It’s the second acquisition of the week and the second acquisition of the New Year… Huron Consulting Group last night announced the company had 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, CEO & 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.