Huron Consulting Group
| Company type | Public |
|---|---|
| Industry | Management consulting |
| Founded | May 2002 in Chicago, Illinois, United States |
| Headquarters | Chicago , United States |
Area served | Worldwide |
| Products | Consulting services for healthcare, life sciences, commercial, and higher education industries |
| Website | www |
Huron Consulting Group, commonly referred to as Huron, is a management consulting firm that provides services to the healthcare, life sciences, commercial, and higher education industries.
History
Established in May 2002 in Chicago, Illinois, by former employees of Arthur Andersen following its dissolution, Huron quickly gained recognition within the consulting sector.
In October 2004, Huron made its public market debut on the NASDAQ Global Select Market under the ticker symbol "HURN," marking a pivotal step in its corporate expansion.
With its headquarters located in Chicago, Huron maintains a presence through 25 offices worldwide, spanning North America, Europe, and the Asia-Pacific region.
The company has consistently expanded its capabilities and market reach through a series of strategic acquisitions, including:
- 2010: Acquisition of Click Commerce, which strengthened software solutions for academic medical institutions.
- 2013: Purchase of Blue Stone International for $30 million, adding expertise in Oracle professional services.
- 2014: Integration of Threshold Consulting (specializing in CRM and cloud SaaS), Vonlay (focused on healthcare technology), and The Frankel Group (concentrated on life sciences).
- 2015: Acquisitions included Rittman Mead India (data analytics), Cloud62 (Salesforce implementation services), Studer Group (healthcare consulting), and Sky Analytics (legal software solutions).
- 2016: Added MyRounding (digital health platform), ADI Strategies (enterprise performance management), and Healthcare Services Management (healthcare IT consulting) to its portfolio.
- 2017: Expanded life sciences consulting capabilities into the UK market by acquiring Pope Woodhead & Associates.
- 2022: Enhanced enterprise data and Boomi integration services through the acquisition of AIMDATA, LLC.
In 2020, Huron broadened its service offerings to include advisory support for college athletics, concentrating on areas such as financial management, budgeting, conference realignment, and fundraising initiatives.
By 2023, Huron reported revenues amounting to $1.36 billion, with an operating income of $125.3 million and net income reaching $62.5 million, demonstrating robust financial results fueled by its diversified consulting services.
Investigation into accounting irregularities
In 2009, the U.S. Securities and Exchange Commission (SEC) initiated a probe into Huron concerning substantial accounting inaccuracies that occurred over multiple years. This inquiry triggered six class-action lawsuits filed by shareholders. On July 31, 2009, Huron disclosed plans to revise its financial reports covering the period from 2006 through the first quarter of 2009. Following this announcement, chairman and CEO Gary Holdren, CFO Gary Burge, and Chief Accounting Officer Wayne Lipski stepped down from their roles.
The shareholder lawsuits were resolved in 2010 with Huron agreeing to a settlement amounting to $38 million. Later, on July 19, 2012, the company finalized an agreement with the SEC related to the restated financials, consenting to a $1 million civil penalty without admitting or denying any wrongdoing.
Additional controversies
Huron’s advisory services in the restructuring of higher education institutions have drawn criticism for encouraging austerity strategies such as workforce reductions, program eliminations, salary freezes, and hiring restrictions—approaches inspired by post-Hurricane Katrina displacement models. Peter Stokes, Managing Director of Huron's Higher Education Practice, supports tailoring university programs to meet corporate sector demands.
These strategies have resulted in extensive layoffs and cuts to non-STEM academic offerings at universities including the University of Wisconsin (2017), University of New Hampshire (2019), and New School (2022). In 2023, faculty members at West Virginia University accused Huron of delivering inaccurate consulting advice and flawed data analysis that contributed to budget shortfalls and program discontinuations.
References
- Articles with short description
- Companies based in Chicago
- International management consulting firms
- Consulting firms established in 2002
- Management consulting firms of the United States
- American companies established in 2002
- 2002 establishments in Illinois
- 5
- Companies of the United States by year of establishment