HealthEquity
 | |
| Company type | Public |
|---|---|
| Founded | 1 January 2002  |
| Headquarters | Draper, Utah, U.S., Draper, UT |
Key people | Scott Cutler, President and CEO Steve Neeleman, Founder and Vice Chairman |
| Revenue |  US$756.6 million (FY ended 1/31/2022) |
 -US$24.238 million (FY ended 1/31/2022) | |
| -US$44.3 million (FY ended 1/31/2022) | |
| Total assets | US$3.107 billion (FY ended 1/31/2022) |
| Total equity | US$1.852 billion (FY ended 1/31/2022) |
Number of employees | 3,688 (January 2022) |
| Website | healthequity |
| Footnotes / references [1] | |
HealthEquity, Inc. is an American financial technology and business services company that is designated as a non-bank health savings trustee by the IRS.[2] This designation allows HealthEquity to be the custodian of health savings accounts regardless of which financial institution the funds are deposited with.
As of July 31, 2022, HealthEquity managed 7.5 million HSA accounts, plus 7 million other consumer-directed benefits ("CDBs") for total accounts of 14.5 million. Total HSA assets as of July 31, 2022 were $20.5 billion, including $13.1 billion of HSA cash and $7.4 billion of HSA investments.[3]
History
[edit]HealthEquity was incorporated in January 2002 in Tucson, Arizona by Stephen Neeleman, Nuno Battaglia, and David Hall to re-introduce consumer-driven health care (CDH).[4] It moved its incorporation to Utah in February 2004. HealthEquity went public via an IPO on July 31, 2014, under the symbol "HQY". Healthequity had a massive data breach in March 2024 exposing addressees, social security numbers, as well as HIPAA protected patient information such as diagnoses and medications, of over 4 million patients.[5]
Acquisitions
[edit]In August 2019, HealthEquity acquired WageWorks.[6]
In March 2021, HealthEquity acquired Luum and expanded the Commuter benefit offering.[7][8] In November of 2021, HealthEquity acquired Further.[9]
In May 2024, HealthEquity acquired BenefitWallet, a Health Savings Account (HSA), owned by Conduent Inc.[10][11]
References
[edit]- ^ "HealthEquity Inc. 2022 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. March 31, 2022. Retrieved November 2, 2022.
- ^ "Approved Nonbank Trustees and Custodians - Internal Revenue Service". www.irs.gov.
- ^ "HealthEquity Reports Second Quarter Ended July 31, 2022 Financial Results". September 6, 2022.
- ^ "- Arizona Corporation Commission eCorp File Number F10595232". ecorp.azcc.gov.
- ^ "HealthEquity data breach exposes protected health information". BleepingComputer. Retrieved 2024-08-13.
- ^ Smith, Connor (27 June 2019). "HealthEquity Stock Jumps on $2 Billion Deal to Buy WageWorks". Barron's. Retrieved 25 July 2024.
- ^ Morgan, Rick (15 March 2021). "Seattle startup Luum acquired by HealthEquity in deal worth up to $67M". Puget Sound Business Journal. Retrieved 2024-07-25.
- ^ "HealthEquity Expands Commuter Offering with Luum". Nasdaq. March 8, 2021.
- ^ "HealthEquity Completes Further Acquisition". Nasdaq. Nov 1, 2021.
- ^ "HealthEquity Closes Acquisition of BenefitWallet HSA Portfolio". Yahoo Finance. 2024-05-14. Retrieved 2024-07-31.
- ^ "Conduent Sells HSA Assets for $425M in Leaving FSA Business | PLANSPONSOR". www.plansponsor.com. Retrieved 2024-07-31.