NEWS BRIEF: HealthEquity Completes its $425 Million Acquisition of the BenefitWallet HSA Portfolio from Conduent

With the purchase, HealthEquity acquired ~616,000 Health Savings Accounts (HSAs) and other accounts from Conduent, with a combined $2.7 billion in HSA assets.

Post-acquisition, HealthEquity "... now serves more than nine million HSA members and more than 16 million total accounts."

Draper, Utah-based HealthEquity (NASDAQ:HQY) has now completed its acquisition of the BenefitWallet HSA portfolio from Conduent (NASDAQ:CNDT) for $425 million, $200 million from cash on hand, with the balance of $225 million paid with "... borrowings under its revolving credit facility."

As described in the acquisition news release distributed yesterday, HealthEquity gained ~616,000 new Health Savings Accounts and other accounts in the transaction, with a combined $2.7 billion in assets.

After the purchase, HealthEquity,

"... now serves more than nine million HSA members and more than 16 million total accounts."

The purchase was initially announced by both parties on 19 September 2023.

According to its most recent Annual Report (ended 31 January 2024), HealthEquity had $999.6 million in revenue, up from $861.7 million in the prior year.