Acquisition expands the Company’s industry-specific cloud software capabilities
CHICAGO--(BUSINESS WIRE)--Global professional services firm Huron (NASDAQ: HURN) today announced it has entered into an agreement to acquire ForceIQ, a leading Salesforce Industries (formerly known as Vlocity) partner focused on helping clients drive digital transformation and innovation at scale powered by the cloud. Huron and ForceIQ will use their combined industry, functional and technical expertise to help organizations create exceptional digital customer experiences that drive long-term growth.
“Businesses are being forced to rethink how they engage with their customers and reassess how they get work done as a result of the disruption in today’s economic environment,” said James H. Roth, chief executive officer of Huron. “This acquisition accelerates Huron’s commitment to helping our clients better compete in disruptive and highly competitive markets.”
ForceIQ, a certified Salesforce Industries (formerly Vlocity) partner, helps organizations design, build and bring to market products, services and experiences powered by Salesforce. Since its founding in 2018, ForceIQ has focused on providing digital innovation for patients, providers and payors using the Salesforce and Vlocity technologies. More than 65 global employees will join Huron in addition to the business’s founders, Daniel Townsend, Jonathan Williams and Deepak Bandi.
“Huron and ForceIQ are a natural strategic and cultural fit and we are excited to join an organization with a similar entrepreneurial mindset as we work together to grow Huron’s Salesforce business,” said Daniel Townsend, chief executive officer and co-founder of ForceIQ, who will become a Huron managing director. “Huron and ForceIQ’s complementary set of guiding values and commitment to clients combined with our collective digital, technology and analytics capabilities will enable us to drive business transformation at scale and strengthen our ability to support the shared industries we serve.”
ForceIQ will be included in Huron’s Business Advisory operating segment. Terms of the acquisition, which is expected to close in November 2020, were not disclosed.
Huron is a global consultancy that collaborates with clients to drive strategic growth, ignite innovation and navigate constant change. Through a combination of strategy, expertise and creativity, we help clients accelerate operational, digital and cultural transformation, enabling the change they need to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. Learn more at www.huronconsultinggroup.com.
Statements in this press release that are not historical in nature, including those concerning the company’s current expectations about its future results, 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,” “guidance,” or “outlook” or similar expressions. These forward-looking statements reflect the company's current expectations about 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: the impact of the COVID-19 pandemic on the economy, our clients and client demand for our services, and our ability to sell and provide services, including the measures taken by governmental authorities and businesses in response to the pandemic, which may cause or contribute to other risks and uncertainties that we face; 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; 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 Huron's Annual Report on Form 10-K for the year ended December 31, 2019, and under "Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, 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. The company disclaims any obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
John D. Kelly