Business
HealthEquity Completes Further Acquisition
Expands HSA market share, health plan relationships and adds private label solutions DRAPER, Utah, Nov. 01, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc.
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[{"type":"text","content":"Expands HSA market share, health plan relationships and adds private label solutions DRAPER, Utah, Nov. 01, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\"), the nation's largest health savings account (\"HSA\") non-bank custodian, today completed the acquisition of Further, a leading provider of HSA and consumer-directed benefit (“CDB”) administration services, and the nation’s ninth largest HSA custodian. The acquisition of Further and its technology expands HealthEquity’s leadership in the growing HSA market and enhances its ability to drive growth with health plans and other go-to-market partners. The deal also adds to HealthEquity’s Total Solution offering—remarkable products backed by service, education and employee engagement support that go above and beyond customer expectations. “We are excited to join forces with the Further team, who share our focus on intuitive technology and remarkable service to connect health and wealth,“ said Jon Kessler, President and CEO of HealthEquity. Expanded HSA LeadershipHealthEquity now has approximately 6.7 million HSAs and approximately $18 billion in HSA Assets, including Further’s approximately 580,000 HSAs and $1.9 billion of HSA assets and the recently closed acquisition of the Fifth Third Bank HSA portfolio, which added 157,000 HSAs and $490 million of HSA assets. Further also brings approximately 28,000 employer clients and approximately 270,000 CDBs, not including approximately 50,000 VEBA accounts which may be acquired at a later date, to expand HealthEquity’s market leadership. Technology-Driven Partner Growth The Further acquisition expands HealthEquity’s commitment to independent Blue Cross Blue Shield licensees, now serving the great majority of the Blue network of 35 independent companies. HealthEquity also serves a growing network of health plan, retirement plan, benefits administration, and other go-to-market partners. “For nearly 20 years HealthEquity has connected Health and Wealth through education, and deploying great, easy to use technology in concert with our partners. Further helps us continue that journey as we extend our position as a leading HSA custodian and expand our reach to a growing network of go-to-market partners,” said Kessler.Financial DetailsHealthEquity purchased Further for $455 million, with an additional purchase price...