| Type | Public |
|---|---|
| Traded as | NYSE: HURN |
| Industry | Management consulting Healthcare Education Finance Law |
| Founded | 2002 |
| Headquarters | Chicago, Illinois |
| Area served | Worldwide |
| Key people | James H. Roth (CEO) David Shade (President & COO) |
| Revenue | $604.6 million (2010)[1] |
| Operating income | $42.955 million (2010)[1] |
| Net income | $8.525 million (2010)[1] |
| Total assets | $200.614 million (2010)[1] |
| Total equity | $348.372 million (2010)[1] |
| Employees | 1,558 (12-31-10) |
| Website | www.huronconsultinggroup.com |
The Huron Consulting Group (NYSE: HURN), 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)[2] and generated $604.6 million in annual revenue.[1]
Contents |
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.[2]
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.[3]
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.[4] Its principals repurchased the firm from Huron on December 31, 2009 and continue to do business as Galt & Company.
Huron acquired both Aaxis Technologies Inc. and Document Review Consulting Services LLC in July 2009, improving Huron's legal services.[5]
Huron acquired the healthcare management consulting firm, Wellspring Partners LTD, on January 4, 2007 for $65 million.[6] 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.[7]
Glass & Associates, Inc., a turnaround and restructuring firm, was also acquired by Huron on January 4, 2007 for $30 million.[6]
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.[8]
Huron also acquired Aegis Advisers Ltd. in July 2007. Aegis Advisors, founded in 1997, offered healthcare strategic planning, facility planning, and market strategy services.[9]
Huron acquired the healthcare management consulting firm, Stockamp & Associates, Inc., on July 8, 2008 for $219 million.[10]
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.[11]
| 2005 | $225,960,000[12] |
| 2006 | $321,918,000[1] |
| 2007 | $547,953,000[1] |
| 2008 | $672,176,000[1] |
| 2009 | $679,540,000[1] |
| 2010 | $604,600,000[1] |
On July 31, 2009, Huron's board audit committee discovered that shareholders of four Huron business acquisitions, between 2005–2007, 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.[13] As a result, Huron’s shares dropped $30.66 (69%) on August 2, 2009.[14]
Huron’s healthcare consulting business was rebranded as Wellspring+Stockamp, Huron Healthcare on April 27, 2010.[15] In 2011, the healthcare business was again rebranded as Huron Healthcare.[16]
United States
International
In 2006, Consulting Magazine ranked Huron one of the 10 best firms to work for.[17] Fortune Magazine named Huron to its list of the 100 Fastest-Growing Companies in 2008 and 2009.[18] Huron employees have been named to Consulting Magazine’s Top 25 Consultants seven times:
According to Modern Healthcare, Wellspring+Stockamp, Huron Healthcare was the third largest healthcare management consulting firm in 2009 with provider revenue totaling $296.3 million.[20]