Huron Consulting Group
{{Short description|American management consulting firm}}
{{Infobox company
| name = Huron Consulting Group Inc.
| logo = Huron Consulting Group logo.svg
| type = Public
| traded_as = {{NASDAQ|HURN}}
Russell 2000 Component
| area_served = Worldwide
| key_people = Mark Hussey {{small|(CEO & President)}}
John Kelly {{small|(CFO)}}
Ronnie Dail{{small|(COO)}}
| industry = Management consulting
Business advisory
Business performance management
Healthcare
Life sciences
Finance
Education
| revenue = $1.36 billion {{small|(2023)}}{{cite web |url=https://ir.huronconsultinggroup.com/static-files/dc87f59f-e0c3-4d29-bf33-388969f3d0a5|title=HURON CONSULTING GROUP INC Annual Report 2023|publisher=HURON| date =2024-03-22| access-date=2025-01-29}}
| operating_income = $125.3 million {{small|(2023)}}
| net_income = $62.5 million {{small|(2023)}}
| assets = $1.26 billion {{small|(2023)}}
| equity = $532.90 million {{small|(2023)}}
| num_employees = 3,750 {{small|(12/31/2019)}}{{cite web |url=https://ir.huronconsultinggroup.com/static-files/b44b917d-ffac-40f9-8f3c-80cb788d09b1|title=HURON CONSULTING GROUP INC Annual Report|publisher=HURON| date =2019-12-31| access-date=2020-05-27}}
| foundation = {{start date and age|2002}}
| location = 550 W. Van Buren Street
| hq_location_city = Chicago, Illinois, United States
| homepage = [http://www.huronconsultinggroup.com www.huronconsultinggroup.com]
| footnotes = {{cite news |title=275 Andersen employees resign to create own firm |url=https://www.chicagotribune.com/2002/05/22/275-andersen-employees-resign-to-create-own-firm/ |access-date=19 October 2024 |publisher=Chicago Tribune |date=22 May 2022}}{{cite news |title=Our Leadership |url=https://www.huronconsultinggroup.com/company/about-us/our-people-values |access-date=18 November 2024 |publisher=Huron Consulting Group}}
}}
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 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.{{cite news |last1=Alexander |first1=Delroy |title=275 Andersen employees resign to create own firm |url=https://www.chicagotribune.com/news/ct-xpm-2002-05-22-0205220487-story.html |access-date=6 December 2023 |date=22 May 2002}}
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.{{cite web |url=http://www.bizjournals.com/boston/stories/2004/05/10/daily36.html |title=Huron Consulting files for $100M IPO |publisher=Boston Business Journal |access-date=2014-06-26}} 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.{{cite web |url=http://www.marketwatch.com/story/huron-consulting-ipo-takes-flight |title=Huron Consulting IPO takes flight |date=13 October 2004 |publisher=MarketWatch |access-date=2014-06-26}}
The firm's headquarters are in Chicago and it has 25 global locations across North America, Europe and Asia Pacific.{{Cite web|url=https://www.huronconsultinggroup.com/company/about-us/locations|title=Locations - Huron|website=www.huronconsultinggroup.com|accessdate=Aug 24, 2021}}
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.{{cite web|title=Huron Consulting Group Acquires Click Commerce |url=http://www.tradingmarkets.com/news/stock-alert/ckcm_huron-consulting-group-acquires-click-commerce-1288726.html |work=Click Commerce acquisition added |access-date=8 November 2010 }}{{dead link|date=April 2017 |bot=InternetArchiveBot |fix-attempted=yes }}
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.{{cite web |url= http://www.bizjournals.com/chicago/news/2013/09/20/huron-consulting-to-buy-blue-stone.html?s=print |title= Huron Consulting to buy Blue Stone; adding 100 to staff |publisher=Chicago Business Journal |access-date=2014-06-26}}
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;{{cite web |url=http://www.nasdaq.com/article/huron-boosts-it-consulting-offerings-with-threshold-buy-analyst-blog-cm398865#/ixzz3NUuTZjdM |title=Huron Boosts IT Consulting Offerings with Threshold Buy - Analyst Blog |publisher=NASDAQ | date =2014-10-06 |access-date=2015-03-13}} Vonlay, LLC, a healthcare technology consulting firm;{{cite web |url= http://www.modernhealthcare.com/article/20140505/NEWS/305059945 |title= Huron completes acquisition of health IT firm Vonlay |date= 15 September 2010 |publisher=Modern Healthcare |access-date=2014-06-26}} and The Frankel Group Associates LLC, a life sciences consulting firm.
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;{{cite web |url=http://www.nasdaq.com/article/huron-acquires-rittman-mead-india-to-boost-analytics-analyst-blog-cm493875 |title=Huron Acquires Rittman Mead India to Boost Analytics - Analyst Blog |publisher=Nasdaq |author=Zacks.com | date =2015-07-07 |access-date=2015-07-21}} Cloud62, a firm specializing in complex Salesforce.com implementations and related cloud-based applications{{cite news | last =Monegain | first =Bernie | title = Huron to acquire Cloud62 | magazine =HealthcareIT News | publisher =HIMSS Media | date =2015-09-14 | url = http://www.healthcareitnews.com/news/huron-acquire-cloud62 | access-date =2016-04-01 }} Studer Group, a professional services firm that consults with healthcare providers on clinical outcomes and financial results;,{{cite web |url=http://www.beckershospitalreview.com/hospital-transactions-and-valuation/huron-consulting-group-finalizes-325m-deal-with-studer-group.html |title=Huron Consulting Group finalizes $325M deal with Studer Group |publisher=Becker's Hospital Review |author=Emily Rappleye | date =2015-02-13 |access-date=2015-03-13}} and Sky Analytics, a Massachusetts-based provider of legal software for corporate law departments.{{cite web |url=http://www.insidecounsel.com/2015/01/08/huron-consulting-group-to-acquire-sky-analytics |title=Huron Consulting Group to acquire Sky Analytics |publisher=InsideCounsel |author=Chris DiMarco |date=2015-01-08 |access-date=2015-03-13 |archive-url=https://web.archive.org/web/20150402142228/http://www.insidecounsel.com/2015/01/08/huron-consulting-group-to-acquire-sky-analytics |archive-date=2015-04-02 |url-status=dead }}
In February, 2016 Huron acquired MyRounding, a firm specializing in digital health products.{{cite news | last =Kutscher | first =Ben | title =Huron Consulting acquires digital health firm MyRounding | magazine =Modern Healthcare| publisher =Crain Communications, Inc. | date =2016-02-04 | url =http://www.modernhealthcare.com/article/20160204/NEWS/160209933 | access-date =2016-04-01}} In May, 2016, Huron acquired ADI Strategies, Inc., an enterprise performance management and business intelligence firm,{{Cite web|url=http://www.abladvisor.com/press-releases/9458/focalpoint-advises-adi-strategies-in-sale-to-huron-consulting|title=FocalPoint Advises ADI Strategies in Sale to Huron Consulting - News {{!}} ABL Advisor|website=www.abladvisor.com|access-date=2016-10-07}}{{Cite web|url=http://myemail.constantcontact.com/Huron-Consulting-Group-Closes-Acquisition-of-ADI-Strategies.html?soid=1105747634463&aid=HechqAXuH_E|title=Huron Consulting Group Closes Acquisition of ADI Strategies|website=myemail.constantcontact.com|access-date=2016-10-07}} while in July of that year Huron acquired Healthcare Services Management, Inc. (HSM), a healthcare information technology consultant.{{Cite news|url=http://www.modernhealthcare.com/article/20160727/NEWS/160729904|title=Huron still buying, moves to acquire HSM consulting|newspaper=Modern Healthcare|access-date=2016-10-07}}{{Cite web|url=http://hitconsultant.net/2016/07/27/34900/|title=Huron Consulting Group Acquires HSM Consulting: 5 Things to Know|date=2016-07-27|access-date=2016-10-07}}
In January 2017, Huron acquired Pope Woodhead & Associates, a UK-based life sciences firm.{{Cite web|url=https://www.streetinsider.com/Corporate+News/Huron+Consulting+Group+%28HURN%29+Acquires+Pope+Woodhead+%26+Associates/12408740.html|title=Huron Consulting Group (HURN) Acquires Pope Woodhead & Associates|website=StreetInsider.com|accessdate=Aug 24, 2021}}
Huron launched a college athletics business in 2020,{{cite news |last1=Smith |first1=Michael |title=Huron Consulting, and its power roster, grows into influential advisory firm in college athletics |url=https://www.sportsbusinessjournal.com/Journal/Issues/2023/02/13/Upfront/colleges.aspx |access-date=20 June 2024 |work=Sports Business Journal |date=13 February 2023 |language=en}} consluting schools on finance, budgeting, conference realignment and fundraising.
In January 2022, Huron acquired AIMDATA, LLC, an enterprise information data consulting firm who specialize in Boomi.{{Cite web|url=https://www.aimdata.com|title=Huron Consulting Group (HURN) Acquires AIMDATA, LLC|website=AIMDATA.com|accessdate=Jan 18, 2022}}
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.{{cite news |title=SEC investigating Huron over accounting errors |url=https://www.chicagotribune.com/news/ct-xpm-2009-08-12-0908110501-story.html |access-date=6 December 2023 |work=The Chicago Tribune |date=12 August 2009}} Six related shareholder class-action lawsuits were also filed against the company. On July 31, 2009, Huron announced that the company would restate its financial statements for 2006, 2007, 2008, and first quarter 2009.{{cite web |url=http://www.marketwatch.com/story/genzyme-synaptics-may-see-evening-session-action-2009-07-31 |title=Huron Consulting to restate financial reports; shares tumble |publisher=MarketWatch |access-date=2014-06-26}} The chairman of the board and CEO Gary Holdren, CFO Gary Burge, and Chief Accounting Officer Wayne Lipski all resigned.{{cite news |url=https://www.reuters.com/article/idUSTRE56U77920090731 |title=Huron CEO, CFO quit as restatements slash profits |date=31 July 2009 |publisher=Bloomberg |access-date=2010-10-22|last1=Singh |first1=Sweta }}
In 2010, Huron reached a settlement in its shareholder lawsuits in return for a payment of $38m.{{cite web |last1=Stempel |first1=Jonathan |title=Huron Consulting settles SEC charges over accounting scandal |url=https://www.reuters.com/article/us-sec-huronconsulting-settlement-idUSBRE86I1L420120719/ |website=Reuters |access-date=6 December 2023}} 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.{{cite web |url=https://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171483430#.U6ysH5RdVTY |title=SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations |publisher=U.S. Securities and Exchange Commission |access-date=2014-06-26}}
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.{{cite web |last1=Dhillon |first1=Jaskiran |last2=Arruzza |first2=Cinzia |title=Corporate Consultants Set Their Targets on American Universities |url=https://www.thenation.com/article/society/new-school-huron/ |website=The Nation |access-date=6 December 2023}} Peter Stokes, Managing Director of Huron's Higher Education Practice, has argued that higher education institutions should align their curriculums with corporate needs.{{cite web |last1=Stokes |first1=Peter |title=Job Trends |url=https://www.insidehighered.com/views/2013/10/04/job-skills-increasing-focus-many-colleges-essay |website=Inside Higher Ed |access-date=6 December 2023}}
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.{{cite web |title=Meet Huron Consulting, the Corporate Firm Behind The New School Restructuring |url=https://www.thenewschoolaaup.org/actions/huron-fact-sheet |website=The New School AAUP |access-date=6 December 2023}} 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.{{cite web |last1=Schwartz |first1=Natalie |title=WVU faculty members vote no confidence in President Gordon Gee |url=https://www.highereddive.com/news/wvu-gordon-gee-no-confidence/692933/ |website=Higher Ed Dive |access-date=6 December 2023}}