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)
Headquarters550 W. Van Buren Street,
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]

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]

Related Research Articles

<span class="mw-page-title-main">Publicis Sapient</span> Digital transformation consulting company

Publicis Sapient is a digital consulting company belonging to Publicis Groupe, with 20,000 people and over 50 offices worldwide. It was originally established as Sapient in Cambridge, Massachusetts in 1990. In 2015, Sapient became an independent subsidiary of French multinational advertising firm Publicis, following a deal worth US$3.7 billion. It remains headquartered in Boston, Massachusetts, and as of February 2015, the leadership is retained.

<span class="mw-page-title-main">CACI</span> American defense contractor

CACI International Inc. is an American multinational professional services and information technology company headquartered in Northern Virginia. CACI provides services to many branches of the US federal government including defense, homeland security, intelligence, and healthcare.

Nielsen Holdings plc is an American media audience measurement firm. Nielsen operates in over 100 countries and employs approximately 15,000 people worldwide.

Kroll is a financial and risk advisory firm established in 1932 and based in New York City. In 2018, Kroll was acquired by Duff & Phelps. In 2021, Duff & Phelps decided to rebrand itself as Kroll, a process it completed in 2022.

Parexel International is an American provider of biopharmaceutical services. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today. The company publishes the annual Parexel R&D Statistical Sourcebook and operates the Parexel-Academy.

IQVIA, formerly Quintiles and IMS Health, Inc., is an American Fortune 500 and S&P 500 multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development, professional consulting and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including investment strategy and management consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of US$49 billion as of August 2021. As of 2023, IQVIA was reported to be one of the world's largest contract research organizations (CRO).

<span class="mw-page-title-main">Virtusa</span> Information technology consulting company

Virtusa Corporation is an American-based global information technology services company that provides digital engineering and technology services for companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. Virtusa's capabilities range across digital transformation, artificial intelligence, cloud computing, robotics, data analytics, and other technology consulting services to customers in 25+ countries in 50+ locations around the globe.

<span class="mw-page-title-main">EXL Service</span> American multinational professional services

Exlservice Holdings, Inc. is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.

<span class="mw-page-title-main">EPAM Systems</span> American technology company

EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.

Guidehouse, Inc. is an American consulting firm for businesses and government entities. It is the successor to PricewaterhouseCoopers LLP’s public sector business and it was acquired in 2018 by Veritas. The head office is in Tysons, Virginia.

Milliman, formerly Milliman & Robertson, is an international actuarial and consulting firm based in Seattle, Washington.

Newmark Group Inc. is a commercial real estate advisory and services firm headquartered in New York City. It operates as Newmark, and is listed on the NASDAQ Global Select Market under the symbol "NMRK".

<span class="mw-page-title-main">Verisk Analytics</span> American data analytics and risk assessment firm

Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.

Real Chemistry, formerly known as W2O Group, is a global health innovation company that utilizes artificial intelligence (AI) for its healthcare services. Founded by Jim Weiss in 2001, Real Chemistry is an American company with global offices in Europe and Canada.

Veradigm Inc. is a publicly traded American company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic health record (EHR) technology. Veradigm also provides products for patient engagement and care coordination, as well as financial and analytics technology. The company has more than 180,000 physician users and has products in 2,700 hospitals and 13,000 extended care organizations. The company formally changed its name from Allscripts to Veradigm in January 2023.

Inovalon is an American technology company that provides cloud-based tools for healthcare.

Conning is a global investment management firm serving the insurance industry. Conning supports institutional investors, including pension plans, with investment and asset management products, risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York and Tokyo.

Kellton Tech Solutions Ltd. (KTSL) is an Indian multinational company specializing in Digital Engineering and technology consulting services, headquartered in Hyderabad, India with offices in United States and Europe.The company reported net revenues of USD 110.6 Million in FY22-23 with more than 1800 employees.

Veritas Capital Fund Management, L.L.C. is a New York–based private-equity firm founded in 1992 that invests in companies providing critical products and services, primarily technology-enabled products and services, to government and commercial customers worldwide. The firm's first fund closed in 1998. They closed an eighth flagship fund in 2022; in all, Veritas has approximately $45 billion of assets under management. Veritas is led by Ramzi Musallam, the firm's Chief Executive Officer and Managing Partner.

ICON plc is an Irish headquartered Nasdaq listed multinational healthcare intelligence and clinical research organisation that provides consulting, clinical development and commercialisation services for the pharmaceutical industry. As of June 2023, ICON had approximately 41,160 employees in 108 locations spread across 53 countries.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.