blog". Nasdaq. Retrieved 2015-07-21.
  15. ↑ Monegain, Bernie (2015-09-14). "Huron to acquire Cloud62". HealthcareIT News. HIMSS Media. Retrieved 2016-04-01.
  16. ↑ Emily Rappleye (2015-02-13). "Huron Consulting Group finalizes $325M deal with Studer Group". Becker's Hospital Review. Retrieved 2015-03-13.
  17. ↑ 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.
  18. ↑ Kutscher, Ben (2016-02-04). "Huron Consulting acquires digital health firm MyRounding". Modern Healthcare. Crain Communications, Inc. Retrieved 2016-04-01.
  19. ↑ "FocalPoint Advises ADI Strategies in Sale to Huron Consulting - News | ABL Advisor". www.abladvisor.com. Retrieved 2016-10-07.
  20. ↑ "Huron Consulting Group Closes Acquisition of ADI Strategies". myemail.constantcontact.com. Retrieved 2016-10-07.
  21. ↑ "Huron still buying, moves to acquire HSM consulting". Modern Healthcare. Retrieved 2016-10-07.
  22. ↑ 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)
  23. ↑ "Huron Consulting Group (HURN) Acquires Pope Woodhead & Associates". StreetInsider.com. Retrieved Aug 24, 2021.
  24. ↑ "Huron Consulting Group (HURN) Acquires AIMDATA, LLC". AIMDATA.com. Retrieved Jan 18, 2022.
  25. 1 2 "SEC investigating Huron over accounting errors". The Chicago Tribune. 12 August 2009. Retrieved 6 December 2023.
  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. ↑ Stempel, Jonathan. "Huron Consulting settles SEC charges over accounting scandal". Reuters. Retrieved 6 December 2023.
  30. ↑ "SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations". U.S. Securities and Exchange Commission. Retrieved 2014-06-26.
  31. 1 2 Dhillon, Jaskiran; Arruzza, Cinzia. "Corporate Consultants Set Their Targets on American Universities". The Nation. Retrieved 6 December 2023.
  32. ↑ Stokes, Peter. "Job Trends". Inside Higher Ed. Retrieved 6 December 2023.
  33. ↑ "Meet Huron Consulting, the Corporate Firm Behind The New School Restructuring". The New School AAUP. Retrieved 6 December 2023.
  34. ↑ Schwartz, Natalie. "WVU faculty members vote no confidence in President Gordon Gee". Higher Ed Dive. Retrieved 6 December 2023.
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