Acquisition Combines Huron Legal’s Law
Department Cost Management Offering with Legal Analytics
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider
of business consulting services, today announced the Company has
acquired Sky Analytics, Inc., a Massachusetts-based provider
of legal spend management software for corporate law
departments. The addition strengthens Huron Legal’s law department
management offering and complements Huron’s deep consulting
expertise.
“Analytics provide an opportunity to improve law department
performance, both in financial management of legal matters and
outcomes for general counsel, while also reducing costs and driving
efficiency. The Sky Analytics acquisition combines legal spend
analytics with Huron Legal’s existing law department offerings,”
said James H. Roth, chief executive officer and president, Huron
Consulting Group. “This investment is part of Huron’s long-term
commitment to delivering the most innovative solutions to general
counsel.”
Sky Analytics provides in-house legal departments with a
web-based platform to access on-demand legal spend information and
analytics. The platform provides a snapshot of legal matters
handled by outside counsel and other vendors as well as access to
similar information provided by other participating companies for
purposes of benchmarking. The dashboard also offers legal
departments key performance indicators and trend metrics which can
be flexibly analyzed, including by time frame, practice area and
business unit. Sky Analytics’ law firm scorecards measure and
benchmark specific activities of law firms and lawyers, including
rates, billing practices, staffing and matter efficiency.
“Since our founding, we have worked to bridge the gap between
e-billing providers and consulting services and provide an
unprecedented level of transparency to corporate law departments,”
said Doug Ventola, president, Sky Analytics. “Now, with Huron
Legal, we are creating a new category in legal spend management and
changing the face of the legal consulting industry through
analytics. We look forward to bringing our legal analytics
technology to Huron’s clients.”
“Sky Analytics has altered the playing field in legal spend
benchmarking and analytics by transforming data into real-time
actionable intelligence that law departments can use to manage
spending and make more informed decisions,” said Bob Rowe,
executive vice president, Huron Legal. “Through this acquisition,
we will create the largest and most sophisticated legal spend
database, offering our global clients more transparency and greater
value.”
The acquisition will result in Sky Analytics’ executive,
technical and sales professionals joining the Huron Legal team.
Doug Ventola will join Huron Legal as a managing director. Terms of
the acquisition were not disclosed. For reporting purposes, Sky
Analytics will be included in the Huron Legal segment, which
accounts for more than 25% of Huron’s overall revenue.
About Huron Legal
Huron Legal provides advisory and business services to assist
law departments and law firms to enhance organizational
effectiveness and reduce legal spend. Huron Legal advises on and
implements strategy, organizational design and development, outside
counsel management, operational efficiency, and discovery
solutions, and provides services relating to the management of
matters, contracts, documents, records, digital evidence and
e-discovery. Huron Legal is not a law firm; it does not offer, and
is not authorized to provide, legal advice or counseling in any
jurisdiction. Learn more at www.huronconsultinggroup.com/legal or
follow us on Twitter: @HuronLegal.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries
improve performance, transform the enterprise, reduce costs,
leverage technology, process and review large amounts of complex
data, address regulatory changes, recover from distress and
stimulate growth. Our professionals employ their expertise in
finance, operations, strategy and technology to provide our clients
with specialized analyses and customized advice and solutions that
are tailored to address each client's particular challenges and
opportunities to deliver sustainable and measurable results. The
Company provides consulting services to a wide variety of both
financially sound and distressed organizations, including
healthcare organizations, leading academic institutions, Fortune
500 companies, governmental entities and law firms. Huron has
worked with more than 425 health systems, hospitals, and academic
medical centers; more than 400 corporate general counsel; and more
than 350 universities and research institutions. Learn more at
www.huronconsultinggroup.com.
About Sky Analytics
Sky Analytics provides corporate legal departments with
web-based tools and analytics to better manage outside legal spend.
Sky Analytics' legal spend management solution is quick to
implement and works with paper or PDF invoices or existing
e-billing programs. Visit Sky Analytics at
http://www.skyanalytics.com or on Twitter:
@LawSpendClarity.
Statements in this press release that are not historical in
nature, including those concerning the Company’s current
expectations about its future requirements and needs, are
“forward-looking” statements as defined in Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by words such as “may,”
“should,” “expects,” “provides,” “anticipates,” “assumes,” “can,”
“will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,”
“seeks,” “would,” “believes,” “estimates,” “plans” or “continues.”
These forward-looking statements reflect our current expectations
about our future requirements and needs, results, levels of
activity, performance, or achievements, including, without
limitation, current expectations with respect to, among other
factors, utilization rates, billing rates, and the number of
revenue-generating professionals; that we are able to expand our
service offerings; that we successfully integrate the businesses we
acquire; and that existing market conditions continue to trend
upward. These statements involve known and unknown risks,
uncertainties and other factors, including, among others, those
described under “Item 1A. Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2013, and under “Item 1A.
Risk Factors” in our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2014, that may cause actual results, levels of
activity, performance or achievements to be materially different
from any anticipated results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. We disclaim any obligation to update or revise any
forward-looking statements as a result of new information or future
events, or for any other reason.
Huron Consulting GroupMedia Contact:Jennifer Frost
Hennagir312-880-3260jfrost-hennagir@huronconsultinggroup.comorInvestor
Contact:C. Mark HusseyorEllen
Wong312-583-8722investor@huronconsultinggroup.com
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