The firms’ combination of strategy and execution will help
organizations imagine the future and transform for tomorrow
Global professional services firm Huron (NASDAQ: HURN) today
announced that it has entered into an agreement to acquire
Innosight Holdings LLC, a growth strategy firm focused on helping
companies navigate disruptive change, enable innovation and manage
strategic transformation. When combined, Huron and Innosight will
use their strategic, operational and technology capabilities to
help clients across multiple industries develop pioneering
solutions to address disruption and achieve sustained growth.
“No industry is immune to disruption. Faced with increased
competition, often from unconventional sources, organizations are
forced to rethink their historical strategies to stay ahead of
market forces and changing customer preferences,” said James H.
Roth, chief executive officer and president of Huron. “Together, we
will provide a full spectrum of services - from strategy to
execution - that will help organizations think, plan and act
differently to confront disruption and accelerate growth.”
Built by leading strategic thinkers and co-founded by renowned
strategy consultant Mark Johnson and Harvard Business School
professor and author Clayton Christensen, the world’s foremost
authority on disruptive innovation, Innosight is a trusted partner
to Fortune 500 companies and other leaders looking to strengthen
today’s business while creating tomorrow’s growth engines. The
firm’s innovation and transformational strategies have proven
successful in industries undergoing disruptive change such as
aerospace, automotive, energy, financial services, healthcare,
insurance, life sciences and retail.
“Companies are under mounting pressure to satisfy a range of
competing interests,” said Scott Anthony, managing partner at
Innosight, who will become a Huron managing director. “But shifting
stakeholder expectations, combined with disruptive change, create
significant opportunities for today’s leaders. Huron and
Innosight’s combination of capabilities in strategy, operations,
technology and analytics will enable us to offer transformative
change to address these opportunities.”
Formed in 2000, Innosight recognized that traditional approaches
to strategy and growth were not enough to help companies accelerate
transformational change. This became the basis for its “future
back” approach to strategy. Organizations that apply Innosight’s
approach build leadership alignment on a vision for the future and
create portfolios of new innovations and growth businesses that
address changing customer needs and outpace their competitors.
Applying the same methodology alongside Huron’s deep industry
expertise in healthcare, education and life sciences, the combined
firms will help leaders in these critical industries successfully
navigate changing market dynamics, regulations and consumer
expectations to grow for the long-term.
“Huron and Innosight are a natural fit,” Christensen said. “They
are both passionate about creating repeatable and sustained growth
for their clients. Together they are uniquely positioned to build
resilience in today’s business while at the same time creating
future growth engines.”
Innosight has more than 90 employees and a global footprint with
locations in the United States, Singapore and Switzerland.
TRANSACTION OVERVIEW
Under the terms of the purchase agreement, Huron will
purchase Innosight Holdings, LLC for $100 million
upon closing, consisting of $90 million in cash
and $10 million in Huron common stock, plus contingent
consideration of up to $35 million if specific financial
performance targets are met over a four-year period. The cash
component of the transaction will be financed with cash on hand and
borrowing under the company’s senior secured credit facility. The
shares of Huron common stock will not be registered under the
Securities Act of 1933 and will be subject to restrictions on
transfer under applicable securities law.
For reporting purposes, Innosight will be included in the
Business Advisory segment. The transaction is expected to close
in March 2017, and is subject to customary closing
conditions.
CONFERENCE CALL AND WEBCAST
The company will host a conference call and webcast Friday,
February 17, 2017, at 7:30 a.m. Eastern Time (6:30 a.m.
Central Time). The conference call is being webcast by NASDAQ OMX
and can be accessed at Huron’s website at http://ir.huronconsultinggroup.com. To participate
by telephone, the dial-in number is (844) 413-0948 with passcode
68344625. A replay will be available approximately two hours after
the conclusion of the webcast and for 90 days thereafter.
A supplemental presentation that will be discussed during the
webcast will be made available on the Investor Relations page of
the company's website at http://ir.huronconsultinggroup.com prior
to the webcast, and will be available for 90 days thereafter.
ABOUT HURON
Huron is a global professional services firm committed to
achieving sustainable results in partnership with its clients. The
company brings depth of expertise in strategy, technology,
operations, advisory services and analytics to drive lasting and
measurable results in the healthcare, higher education, life
sciences and commercial sectors. Through focus, passion and
collaboration, Huron provides guidance to support organizations as
they contend with the change transforming their industries and
businesses. Learn more at www.huronconsultinggroup.com.
ABOUT INNOSIGHT
Innosight is a growth strategy consulting firm focused on
helping organizations design and create the future, instead of
being disrupted by it. As the leading authority on disruptive
innovation and strategic transformation, Innosight works with
clients across a range of industries to identify new growth
opportunities, build new ventures and capabilities, and accelerate
organizational change. With offices in the United States,
Switzerland and Singapore, Innosight serves leading organizations
around the world. Learn more at www.innosight.com.
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, 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,” “continues,” or
“outlook” or similar expressions. These forward-looking statements
reflect our current expectations about our future requirements and
needs, results, levels of activity, performance, or achievements.
Some of the factors that could cause actual results to differ
materially from the forward-looking statements contained herein
include, without limitation: failure to achieve expected
utilization rates, billing rates and the number of
revenue-generating professionals; inability to expand or adjust our
service offerings in response to market demands; our dependence on
renewal of client-based services; dependence on new business and
retention of current clients and qualified personnel; failure to
maintain third-party provider relationships and strategic
alliances; inability to license technology to and from third
parties; the impairment of goodwill; various factors related to
income and other taxes; difficulties in successfully integrating
the businesses we acquire and achieving expected benefits from such
acquisitions; failure to complete the pending acquisition of
Innosight Holdings, LLC or any material delay in the timing of such
acquisition; risks relating to privacy, information security, and
related laws and standards; and a general downturn in market
conditions. These forward-looking 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, 2015, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170216006361/en/
HuronMEDIA CONTACTSarah
McHugh312-880-2624smchugh@huronconsultinggroup.comorINVESTOR
CONTACTJohn D.
Kelly312-583-8722investor@huronconsultinggroup.com
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