Huron Consulting Group Inc (HURN) recently acquired Sky Analytics, Inc.- providers of legal spend management software for corporate law departments, for an undisclosed amount.
Sky Analytics provides in-house legal departments with a web-based platform to access on-demand legal spend information and analytics. Post acquisition, Sky Analytics will be included in the Huron Legal segment, which represents more than 25% of Huron’s overall revenue.
This acquisition is expected to strengthen Huron Legal's law department management offerings and is expected to create the most distinguished legal spend database by offering its clients more transparency across the globe. Analytics is likely to help Huron identify potential cost-saving opportunities and improve performance in financial management of legal matters and outcomes for general counsel. Huron’s strategic move is aimed to deliver an innovative solution to its clienteles.
With complimentary law department cost management offerings and legal analytics, the combined company is likely to extend its client portfolio in the near future, thereby augmenting overall revenues.
Huron helps clients in diverse industries to improve performance, reduce costs, leverage technology, review large amount of complex data and address regulatory changes. Along with cyber security services, Huron Legal offers digital forensics services, which include data management, data security assessment and incident response plan development and assessment.
Huron currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include NV5 Holdings, Inc (NVEE), Ingersoll-Rand Plc. (IR) and Stantec Inc (STN). All these stocks carry a Zacks Rank #2 (Buy).
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