In the late 1960's, a large department store faced with deadlines forced hundreds of invoices through for payment without verification. This created an accounting nightmare of huge supplier bills and an out-of-control payment processing system. The retailer promptly hired a new controller, who ordered a thorough review of the improperly processed paperwork. This review netted roughly $40,000 in overpayment recoveries … a considerable sum at that time.

That controller's name was Howard Schultz. Seeing an opportunity for conducting accounts payable audits with other organizations, he formed Howard Schultz & Associates in 1970. In its first month, this new company recovered more than $250,000.

Meanwhile, John Cook, a former CFO in the retail industry, was in charge of a small recoveries firm, Roy Greene Associates. He recognized that by using Electronic Data Interchange (EDI), a technologically advanced firm could handle larger, more profitable recoveries. In 1990, he formed The Profit Recovery Group International, Inc. (PRG). In 1991, he acquired the assets to Roy Greene Associates, Inc. and Bottom Line Associates, Inc. Over the next 10 years, PRG continued to grow, acquiring other firms specializing in manufacturing and distribution, sales taxes, healthcare and other recovery areas specific to certain industries and/or regulatory environments - firms like, Loder Drew & Associates, PRS International, TSL and Meridian VAT. PRG-Schultz was recognized as one of Fortune magazine's "100 Fastest Growing Companies in 2000".

In 2002, Howard Schultz and John Cook combined their organizations to form PRG-Schultz International, Inc. The merger allowed us to consolidate our research and development efforts, and leverage each company's unique areas of specialization to better serve our clients.

Today, PRG-Schultz is the world's leading recovery audit and transaction assurance firm, employing approximately 2,000 employees in 30 countries, and providing clients with the most comprehensive audits and expert insights to optimize and manage business transactions.