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.
 | |
| Company type | Public |
|---|---|
| Founded | 1 January 2002  |
| Headquarters | Draper, Utah, U.S., Draper, UT |
Key people | John Kessler, CEO |
| 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] | |
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
editHealthEquity 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
editIn 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.